MEETING OF CREDITORS.

Dominion, Volume 1, Issue 44, 15 November 1907, Page 7

MEETING OF CREDITORS.

A 'meeting of creditors in the bankrupt es» tate of George Fair, company manager, was held before the Official Assignee (Mr. Jas. Ash'brdft); Yesterday -morning; • 4! ■ The statement of assets anil liabilities showed - 'that, tlio amounts owing to unsecured creditors totalled »t!lsiS Cs.; secured creditors, one claim by the National Bank of New Zealand (secured r by guarantees), for J2593- Total amount owing, !-• J,'2Hl"fe. There were no assets. . . ; , Tlio principal unsecured creditors were:—A,. -m S: l'l'ke, J2400: A. Sample, «£3GO; Walter White;hoUsd, ' .Ci7o;.'W.-I)! Woods, JB106; 'and E. "Se«-ham.-';£l-i7. The bankrupt'stated that he severed his '-;. connection 1 with the firm of Fair, Chisholm' :i and Co. ago. The business of tha firm had been unsatisfactory, ahd debts had i been-incurred from the commencement. Bankrupt .had been largely suppqrted by borrowed - iindi'as .Ihiiißs did.not seem to improve, lie withdrew his share in', (he concern. He then : ,V > owed-"about ',£lloo,' Most of the present- credi- ] ~ tors-Were .those to whom he had owed money ' ' at llmt time. 'He \vasyt,hen appointed manager ;,v ' fo.'-tlio."Fresh Food and' Ice Co., at a salary "uf V£ ; 100..,.11e had since then paid .off some.of' hi*- - debts, but had "been unable •to reduce '*~ them. appreciably. About two years ago. ho ■jveyt into partnership with Mr. A. S. Pike as -, . proprietors .'o.f u patent egg-carrier.. Bankrupt went ;, lo'England to make arraugments for 'Jia -. "niaiuifiiclure of the egg-carrier, but just at ;, 'that'time 'several other devices for the same "■ purpose were brought out, and his invention became practically worthless. •->-» -■ -After-some- discussion, Mr.- Fair, who appeared for- the, bankrupt, intimated that if his cliiiot-was granted an immediate discharge . ■ he, Would lie in a'position to pay olf his creditors on a fixed basis-.£loo next "year, .£l5O tlio . following year, and so on liiilil creditors'wero : paid -in full.' The Meeting agreed to this course, the-payments mado by the bankrupt ' to be handed to tlio Official Assignee, who would distribute-the instalments as tliey came in.