MEETING OF CREDITORS.

Dominion, Volume 7, Issue 1902, 10 November 1913, Page 3

MEETING OF CREDITORS.

Creditors in the bankfnpt estate of Muriel Frances Clemas, stationer, of Willis Street,i met in the Official Assignee's oftiedfjin Friday. Mr. A.' Simpson, Official Assignee, presided over an attendance of twelve creditors.

According to the statement of bankrupt's position, tins amount owiug to unsecured creditors totalled £551 J6s. 9d., and that to sccurcd creditors £117, the estimated value of tho securities -being' £825. Tire assets consisted of: Cash in hand £53 10s. lid., property £50, surplus over amounts secured £408, bringing the total assets to £516 19s. lid., and leaving an e.si-ffiated deficiency of £34 16s. lOd. In October last sho received a legacy of £120, and then bought tho business. . Mr. Watson, .who appeared for the bankrupt. state*} that she lought tho business in October, 1912, from Air. aiul Mrs. Pees for £600, Of this sum £320 ■was paid in cash, and promissory notes wore given for tha balanec. Two ot theso bills had been satisfied, and £230 was still owing on the purchase money. Neither Mrs. Clemas nor her husband kne.w anything about the- business priorto tho purchase. Tho Assignee _ mentioned that Mrs. Clemas sola the business without consulting her creditors. Personally ho thought tho sale must stand, as it could not legally be upset. Sirs. Clemas had interests in properties in Levin, Two sections had houses oft them valued' at £300 and £400 respectively, and on which there were mortgages totalling £217 and £200 A third section, valued at £50, Was free from mortgage. The values placed oil the properties wero only nominal, as at present properties in Levin were almost unsaleable.

The creditors carried' a motion instructing the Official Assignee to..view tho property at Levin, ami to 561! the same by auction. If this could not be done,' the property was to bo sold by private treaty. . The principal unsecured creditors, in the. estate are: —P. Hnyman and Co., £62: Gordon and fioteli, £62 "s, 0"-; Macky, Logan, and Caldwell, £49 13s. fid.; Charles Edwin Pees, £230; Na» tional Bank of New Zealand, £20; Blutidell Bros., £20. The secured creditors are: —Now Zealand State Advances Department, £217 (estimated value of security £525); and Lydiii Harrison, £200 (estimate/1 valtio of sceurit.v £300).