CREDITORS' MEETING.

Dominion, Volume 3, Issue 780, 1 April 1910, Page 8

CREDITORS' MEETING.

; fv HpTELKEErSR'S ArrAIES/ ' • 'About 30 business' men; attended the first'meeting;of ; the' creditors of- George iPinnock, licensee of the Commercial iHotel.'Lambton.Quny,. at . the Official 'Assignee's'office,'yesterday-morning.. The, 'bankrupt''. was'represorited:'by Mr.' : : A. -I/. Herdmari, while. Mr. C. P. Skerrett appeared'. - for ,' the petitioning creditors, Messrs. Hamilton, Gilmer, and Maguirc, ■and' MrV T. G, Dalr.iell. ; for. the' Bank -of •New-Zealand, 'end Inglis'Bros. Mr. M. Myers was "present « legal "advisor- to the Official Assignee. ''..'••;■'■ ['■ The Official' Assignee' (Mr.; A,' Simpson) ■, BaidV.he' Had.!.called, the, meeting'..-at. a ---Tather'earlier;'da'to, than usual, because. :the;hotel, had'to ,bo, looked after. The 'holidays haying intervened,'some of the . ;proof3_0 r f_;creditorsi. were; hot iri, and a ."jfull: statement, of. the, bankrupt's affairs Shad'not'been:prepared. . The unsecured '/icredirbrs'were set'down.at .£3750 lis. Gd. ■The amount-owing to-secured creditors -was: XS7O6, t including Mrs. Grace JC3052, Sir- James .Prendergast jESOO, . Phoenix' Aerated Water Co. Bank of Nov/. Zealaud; .£3Ss3._..:There was .no. valuation of the amount of the securities, and,thus : the: statement was incomplete. On the ■i, credit side it'.appeared that, the stock at ■ :'r.he,;farm' at.Mangawa was ' valued at .£ISOO, -estimated to produce,, .£ll2, cash ■ ,iu";hand £45: 105.- lid., .furniture in. the - Commercial Hotel, valued at ,£5556, estimated to produce ;MSOO, and the furni--ture at 'the'Trocadero J52000. Bankrupt; - had ".£250 shares in .the Miramar Land Company; and the goodwillof the. Trocadero was put: down at £2000. . There ; was ' no-written statement from the debtor as .-to.the.cause of-his bankruptcy, and that ~'wbuld> ;h ave to be. furjiished,. later. He Iwo.uld :ltke"to know- the views of the ,as to'what should be, done about ■the .Commercial Hotel and the Trocadero. 'He, had V appointed an 'agent- rto carry; on '' the, Commercial, arid'the .takings during the'.-Eastcr holidays had been'good. He ■did hot think the interests of -the creditors . .would r sujler.if."the house were-'to continue to bc'cbndiicted-in the same'way. -The -question ..now. was. whether heshould call for tenders for, the furniture in the hotel ahd ; the stock-in-trade and ■-: goodwill of .'tte-lease.'." He 'believed the 'landlords, would ;be quite willing to let. the hotel .be :'carried on.-.if a-gdod tenant were obtained, and would, have '.no objection" to '' transferring > the .-lease!:' They had done all; they'could'.to assist, him in-the matter,'arid'were anxious to get a good ten : ant. '••'.' Otherwise they would have to fore-' • 'clo'se"'qn tie.lease,, as: the;'rent of both houses-was behind. ■ .:■■.'■ -In reply to Mr. Martin' Kennedy, the ; Official Assignee said they:could not -.cry well compare' the takings, at thej Commercial under the present management with the takings under the .bankrupt's-manage-ment, until the .bankrupt's accounts were • available. There .was no excuse for the. '. acoouritsndt,being: ready.,... ;.■ .. . . ;■ Mr. Herdmari ' said.; there had'not-yet -. been time to prepare them. A qualified t iaccouatant,' who, was \well .able to deal, with them, had:been engaged, but had not ■■'yet.-' completed .the work., .-•- -'•, • 1 Mr.; Kennedy: Anyone'who. conld keep . accountS'like; those of. thebahkrupt'coula >very well have prepared'a' statement, for..the' creditors.-:., .-■ ;. : ';';■■';'■ "'■'-■,';■: The Official. Aisignee: It could have been' prepared and it .'should have., been.! '•'Mr. 'Skerrett.:;said"--itf;was'--quite plain .that; the "two;-houses' would ..have, to; be disposed'-'of-.; That'was-essential. in" any view,';of. the:;'ease.'V He: would; suggest 1 that.- tho Msigndc'■ should at, on'ce': : takb' eteps-'.tp''dispose,; of the leases/furniture,' and goodwill of th'o.stwo houses, but whether this' should bo done by tender or by : auction was'a point on which the creditors ■. might like'; to express an opinion. Ho : understood .'that Pinnock was carrying on i a. motor business in, connection with which he owned a number of cars. Quite recently- and unexpectedly, Mrs. Pinnock produced a,-receipt for/those cars. This M"?!; should im investigated,, and \th6i Ufflfcial Assignee, Should sconce,take pos-:-' eessibn'of the .car's.. The 'rent- .wis- in- : 4rfear to the, amount: of and- the rent of the Trocadero was also in arrear: The Official Assignee said that 'afterPinnock had been adjudicated bankrupt' he. thought proper to let: the Trocadero for .a,, period, of:, 12. months'- at- £45 a -,jreek.-'.'.\ %.-.'':■>:.';':•; : ■■:■'■ ■■■■.;•■ '.::-.i>.-

