MEETINGS OF CREDITORS.

Dominion, Volume 2, Issue 601, 1 September 1909, Page 4

MEETINGS OF CREDITORS.

A BIUIARpJSALOpri-KEEP^R. ■-" A meeting of the creditors of F. W. Wise, billiard salooh-koopor, was held "before'.Mr.

•A: Simpson, Official Assigneo,' 'yesterday. Mr; T. M. Wilford, M.P., appeared fbr tho deb-' ...tor.i'f..;■;;".- •..-;.'■ , '■:'"■ " .' - -.-, ..,■'..'■ " ... Tho 'bankrupt'/ in 'his written statement, said his bad luck began with an accident to his mother, 1 ending in hor death, after being laid Up/for; some imohths.. OTheh camo' the death of his father, tho two events costing . himovor £60. Then ho had to hay a'bill of .'£4o 'through.anothor The v. .illness/'of- his wife caused.- further o'xpenso, .\gnd custom at tho billiard-room fell, off, when he..:was not able, to personally- attend it. j Finally, hoVlont his name. td ; ; a..very old friend, and.had been summoned fpr-thebill. Thoro was-much opposition in tho . billiard lino just now, and l ho..saw"no, prospect for improving his position. : .::: v.'.'■.-.• :>.>.'.■.:'.. Tho.'.statement of." accounts '.showed total debts. £156,75. .'3d., ;,and total -assets .£154 12s. 7d.j'.iucluding .book debts ■ £8, cash, in hand:and'in bank £142.175., and furniture ■ £142; 17s.'-The principal unsecured creditors wero:—Messrs. G; A. Chapinan, Lower Hntt, -.' £70 (for rent), J. Kingdon £17105.,'; Veitch and Allan £11 135.. 9d., Wellington Loan Company £40, and Jamieson Bros. £31 17s.' -■;'The (Official iAssigno; stated fhat.. accord; iiig: to: the bailiff's' valu'ation; tho stock was worth '£150 16s. '4d., -the furniture £10 Bs., andi--tho tools, of .trade! 13s.V2dj;\Tho bankrupt had to pay 255. n day practically out ,"■ of'-.his : tgkings for rent, '.which was a verj; '■ , i "heayyV;ta3t.'-'':.-,V.'.-v- v ',-'!.■'.'.'.'.'.-.;'.':.' . ; .■/ \- -'

