BUILDERS' BANKRUPTCY.

Dominion, Volume 2, Issue 401, 9 January 1909, Page 6

BUILDERS' BANKRUPTCY.

MEETING OF CREDITORS. The adjourned meeting of creditors in the bankrupt estate of Charles Petley and Edward loung,! contractors and builders, of Minimar, was -held yesterday, Lho- Official 'Assignee (Mr. A. Simpson) presiding. 1 -Credi-' tors present were H.-A. Wright. (Commercial Agency), W. Smith' (Smith and Smith, Ltd.), R. Chase-Morris, Winter (H. Price and Co.), ,E. Lambergj E. W. Hunt (Puketapu. Sawmilling Company), W. • Hutchens' (Stewart and Co.). and H. R. Hatchi (Mil-.' lars'- West ; Australian Hardwood Company). The Official Assignee said that be had only just received, a. statement from Mr. .Yoiihg, and it was not a complete one. The amount owing to .unsecured creditors - was £2465 Is. 9d., and £614 to the Bank of-New South Wales (secured). He believed that the bank held promissory notes, the property of tlie Miramar Park and Wonderland Company for the' amount, but Mr. Young informed him that, he had had the money for these. .;' ' , : Mr» Chaser Morris -.' explained that Mr. Youhg-had receivedsthe moneyifor the promissory notos j but, as .he got it in a hurry, the notes ..were-'never lifted. The -bank knew this. ; Why they; had been put .in he did not know, as the company .had no claim againstYoung and Petley-for- them. •, In reply to questions put by the Official Assignee, Mr. -Chase-Morris' further stated; that the. bank was holding ,the, notes against - a further, transaction- since the bank alone could call on the notes. It had, no interest in the bankruptcy. The Miramar Company gave - Young - and •' Petley -bills ■ for £1028, which were not discounted, but held against;! an overdraft. At a. later.date ..the. Miramar Compariy compromised with its creditors, paying 75 per cent. Young and Petley were, amongst, tns creditors, and they - received, he thought, £771. The fact that these p.n's. had . been ". given was .. overlooked, -as the . transaction was made in a groat hurry. Now Young and Petley had an overdraft," and; the;hank looked to; him to make it up. . : . • The' Official Assignee, continuing) said that the assets of, the estate; inclijded -two cottages in Matai Road, Miramar, against which there was a debt, to-Miramar,. Ltd., of £68.5 6s. Bd., and there 'was land' on Seatoun heights : valued -at considerably: over the mortgage of. £100 .which. was' held on it.- Shareswere'.also held, by, bankrupts as .followl7o in Miramar, Ltd., 235. in Puketapn Sawmilling C 0.,. 175 in Wonderland, and 200 ,in •Miramar North Building Co. Also there was an architect's, certificate for '£446, which: he would have-to look into. The two .cottages at Miramar. were occupied by bankrupts,' 'he thought, should pay rent. ; Mr.Chase-Morris - said lhat':"thero ' wotild ■ be no difficulty .in . realising on-the Mirariiar shares'. -, ,; , , ■■ '■

• 1 The Official Assignee- stated ' that owing to the -holidays he had not -been able to look . properly, into ..the : matter. -; Mr.iJPotley had 'given him no help- or information, and he had not had time 'to see Mr. Young much.. He that if the Bank-of N.S.W. claimed oh Mr;.Chase-Morris for • the p.n.'s held, for-.the overdraft he would have. a"'further claim; against ; "the estate. v' Mr.: Chaser Morris said : this , was- not so. • ' ' ; The list of creditors and amounts owing was then read-: as followsStewart; l and Co., £603 2s;;7d.;.Easson and Co.'j>£s3'lss.Bd.; J. B. Topp, £120; Wilson/and Wilson, £53 13s. 7d.; Puketapu Sawmilling C 0.,: £973 10s. 4d.; Jarrah Co., £112 65.; Isbister and' Co., £30 35.; H. Lamberg, £17 18s. : F. Lamberg. £16 10s.W. A, Chote, £17- 7s. 6d.; Silverstream, Brick Co;; £12Smith .-and Smith; £13 165.:.7 d.; F. Mfldenhalli^no lock,' :£46 4s/; Howie and Matthews', ; ."£l4i .Is.; 'W. .Parsons,'' £20.195; ;J; Hocking, £17'3s.;5d;;•Siratford 'ahd iGi.', £15 3s. sa, ; : J.- M'lntosh, £9 ; : Brisooe and' Go., £179 -;2s, .10d. Cederholm £16 10a. ; : p. 'l'onk's, £34; 'and-'.-a-;number/ r ef smaller amounts;' ;'The..surplus to/contra ; from-, securities was/£l436;'.stockrin-trade was: £100 ; and book debts amounted to £23, -mak;ing. the assets'£lss9... ." :

'iTie Official .Assignee said, that the best 'way! he could see of. dealing with the matter would, .bo.to.,.realiso l -..0n th-s estate as soon -as possible! . Re could; call for, tenders and then call a.further masting.of creditors.' •• ■ ~/ -Mr.!. Chaser Morris stated•; that -■ the'.houses; .-in; ,the r estate .were',v.ery.. good .fines,-, were; , : it-iiotifor the^tiigh.tnois,-of the.,money market' etch; £1500 ; o r: £1600. 'Official;'''Assignee■ think Jit ..will .'te '.Dfetter.to 'lot' thb'lho'usg's. and. get;, /the, rental! In rogard-.to, iiie,., other,■assets, the /Assignee.' wont 'on to. state.-that' /he did- not' know' tlie value of the_lsland Bc-iy 'lan'd bn'wliicli £130 bad been paid, but lie did not think that it would ba worth'.while; ,thro;wing any/' more money, away on 'it. ...The.'.land,at Haywards ih'sd been paid for to the amount of £330. , ~;Mr. Young here; stated that; the ;land had boon forfeited on' account of a £10, claim due'.'-r"' :, This'led td a discussion..aV'to v forfeiture 'took.place after .'the/bankruptcy, and whether it,'was lecal whe.n "an ,£'33o hf-.d been'paid/- It was'decided thai'the' mattor'should be looked, into;' '' it ' was- then ' resolved, 1 oir thefntitroTt^Qf 5 Mr. Hutcheris, seconded by Mr.'! ! i,ambeTg, th.ii.t the'bankrupts' furnit'ure.b'e ,: handedliack tp, them,- subject to their proving'that their ;interest in it was!not over £30. '- ;

Mr.. Wright moved.- and Mr.' Hutchens seconded, -that Messrs-.: Barr, 'Laery,- and be appointed, at the' estate, to -examine 'into tlib' : financial 'transactions and_. report „to : -the' 1 Official" Assignee. The meeting was then adjourned sine 'die.