MEETINGS OF CREDITORS.

Dominion, Volume 2, Issue 280, 7 August 1909, Page 3

MEETINGS OF CREDITORS.

PROPERTY EXCHANGES. AN INVOLVED ESTATE. '.Two meetings of creditors were held before th'o Deputy Official Assignee (Mr. S. Tansloy). yesterday.« The first was concerned with a preliminary investigation of an involved estate, the bankrupt having had to seek tho protection of. the Court as. the result of, a series'of property exchanges, the last transaction of which had turned out rather unfortunately.- The second was a minor investigation, the chief featuro of the case .'being the hopeless state of the assets account.'' ESTATE OF H. O. WILTON, OP WADESTOWN/ At the meeting of creditors in the bankrupt, estate of .Herbert Oliver Wilton, farmer, of Wadestown, bankrupt was represented by,Mr.-.Fair; Mr. S. A. Atkinson appeared on behalf of A. H. Atkinson and Co. (Feilding) and Gorton and Sons (Feilding); and Mr.-M. E. Laybourne for C. Snow (PaJmerstoh North). ' ~' ,• AN INVOLVED BUSINESS. In his statement of affairs, bankrupt 6aid ] that in 1903 his father advanced him £1500, wherewith to purchase 92 acres (at £17 per acre),at Te Horo, and £218 for cattle and sundries. In 1906 the Te Horo property was exchanged, on a basis of £28 per. acre, for 98' acres at Feilding at £17 per acre, besidesstock'and £600 cash; £500 of. this was paid off the mortgage to his father. Another exv change was. made in 1907, when the 98 'acres,, a-t-• £18. per acre,. were given over for ■ 270 acres' at Feilding, close alongside, at-£ls 55..per'acre,'with £10 10s. per acre mortgage, and £600-cash. This property was improved by.', the erection of a residence and farm buildings, fencing, ploughing,, and grassing, etc.,' to:the extent of over £600. .

