CREDITORS MEET.

Dominion, Volume 7, Issue 1905, 13 November 1913, Page 11

CREDITORS MEET.

ESTATE. OP H. E. MANNING. I A meeting of creditors in the assigned estate of Henry Edward Manning, builder, "Wellington, was held at the office of the Official Assignee, Mr. A. Simpson, assignee, presided. Tiro bankrupt was represented by Mr. A. Blair. Mr. H. F. von Haast represented tho petitioning creditors, Messrs, AVakemaa and Johnson, and Mr. E. J. I'itzgibbon appeared for Messrs. Casey Bros. The largest unsecured creditors were: Easson and Co., £96; Casey Bros., £34; Prouso Lumber Co., £77; Geo. Godber, £58; Wakeman and Johnson, £37: W. H. Barber, £30; Smith fliid* Smith, £30 145.; Timber Co., £29 16s. 9d. The statement of the bankrupt's position showed: Unsecured creditors, £879 13s. Id.; secured creditors, £426 14s. 6d., less estimated value of securities, £822; total debts, £984 7s. 7d<; book debts, £42 lis, lOd.; estimated produce, £29 19s. lOd. The Official Assignee said that from a book-keeping point of view £178 ought to be transferred from tho secured creditors to'the unsecured list. The secured creditors were: Prouso Lumber Co., £67 14s. (3d.; L. 0. 11. Tripp, £174; Christie and Co., £185. Tho bankrupt's own statement was that ho had been in business as a builder nine and a half years. He had started in partnership with small capital, and for some time did fairly well and carried out shout £6000 worth W work. .About six yeara as:,o he started business

on his own account, and within sis months had reduced his partnership liabilities of £400 to nil, and had money to go on with. In 1911 lie cleared iibavrb £800, and would have cleared £1000 only for a payment of £*200 to Messrs, Wallace. and Gibson on aecount of damage through a rainstorm while bankrupt was cftccting repairs after a firo. About Uetobor, 1911, h e began to havo trouble oyer eoiitraets, and was harassed with difficulties about- jobs and continued litk Ration, He had lost money on several jobs. In ono job he had rebuilt a nouso ou the original frontago and then had to pull it down hccauso it was lo'und that the frontage had encroach<?u on two streets. . The bankrupt had j Been compelled 'to sue on the matter, the troubles continued through 1912, ?! i S b'Wfcnipt lost on several johs. I 1 10 had forty-two law cases in twelve months to defend, and legal expenses took away mostly all of his profits. His creditors had pressed him hard, and ho thought'that if ho had been , given time he could have weathered the storm. In order to raise money to carry on m? . h' s business into a company. }JS Tvas tj.o only \yay to carry on. The Assignee and some creditors commented unfavourably on tho forming of i c l O , Jll P ari .V and said that.the creditors sliould have been, called together six months ago. Hie bankrupt, on oath, stated that ins household furniture a&d effects woro iiisured for £200 in his wife's name, twelve months ago the' furniture and clreets wote_ insured in his own name. His wife had no insurance at that time, •the policies were now in tho name of Mrs, Manning for the same amount. The Commercial Union could tell when tho policies were transferred, Tjtio Assignee said tho only thing he Could ,do was to call fpr tenders for snares m the company and see if he Could not get some money in. He would also advertise tho property for sale bv •tender, Tho bankrupt could make any oiler'm tho meantime, and tho creditors might be called in again to consider it. • "

Tho meeting then adjourned sine die.