MEETING OF CREDITORS.

Dominion, Volume 3, Issue 808, 4 May 1910, Page 3

MEETING OF CREDITORS.

A MILLINER'S BUSINESS. A meeting of the oroditors of Evelyn I. E. it. Winder, milliner, of Wellington, trading under the name of "Aylmer's," was held yesterday morning, Mr. A. Simpson, offioial assignee, presiding. Mr. Buddie appeared for the petitioning creditors, Messrs. Abbott ana Co., of Auckland, and Sir. W, Perry for the bankrupt. . The official assignee said the amount owing to unsecured creditors was J2353 10s. 6d.; the stock-in-trade was estimated at .£162 10s.' lid.; book debts were set down at .£l2O, estimated to produce J280; the cash in hand was, £1 lis. 4d.; the total assets being ,£245 ss. 3d., leaving a deficiency of .£IOB ss. 3d.' There were U creditors, two of them rather large ones and the rost small.

Bankrupt's written statement showed that she started business in. the King's Chambers in July, 1907, with a capital of £102, and increased in two months' time to .£175. She removed to othor premises at a higher rental in September of the 6ame year. The rent at. the first place was 30s. a weak, and at the second M 6s. •• a week, which was reduced in March, 1909, to M. She attributed her failure to the depression in business and excessive rent.

The principal creditors wereMacky, Logan and Co., .£lls 18s. 6d.; R. fi. Abbott and Co.; .£112; Butterworth Bros., JMO 2s. Gd.; Morriner and Co., <£22 18s. lid.; Johnson, J822. Bankrupt, examined on oath, 'said she was married since starting business, namely in August, 1909. She did not take anything out of the business for furnishing. All the furniture was her husband's. She received money every year from the public trustee under her mother's will, and a month after she started business the public .trustee advised her that her accouat was overdrawn by £23. The official assignee said that he had ascertained from the public trustee that the account was now. about £16 overdrawn, and about £20 a year was coming to the bankrupt under the will. This would be available for the creditors, provided that certain conditions in oonnectiofl vrith the will were fulfilled. The position was not . very bright for the creditors. If the bankrupt lived ann carried out ,the conditions under which the money, was payable to her, the creditors would get their money, but.it was a case of waiting ten or twelve years. Bankrupt had insured her life, paying a premium of .£l2 per annum, and the public trustee held the policy as security against the overdraft. He (the official assignee) would suggest that the public trustee should take the surrendor value of the policy as against, the overdraft. Bankrupt's stock and fittings should be realised, the best possible shpuld be done with the book debts, and the hnlance uring to the creditors should be obtained yearly from the public trustee. The creditors agreed to that course.