MEETING OF CREDITORS.

Dominion, Volume 1, Issue 51, 23 November 1907, Page 7

MEETING OF CREDITORS.

.-;; restate op e. j. searl. . .'■ A meeting of creditors in the bankrupt 'estate;:of lidward John Searl,- caterer, pf ■Wellington,-'was'held boforo,tho Official Assignee (Mr. Jas. Ashcroft), [yesterday morning. ".-■.."A' large number of creditors were" proSent:' yMr.: Dunn appeared for .the bankrupt.. ; The statement of assets and liabilities was as 'follows:—Debit —Unsecured., creditors, £767 3s. 9d.; secured creditors, £200;' less estimated value of securities, :£3OO surplus to i'contra', £100. • Credit-TrSteck-in-trado, nil; book debts, nil; cash in hand, nil; fur-' nituro, nil; property, nil; surplus from securities, £100; deficiency, £667 3s. 9d. " The unsecured creditors .were: — D.J.0., £263 3s. 4d.; Dr. Chappie, £64;' Baker Brothers, £70; Walter, Weston, £130, j ,W."Sellar;'£so; O'Regan aud':"Dix; £B'4s. ' 9d:; '■ Rcbert •'■ Hannah, £82; J. Alexander, £34; P. S.Tayler, £25 185.'.8 d..; E.G. Jupp, £12;' C. Mitchclson, £10; Findlay, Dalziell and.Company; £17 17s. . 'Tho'bankrupt stated that after losing the Club' Hotel, .'Wellington,'- ho had- gone into business at Seatouu, as prpprietor of Babington'House. ,Hc furnished and improved the place, at /'a 'total' cost •of £800. The lease having been determined, he was compelled 'to self tho furniture at a' loss of £300. Medical and nursing attendanco upon his late : wife ccst him cf £400. Aftor the death of his wife, ho opened.a cafe in Cuba Street,,the businoss being conducted• as a 'limited [liability company. Ho put £400, lent 'by.'a/rblativo,-'into the concern.' Tho busi-' ness'/went well fer a time, but through in-' tcrference in tho management he wascempelled"'to"find ether premises, leaving b&: hmd ■ improvements worth £300. Certain fixtures lia'd been removed, and ho became involved in a law-suit with R;'Hannah and Company. As a'result ho had'been awarded practically half his claim. Thero was also an 'action pending in the Supreme Court," set' down 'for hearing on ► November 25,,-'■ with' reference to proceedings in-'' stituted by him against Atkinson aiid Ben-, nettj'iri'respect to certain trust moneys,"and. -ho .hoped; as a result of that action, to relieve the strain on his financial position/ Ho attributed'his bankruptcy to sneer misfor-' .time, brought about by illness in his family, and persecution frcm a few persens with whom he'had had transactions.

'' Mr. Herdman explained tho position as between'- bankrupt and Atkinson and Bennett. Bennett had been a shareholder 'in Searl and Lyons, Ltd., and had invested £000,- borrowed from O'Dbnnell. All disbursements had been made in accordanco ,\vith instructions given by Soarl. Bennett ■ subsequently realised that it was in his interest, to withdraw, and a complete release,drawn up by Findlay and Dalzicl, acting for Searl,'had been signed. Mr.-Herdman-sug-gested "a conference between himself and tho assignee's solicitor, with a viow to a complete 'statement of the position being submitted. ' !■ Tlie Official Assignco remarked that Soarl's claim in his suit against Atkinson and Bennett was not worth twopence. He' (the Assignee) had no money wherewith to, arrange tho conference suggested. ; Tho bankrupt contended that the signed roleaso'did not clear Bennett. : •

"• At this" stago it transpired that thoro -I'tra two phases in tlio case. There wero present, firstly,. the creditors in the individual estato' of E. J. Searl: and, secondly, those in the ,joint'estate of Searl and Lyons. Tho Assignee ihtimated : -that he would 'confine himself to the first named, and suggested that the .creditors in the joint estato hold an informal meeting', after the business had been disposed of"- ">'■'•■ ■:'■■. •■ ■ ,-. ! ' Tho bankrupt, under examination, said that''olio furnitnro in his houso in Hopper Street belonged . to his wife, having been 'bought with her money. The silver plate'- hold by Bennett, and worth about £60, was security for a loan of £100. Atkinson held jewellery to tho value of .£l3'.as security for a loan of £30, which sum had boon devoted to rescuing tho jowollery from dho "pawn-shop.

i Considerable discussion centred oir tha question of a lease from Tunibull and Jones, covering tlio promises in Willis'Street, held conditionally on the rent being kept up to dalo. It was suggested that the lease be banded over to Lyons, bankrupt's partner, on condition that bo paid the ovorduo rent, amounting to £85. The bankrupt objected to this course, and intimated his willingness to pay 10s. in tho pound if ho would bo given an. immediate discharge.- Ho would thori ho ablo to carry on, and pay his creditors in.,time. . Tho Official Assignee would not considor any such offer unless backed up by a substantial guarantee ; A lively, interlude followed, and it was subsequently decided, on tbo motion of Mr. A. A. Corrigan (D.I.C), that if within thrco days bankrupt could make a written and guaranteed offer to ,pay all costs incurred in the estate and to pay 10s. in the pound, with .interest, by payments spread over two years,: the offor would bo accepted. ■Tlio mooting was then adjourned until Wed. nesday next, November 27. . '. A. private; meeting of tho creditors in the joint, estate, was afterwards hold.