SUPREME COURT.

Auckland Star, Volume I, Issue 122, 31 May 1870, Page 2

SUPREME COURT.

Bankruptcy. TUESDAY, MAY 31. (Before His Honor Sir G. A. Arney, Knt.> Chief Justice.) His Honor held to-day an adjourned sitting in Bankruptcy jurisdiction, and disposed of the fobowing business : — BE GEORGE VALENTINE BURKS. Liabilities, £267 ; assets, £101. On the application of Mr. Sheehan, this case was adjourned to Thursday next. RE EDMUND GEORGE STEERS. Liabilities, £2094; assets £113. Edmund George Sheers : I am the bankrupt asking relief from the Court. My debts, as set down in the first schedule, are £2094, together with £10 in the amended schedule. My assets are £113. The trustee's report was read, from which it appeared that the bankrupt suddenly left the colony, upon which the creditors seized the debtor's premises and stock. The deficiency shown was £1980. Examination resumed : The creditors met upon my return, and agreed to accept a proposition which I made to them. The proposition was that I should pay ten shillings in the pound. The creditors who met were unanimous. The Bank of New Zealand did not come into that arrangement. I believe the Bank of New Zealand is the only dissentient. They are the only creditors who has proved. The ten shillings in the pound was to be paid within eighteen months. I wu_ to go into business. Cross-examined by Mr. Rees : I had no money to go into business. I cannot say what credit I would have, but I had a friend to assist me. The amount of his assistance would depend upon the business in which I began. It would depend on the extent of such business. No sum of money was named as the sum upon which I was to commence

business. I was to begin business with credit. I I believe if I could have started, there would be a reasonable prospect of redeeming my promise to the creditors. It is easy to account for my losing money when in business before. I had two large hotels in hand. I had very heavy expenses, and there was great depression of business. I was losing money for a considerable time—six or seven months. It took me that time to lose the £2000 I am indebted. The business into which I proposed to enter was that of a restaurant. I might take an hotel again. I have no hotel at present in view. I might take a hotel if I should find one. I was to give promissory notes as security for the 10s. in the pound. For those * promissory notes they were to give me a release. The rent for the two hotels were £800 a year.