./•that,ho.had;not 'owned .any land for years." ; Ho, had-taken no security/for bills that ':■-' he had endorsed; his endorsementwwa r simply a .friendly action. '-•■•": - Mr.: J: Flyger'. said ho had known the /bankrupt for some years, and know that ho had had a bad succession of misfortunes .lately./He moved that tho estate bo left • in-the Official'Assigriee's l hands to realisc-V /, and pay ths'iireditors as far as possible, and : : that-a recommendation be 1 made for the -bankrupt's immediate -discharge.. ■.."-..'• ••/;•■. Mr. • Tustin'•'. (Wellington Loan Company) .'.seconded-tho motion,- which was-carried with ■ one: dissentient.... :.,:.,/.:.■. \-';\ ESTATE OF W. E. LANEY, PETONE. •.- C6mi>etition,-loss of trade, and general degression' in the district are. stated by .WuV :jiam Edward Laney, storekeeper, of Petono, Y to have been the chief causes ef his •.bank- 1 .ruptoy., -At'a'meeting-of'his''creditors, hold before the .'Official Assignee (Mr. A. Simp . ; 'son) yesterday'afternoon,, it'.was shown that ' the liabilities to .unsecured creditors totalled £1452,'45, 8tl.• Against theso were asset' ■;■■ totalling' £493 3s. 7d.—stock-in-trado, £16S ; 3s. 7d.;; book, debts (£4Bl 2s. lid.), esti-/-matcd''to, /produco £325.'. The deficiency in ;'the estate; was set down at £959 Is. Id. In .-- liis .statement,. tho bankrupt sot' forth. that ' he./cpmmenced business as,,a stprekeepei-. in, , Petene ;thrco.years ago,'without .'capital. He /.borr'owod,£Bo.from a,relative. The business, "paid iits way ■■-' ;tiH,. June,' 1908,. and;- ho //: was ablo'.to. meet .his engagements. ,'S'ip'-'!'l .'then,'..for. tho.' reasons nlreadyVstatcd, he -, v wont;behindr -The principal creditors* in I • ■/.estate are: Levin.and Co., Ltd.; £439 16s. '', Id.; ,W. and G. Turnbnll and C 0.,.£180; V■' ■ /aDimockjand .Co., ,£'44,135. 3d.; \V. Gregg -and Co.;(Dunedin), , ;£22 3s. lid.; -Welling-j . ten Biscuit'.-Co.', £28 12s'. Sd„; /Atlas-Biscuit .Co., £20 175:,.3d.; J.i B. M'Ewan and Co., y£l3ias..ld.; Hughes and Cossar,. £13; ,H; /.G., : Anderson and Co., £12'18s. 3d.; Salraor i'and iSpraggoii, £10 ,3s. 9d.; 'Siriallbonei■! •Grace, and Co., £15 18s. 3d.'-; Allender and , Co., £11; : lis. 9d.; .J. M. Menno,and, Co. ': (Auckland),; £14 18s. '6d.; Marshall and Co. v(Dunedin),-£lO Bs. 9d. '.-"<- ,-3;,-.;: ..-' Mr. ,Wilford (for; i\\a /bankrupt), Mr. T. ■Tringham (private interests),,, and :even v, creditors'..representatives wero- present. .; , ... Assigneo/'remarked tliat \ tlio •' "bank...rupt's'/'estimate of his;, book debts appeared, './to him, to ,be\ a. ridiculousoiie.-, 'Speaking •v-from -experience,' ho .said ,that, 'tho -'only: jjy'niethbd ,of getting -any; 'satisfactory; return '/■! /from •theses .debts was 'to collect • locally;, arid. .'l'catch tho men on pay-day.". Thero -vero, ; in all,-42 creditors in the'estate. The stock-.'/'.'in-trade, appeared, on "■" inspection, by., the /bailiff, 'to ,be : of/:a fair';, class, ...and.' clean., -•'.The, bailiff's 'Valuation .of'/tho .'•'' stock,.' vip-' ;/ plianccs,' and : fittirigs'totalled, £lsß'Bs.-' 4d;—.. ; : stock;.,£Bl 25. : ;4d.| appliances,-£42 18s. 6d. ', ■ :■: fittings; .£27-75,;-;6d.' • '■■-.■ ~.'V ; fc -/-<■•.;: '■'-■; -'..'.,:. : ,'..: ■//'.On the motion of Mr.:' Nation (Levin and , . :C0.),-: seconded''by''Mr.:Hiin"'(J. B.' M'Ewan ; /and Co.), it .was resolved that the. stock- )>6 -; /'publicly auctioned.;/.///■•■";-/;.; ,'. •'.•-■ ';.■: ,• : /.;;.. /. ■■: Under examination',' ',tho.':,baiikrupt stated . >that; in February last,'; he employed .a staff -;/ df'.tbieiß'.; assistants, .and-a ;'girr in the office.. / lie kept themon- for 'ten weeks, and .then /dispensed, with Idno/bf' his /assistants'.,'- [h; '■:/;. June ho. dispensed - with .the 'girl, -andvsinrn .'■_■•■ carried on with /two Assistants. His weekly, ;;/;-turnover ■decline<l;',fr6m' l V£loo , 'in ■Fcbruafv ;;,'to' £80 in :June,,and •£75 , to,'£7o. in 'July.. ./... During tho peridd he/had'been in/business /. .ho'jditt,not tako stock';/nor'did/he make iip' ■~'any.ibalance-sheet,' as'he was under,tho im- . pfossion that he had agras'p of ■h'io position: v?'ail along./;' Questioned/as' to/the drop in; his'. ;.' income, tho bankrupt.i.statcd /thatV.his : ,;'ex. ■■■'■■■■ 'ponses/must'havo..' exceeded ..his- receipts', '; ;''./''. It was pointed-out'/by/onc ,of the Creditors ; ■•.tliat ■ there'; was',,a idiscropancy. between .tho !•' .liabilities and/the.stock-in-trado. •,. ■/,■::'.• ,; .;.\ At'tliis : stagei,;Mr;-■■'Nation' .(Levin-and .; ;Co.) /jmado a :;statcmenkto; tho: effect //that ;.;■ .four,months befofeltho'insblvency tho bankinvited, to''.TOnfer'.with Messrs: J. ;,//rurnbull'';CW/ and and ;Co.). :'■-.:-.Hill ,(J...B.'.M'Ewan and,Co;},';. Mowbray,,and *;, himself '(Levin/.and :Co,),3viih;'refcrenco '■ to ;.';■•;liis position.. .'A-t; that';-me'oting,' .the bank- '.-. -nipt submitted-ia ". llalaiice-shoet -showing, a / Burpliis'; of /£98./;,/Ho';had. '.'swco\ , admitted ■'. /that- ho had done,, this .'to'Eain'tinie, hoping ;, to.:retrieve, his .in ifcho' meantime.' / : ;.On tho Levin. i./and.'.Co.: had giveh credit ]to 'a considerable ./amount.'.There, w ( ere,,continued Mr.' Nation, .';vtwo important .'points,'in l '.cpnhe(r.'ion':witlrtho; "''' estate that' wanted" clearing Up, and .at once, :: ;Iu 'the first place;./th6; reason for such",' : . a ': / eerious/ deficiency./of '£959 ought 'to be'fully Ai/investigated. The'books'should bo inspected ■v ■ by. a • competent; accountant;'./; and , a., tnie "'.•statement of'-the tru'o position .;submittod.' '"'There was; secondly,■;..tho'-haakrupt's, action ■■■'■'■ in -presenting &■ balance-sheet .which disclosed : :.an incorrect statement of '. his -position. He r/'moVed. that, the ' Assignee'bb'i empowered to ''. employ -assistancei. t ifineccssary, ,m 'order /to ; .;ftrnvo at a solution.of. the.first;problem—-tho ' 'deficiency of ,£959;;.. ':M-A{■■',.!:■ ..■': . *..■) / : .The .meeting ..then:'.'adjourned' sine die.