MEETING OF CREDITORS.

Dominion, Volume 3, Issue 663, 13 November 1909, Page 10

MEETING OF CREDITORS.

■ '....: ;\;,l LOWEE HUTT CASE.'' . i;' • A mooting of creditors in the bankrupts ©S; tafce.of A. ; and H. Peters, carriers,.Lower.Sutt, Was.neld at'!.ihe:office of the Official' Assignee yesterday morningi Mr. Simpson presiding. Mr. . Wilford appeared for the baiedcrupte,' wMio Mr.' M ! Grath acted as counsel for one of the crodi.tors,,and,.Mx..Ward.appeared for Mr.. Bald•winj .aniith'ei;;creditor:,& tho-.ostite. fi ; iTho?Asejgne*: explained that there sifQuid be very little lor ,&o oreditors in the estate! There wae an estimated defioienoy of .£550.. There was owing to unsecured creditors iill6l 45.; secured creditors, • The' estimated surplus from the.securities, whichvwero valued at was J6231.V The did not include or. the racohorw y,Waiata, were -Bpt down at i£i3l Os. 9d. There wae a.bill of sale for XSOO over the stock, and in- ; tereston the same amounting to £50. The value of the stock as determined by the bailiff was»J!6B3 2s;,- 1 : which,, considered the' Aeaigne*, wasnw.ell within the mark.;: Freehold property to the value of J&1600 waa mortgaged : for •Cldso. ; :-. ■ I

;In their statement, .of. '•'.the .colitrilmtory' causes to the insolvency, the bankrupts explained they-commenoed- business :as coaoh:,.proprietor!;.- at., the Lower Hutt about nine' years ago,' in opposition to' an'existing firm., .Their, capital was X4O. "' About .three years later the firm -'bought out: the 'coaches .ofthe opposition.. Next.year'they'were burned the .harness and stable— there, s being nj> insurances. They managed to carry 'on all right until May of last year, when, owing'to .depression in. trade, >:6ppressive... labour. Fnws relating to employees. of .fiyory stable-keepers," and fresh opposition, pressure by v'creditors forced them to file. .' ', '■'.-. '.'■ The/principal unsecured creditors 1 in? the estate w«re ft. .Baldwin and Co., Wellinirton, .£327, 75.. Ud.; 0. Mewhinney, Wellington! Orton Stevens, Hutt, .£55 Us. 6d.iltrs. Taylor,' Wellington;' .£&; G. W. MDonaW (Phoenix Aerated Water Company, Limited), .£45.145.' 6d.;"A. Hazolwood, Wellington, .£25 Wttford 'and Levi, Wellington; .£39 13s. 2d.; — Hughes, Hutt, .£32 Bs, lid.; G.H. Scales, Wellington, X 26 Bs. 5d.; G. M'llvride, eenr., Hutt, £30;-S, T«pp, Blenheim,' £2l 10s. -■■■■■■ .-:.u,Tlie secured creditors were:—E: Hunt, £500 I (security; ,£831); National Mutual- Life. Asso-1 ciataon, 'i6llso■■(security,- r X1600); ■Frank Hales I (second mortgage),■■ .£3OO. :■.'.':■■ '*, : ;TJnd«r-examination by the Aesignee, A; PβI tors, a .member of the bankrupt firmi stated that the'income .was derived from the 'bus and oarrying . busuioss.- Hβ himself had- been keeping, two racehorses, which * involved him/ in expenses of upkeep, in about £2 10s. weekly.' , "Where is the other racehorse?" inquired a creditor; "the one called 'Vinco' ■?."■ ■'■■"."- 1 ■- ;It was stated that "Vinco ,, nad been soldfor i£so, to a Mr. Pannoll,, of Christchureh.' Of-that amount .£3O hid gone in. racing: fees, etc., while the, remainder had been' used fori other purposes, including : an itom :; bf for wages. :Tne value of Waiata; tho. other horse, was. set down. • at 'Tho bankrupt,. further: examined, jjaid that his net earnings had.ayer-'' aj[edjE6o per month until a little over, a year ago; since:;then, the receipts ; had gradually, decreased.,; • ■ " '■■■■':■"...■■/.'. ' Mr. Baldwin: "So has: the price of ihorpefeod—and labour," ■' . ■■..,_ ■ "l' : .-i' : -.. . -After, .some, further disonssion,. it was re-, solved, on the motion of Mr. O. llewhiflney, : seconded by. Mr. tidy, that the bankrupts bo given fourteen days in which to find tees fora cash payment of ss. in the £. Mr.; Baldwin dissented, the majority value of the voting..being. jf!l2S: jn. excess pf Mr. Baldwia'6 claim.—Bankrupts were allowed to retain, the stook and run the business as a going concern in the meantime. ■ ;. - ... ,