MEETING OF CREDITORS.

Press, Volume LXV, Issue 13336, 30 January 1909, Page 5

MEETING OF CREDITORS.

The first meeting of creditors of James Thomas, of Sydenham, plasterer, was held yesterday.

Tho debtor's statement showed:— Unsecured creditors £228 Ss Sd, secured creditors £375, less estimated value of_ security £1-50, balance to contra £75. The stock-in-trad© was valued at £10, and the book debts at £23. The deficiency was £115 8s sd'. The principal unsecured creditors were:— Thomas Andrews £71 & 7d, Andrews and Son £109 7s 9d, Reese Bros. £30 4s lOd. The secured creditors were:— F. A. Henry £500 over property valued at £850, Allan Hopkins £250 over the same property and a section valued at £50.

Tho d-ebtor. in his examination by the Official Assignee, said that he had been in business in Christchurch as a contractor for tho last six years. Somo time ago he had purchased a section in Crescent road and built a houso thereon. The property, however, was heavily mortgaged, and when it was put up for sale recently, th© highest bid was only equivalent to the mortgage debt, and tho property was consequently withdrawn. He attributed, his present position largely to ill-health, which had' prevented him from superintending work which, in consequence, had resulted in a loss. Some of his contracts had been taken too low, competition being very keen at th© time. A somewhat lengthy discussion took place on tho financial transactions between the bankrupt, Mr Allan HopKins, and another contractor, Mr Tant, and it was decided eventually to leavo tho realisation of tlie estate in the hands of the Official Assignee and Mr T. Andrews, the principal creditor.