IN BANKRUPTCY

Dominion, Volume 9, Issue 2835, 28 July 1916, Page 9

IN BANKRUPTCY

_^_ —_ • CEEDITOKS OF J. JOHNSTON MEET. A meeting of creditors of James Johnston, livery stable proprietor, was held yesterday, Mr. C. Zachaniah, Acting-Ofli-cial Assignee, presiding. In his statement ,the bankrupt attributed his present position to keenvcompetition of motor-driven vehicles, tho increased price of horse feed siuco the war, and his inability to finance a property purchased by him in 1008. Johnston had been in tho livery and bait business for tho last twenty years, and up (o 1006 this business had paid well. h\ that year ha had bought a piece or' land, and had built a stable on it. The price of land at that timo was high, and the building had cost more than anticipated. The bankrupt added that ho was a married man,' % years of age, in indifferent health, and with a wife and seven children to support. Tho Acting-Official Assigneo stated that the total amount owing to unsecured creditors was XSS9 55., and to secured creditors JEIUO 17s. Id. Tho bankrupt's valuation of his assets was X9SO, but the valuation of an official appointed by the assignee placed them at *131 15s. 03.

D'uriner the subsequent discussion,. Mr. Zachariah said that it' ths freehold of tho property was sold it would vealiso enough to par all tho. creditors and a little over. If they could sell the pro? perty, Johnston could then he allowe'd to carry on tho businoss with the stock in hand. On the motion of Mr. Itowe. seconded by Mr. F. Townsend, 'the following resolution was carried:—"That the Official 'Assignee he empowered to offer the freehold by miction at. the earliest- possible date, unless ft private »offer bo received within one week from dato; such offer to be submitted to creditors before acceptance. Further, that the business h<> conducted as usual iitklt ths supervision of the Official Assignee."