- Mr.; Skerrett- A most impudent thing for a bankrupt to do! Surely you will fake, no-notice'-qfthat? ,-„-;•; ■. ,'Mr. -Ml, Myers,: said!-perhaps it would' snit tljs.creditors-to,-lefwthe loaso stand..' -..,,Mr.; Skerrett 7 said .this' was unlikely;.': • - Mr. Pinnock, oh being asked to speak, ißaid;iieJ'wa's trying to get into the best, possible-position to, discharge .his obli-gations,-and it was with'that object that ie, arranged .to let the Trocadero. The tenant*Vas to pay-an extra £5 a week from : next January. He regarded-'it : as : a weekly-tenancy; ~l n, repjl -to - Mr. Lewis Mr.. Skerrett said the landlords had.no-'security. They had a .liability of JBI7OO, on the furniture, as they had .endorsed the bill'of the D.I.C. Mr. M. -. Myers, in answer to ti question said the. rent of. the hotel was £75 a' -week,, reducible ito if- the liquor was, , obtained m. certain quarters. The rents' from tho.; shops we-e paid to tho tenant, and.came, a : week. The tenant ■paid;rates;and insurance. '■■-. • :■'¥*• -Herdma'u-., said-, he: would explain why, n0.,: statement of the bankrupt's.positron;., was "The* forms', were posted-to--his (Mr; Herdmah's)- office only the., previous day,-and he handed them at once, to Mr, Clark, the accountant, who had been busily, ehgaged,.upon, the-matter-ever Bince, Hehad; to got: valuations of - the freehold property,-and-there':were also a : number: of people ■to whom. Sir: Pinnock owed; money and- who had not yet sent;.,in; their, accounts.. Mr. .Clark, had, therefore; "not., been able to get all the r.equisitevdetails..- He desired to" present aa. accurate.-, statement, and-the creditors .would-doubtless realise that it.was im:possible to do so between the previous day ■ • After-, considerable discussion as to' the" .best way. of dealing, with tho. two hotels, it was-resolved, on the motion of Mr: Lewis; seconded by: Mr. P. Myers, '"That tenders/.'be 'called; for the lease of the Commercial Hotel as- a going concern, such'Ntenders" to.specify : separately" .the amounts-for , goodwill-, ahcV lor ; the furniture; that separate tenders, be-also called' for; the lease of .the hotel, and for- the furniture; and that- alternative tendersbe- called 'for- the. goodwill-: of. the lease, the purchaser to take the stock- and furniture, at a valuation." . : •Mr.- -Skerrett moved I: *T?hat tenders be called; for the lease, stock-in-trade, and furniture,, of the. Trocadero, tho conditions of, tenderi to-be settled -by- the- Official 1 Assignee, under tho advice of his solicitor: . '".'"'•'.' This was seconded by:' Mr. Turnbull and-.eaTried. . ,The,. Official Assignee stated, in replv to a, question, that .£6OO i was -owing for rent 'and,.rates .on. the' Trocadero, but there was no enenmbrancs. • Referring to a matter that had been mentioned-earlier in the meeting, Mr. Herclman'.'said the.motor-rars referred to -were:'nine-'in-number. - Three of them were purchased two .years ago, when Mr. Pinnock:'was.' : 'in the -Trocadero and was perfectly .'solvent. Thev'-wcro purchased with/money'fromthe business. The receipts ; were. in 1 Mrs..Pinnock's name,- and Mr; Tinnbck'• said ho had made- her a gift-of-the' money to buy. .them. The other; six, were . purchased' from ' Inglis Bros, "by Mrs, Pinnock.' Bailments' over them iwere:held by Inglis Bros., and were executed, by Mrs,. Pinnock. ■ The'.OfficiaJ Assignee,'having stated that he ':would,' call'; Another; meeting as soon asi possible,, the .meeting then adjourned: