FAILURE OF A WOOLBROKER.

Dominion, Volume 3, Issue 892, 11 August 1910, Page 2

FAILURE OF A WOOLBROKER.

..' . ;.-.'""'"-'.ASSETS NIL."'.-" ' ' A ,meeting' of creditors in 'tho assigned ; estate of Charles John' Olivecrona,. late wool-broker,-Lower Hutt; was'called yes- ■ terday by. Mr. A. Simpson, Official 'Assignee. Mr. Grundy, of Messrs. Chapman, Skerrett, Wylie and Tripp, appear-ed-for. Mr. Milne. Bankrupt; was : represented by Mr. Hadfield. .Documents' . submitted showed the,total debts to unsecured creditors at ;£l2Ol 12s'. 10d., the principal items being: John Milne, Is-.', land Bay, farmer, .£725; J.-B. Milue, Island Bay, farmer, .£250; Alexander Olivecrona, .Judge, Upsala, Sweden, £176 12s. 10d.; Moorhouso and: Hadfield, soli- '.. citors,'Wellington, £501. Assets, nil. Bankrupt; in his .statement, attributed '. •/ his failure to Mr. Milne, senior, obtaining judgment against him for ,£6BO and ■'' costs .£45, together . with -a contingent " liability of .£250.. These liabilities were originally those of tho firm of Milne, Bartlett and Co.,'which carried on'busi- ; hess in Dnnedin, and closed operations in 1901. He had intended to undertake liability conditionally on being able ' . to raise funds to carry on with, and of being liable for previous debts only to the .'extent of profits to accrue from thebusiness. He,found, however, on being sued in the Supreme Court lately, that his agreement .actually involved him in unconditional ''liability... for. the above . amount, which ho was unable to discharge. ' Jlr. Simpson stated that bankrupt had been previously adjudged insolvent., in .- IS9S, afterwards being granted an unconditional ■ discharge by Mr. Justice ■'. Deuniston in 1899. There irould.be.no., . dividend available ; for creditors. As only one creditor (Mr. Milne) at T • • tended, the Assignee adjourned the meet- : ing sine uie, intimating that he would'' examine bankrupt in private. -; ■ ,