CREDITORS MEETING.

Dominion, Volume 7, Issue 2143, 8 May 1914, Page 3

CREDITORS MEETING.

•THE^LIVERY STABLE BUSINESS. I A meeting of the creditors in the bankrupt estate of Alexander Thomas 1 M'Wiilianis, Uyeiy stable-keeper, was held .yesterday morning. Mr. D. Skin* : ner, representing Messrs. Townseiid and Paul, took the chair, in the absence of •the Official Assigiw (Mr. A. Simpson). Tliu amount duo "to unsecured creditors was put down as £360 4s. .9d., and the a'sscts as £87 lis. Bd.. leaving a deficiency of £272 lis. - Mr. Pctherick -appeared on behalf of tlie debtor, and Mr. 0. W; Niclson for ■ Hto petitioning creditor (Air. .1: i|. For* ftusou). Jlr. €. SC-aehariiih,'' district | manager of the JJablic Trust Office, was I also present. 1 ; '•• .Bankrupt's statetoont was to tlie effect that, betweek two and thrfto years ago, l*e had a' Raft business in Wellington. H<! had sold it to Mr. Ferguson lor £600, out of wliieh sum be had to pay a; mortfeagb.' to Ferguson of £230, with intercut. Ho had paid off his ■ liabilities, leaving a balance of under £200. He thought that he understood racing, and lie liad accordingly invested this money- in racehorse's. The horses broke down, and lie hist the money: Ferguson had asked him to take charge of ttto business for him, and, later, leased; it, but various misfortunes (including a judgment for £140 against him) had brought about his present position. Ho was not in a position to make any offer to his creditors. The competition o-f motor-ears, lie said, had made the livery-stable business a precarious one. MivJ. J. M'Grath, wliri was present, stated that he had acted for bankrupt in certain recent, litigation, and h.o (the speaker) understood that the failure o't bankrupt in these Court proceedings was the reason why he had filed. The case in question had lasted for a considerable- time,, and liiuikrupt had had strong hopes of being successful, but judgment was given against? himThere was no harder-working man in tlio city, '-rtid Mr. M'Gratli, and his present position was due to very mirertaia circumstances. He moved : "That Mr. has the sympathy of this meeting and be recommended for his inmi-xliate discharge." Mr. Nielsen objected. Ho said that it was open to question whether the bankrupt had not- given certain preference to Mr. Frank Boffn. He moved an amendment that the matter ha i'cloned to the Crown .Solicitor for his opinion. Both resolutions lapsed, and the meeting was eventually adjourned sine die.