'•"In August'of the, following year, as the' result \ of' certain between the' ■ .bankrupt. Mr. Show, land agent of Palmerston ;Nprtn; and Mr... diaries D. ; Fitzgerald, : contractor, of. Hastings, the Feildirig farm was: exchanged (on a basisof ; £18 10s. - per ' acre). for 1 34 sections and ;5 houses at' Hastings, on representations made that four of the'.houses'had^o'nly.,,first, mortgage 'encumbrances, while on, tho fifth'there were two mortgages; • Thirty-one sections .'had.-a mort- ;■ ga'ge',of.'£soo,/arid the other three were clear. Plus. : the ■ straight-out exchange;, there • was , .atepaid : oyer £284 10s. -Subsequently tho : Bankrupt discovered that his new property • was'.:more .heavily..encumbered /and more in-' yolved'thaii-he.had at first thought.'' Ter- ■■ sistent calls were made upon.the estato from . various, sources, 'and, as. there .appeared, to be no, prospect-of. carrying on' without' loss, the estate had perforce to be assigned. ' The ...statement, of. .finances' showed 'that the.;aihmints. owing to tho unsecured creditors'; totalled: £1524 Is'.. 9d. ; ; .'to . the.' secured . creditors' was '. .owing . £31'22..'., Against : this :■ was. the.,'estimated value , 0f... the securities, ' £3300,. and: furniture; to. tlie : lvalue' of £45. The.; surplus,.from- the,: securities, .plus, tho value of ;tho..furniture,..;sHi off. against the liabilities, left, the deficiency at £1301 Is. 9d. ; The ; unsecured creditors were: S. Wilton (Wadestown),:£l22l Bs:,'9d!;i E. Wilton ' (Tokomaru);: £100; ~C. Snow XPalmerston North)/ "£75; Gorton' and Son- (Fcilding)* •£44U7s,v4d'..;.vJ; V .'DarraKn, (Fcilding), £42 los;' r ßd:;\A.*H. Atkinson'(Feildin'g); £20; J/~..Graham . (Feilding); ;£20.. -V. 'V' ' ' .Secured. .Creditors—J>erm'aneiit' .Building Society (Hastings),,'£l3oo; Miss Callaway. fe l "W!>' A '^ SU X:' '■-'■ Surge, (Hastings),£oPO;:Hv,A.E. Hurley-.(Hastings), £350 Duncan ■■■ and .Luttrill (Hastings), £140' C :and ; jVvOdlih (Wellington),-: £100;. G.'Eb--hett (Hastings),.. £38; .Manson. and Co (Hastings), £136; C. D. Fitzgerald (address unknown), : £208. : - ... v.-. ..?,- . ;,■■ .'Under' examination by Mr: Atkinson, the bankrupt.-stated that he- was" prevented by : m-rhealth from closely investigating tho exchange with/Fitzgerald, and had Hk 1 *& ¥ r .- .Graham, .his. solicitor ,'»to look after his'.interests. His .Teason: for rolinguishmg the farm was.ihai.of ill-health;. He thought, that rent-bearing property■:.would be .a less arduous :responsibility than' the rarm. , •.,.;'■■ ..:.,. ...;. -'.. ' . Bankrupt further stated.''thatsubsequently, about the beginning of' December', 1908 he appointed an. agent'., to collect the rent ' the houses letting ,at 17s; aiid 18s. later hev'called on the W**k ?,V- ? a^m S. s > and was informed that the building society had ..given ■ him (the agent) notice to hold all'money duo to" Fit* S-. ;C?r i 11l S Self i' wh ! oh had'been- collected. lhe_ society threatened to sell the. properties if the back payments of Fitzgerald were not made up. at once. - To save the situation,bankrupt's father paid' £34 lis: 6d. "to the society, and later interest,"back! rates, and otnor expenses amounting to £39 17s. 3d; It^ was decided tliat. full details. as to pay! m .e?tf». be .obtained from bankrupt's solicitor, :and -that a, complete: search be 18 ??" 1 ' the Hasti nR3 mortgages, by. the. tSrowniSolicitor at Napier, at a cost; not-to exceed £3 35., .-'.■■• \ .Mr.;. Job WiJtpn,ihen consented to waive h '-fe 0 f -'W' , Part 0f of S 9 : ' th? ." Benelft • W:-.tße, [The, meelang, then: adjourned 'sine 'die.' - '.

ESTATE OF 'A. ! LAWSON, iSIGNWEITEh. The s'tatement of 'affairs submitted by Alexander, Lawson, bankrupt, signwHter of Wellington, : at. a,. meeting of. h& creditors held before the Deputy oleial .'; wlm LI sh . owe <l. that the bankrupt, had ™ h iT ! U b <. US fi meSS «:Ws*wh account had,, up .till about*, five or. sx years aco a]* gan .to,fall behind with his .financial cblieato dicuss his aSs with, his-oreditors-v He decided to.carry on hope that the outlook would improve .The;, statement of: finances showed; that 'JaM-in* 0 ' ?■■ sewed creditors, ffifh IP* /eainst; the liabilities were the stock-in-trade, £25,' and book.debts, estirnajed: to.produce £32 Is. 9d:, leaviuo a d« ficiency/'of; £3l3 1,05.,8 d.' ■ : '?" g • .jThe.foUomng.are.the largest unsecured, creditors :in- the : andAlLn t S, V M Ev T; a!, f Co - ( r « n t. £327 J DrjsdiJe (Nireaha) £30;, T. .W.ii s lop,'£26 13 .3-; ; Brown and Johnston, £29: Jenkins and. Maok ,£26 ss. 7d. Tnere was one Z cured creditor-the National Bank of New /.ealand-rwhpse claim'totalled £48 8s ! 10d Mr"? feT™ 1 * 6 by;bimkril P fc 's *'fe ;m2 : yery ' ittle As one °h,m- creditors remarkedj "by the time weyeipaid wages and rent'there will be nothuigUeft, so I don't see thafr-it's much use staying, After 'deciding'' that ihe bankrupt, should, hare-the necessary plant for carrying on. fas trade, returned to him and the-balance' of the stock-in-trade "sold the'meeting adjourned sine die/ - : . : '•