W. Bellve's Bankruptcy

Feilding Star, Volume XV, Issue 57, 5 September 1893, Page 2

W. Bellve's Bankruptcy

A nirclins (if creditors in the above estate was hold in the Court House, Feilding, yesterday, Mr Scot', D.0.A., presidine. Mr Haukins, of Paltnerston North. appeared for the D.0.A., and Mr Prior for the debtor. The following creditors were present : — Palmerston.— Mr W - J. Walter, representing Mncraillan and Co., and Mr French. Wellington. — Greatrex and Son, and Mr Blanchard, of Butler and Co. Marton. — Dr Monckton, for Mercury Co. Feilding.— W. G Haybittle, F. J. Petherick, A. L. Purr, J. B. Hamilton, and K Bellve. Mr Scott. D.0.A., stated that the estate showed a deficiency of £654 18s 3d, which sum appeared to hare been lost, in addition to any sum which the busi* ness had produced. The stock had been sold to Mr Tyrrell for £110, the amount at which it was valued, The bankrupt's sworn statement was as follows: — He bought Mr Halliday's business in 1890. The stock was valued at £227, of this amount hi* father advanced £127, and a promissory note was given Haliday for the balance, which was met at maturity. To secure his father, he gave a bill of sale over the stock, which bill is still in force. lie accounted for his present position by want of experience. He paid from £H0 to £100 a month to merchants and others, such as blacksmiths and wages. Dr Monckton enquired what tho weekly outgoings for wages were ? The bankrupt replied about £4 ss. Mr Greatrex enquired why the Bill of Sale was transferred. Mr Prior said it was handed to Mr Wiggins, of Wellington, and was to be released on £60 being paid, but this had not been done. Mr Blanshard, of Butler and Co.. asked why the debtor informed him that no rent was owing, whereas none had been paid for over two years. The bankrupt denied making this statement. He took out a balance-sheet every year. Mr French asked when he bought a saddle for £10 10s, if bankrupt had any expectation of paying for it. The reply was, Yes. Mr Walter enquired why he ordered £15 worth of goods on the Ist of July, when he was in no position to pay for them ? Bankrupt could not explain. Mr Blanshard enquired when a firm stopped bankrupt's credit in December last, and also as long ago as twenty months back, his credit was stopped by two or three firms, why he did not take steps to ascertain his position ? Bankrupt attributed his inability to explain his position to his inexperience. Dr Monckton enquired what money bankrupt spent in horse racing, cards, etc. ? Reply: He never gambled or went in for horse racing. He could give no explanation how tho deficiency arose. Mr Prior stated that Mr Bellve, aenr., started his son some three or four years ago, and the father had almost taken the shirt off his back for his son, and he could not advise his client (Mr Bellve, seur.,) to make any further oiler than this — viz., That if the creditors will release Mr Bellve, senr., from any liability, he would forego his claim of £800 odd against the estate, and all tho assets should go for the benefit of the other creditors. Mr Blanshard enquired why Wiggins came in as a fully secured creditor for £230 ? Mr E. Bellve said he handed over the Bill of sale to Mr Wiggins to help his son. Dr Monckton enquired why the Advocate account was not scheduled ? Reply : There was a contra account. Enquiry : Had not bankrupt an interest in over 200 acres of land in the Harbor Board ? Reply : Ho was partner with James Shirley in this transaction, on which he (bankrupt) had paid £25, but his interest in the property had been since handed over to Shirley for money lent. By Mr Scott : Had bankrupt any furniture valued at £140 in this town or elsewhere ? Reply : No. Dr Monckton proposed, and Mr French seconded, That the bankrupt's statements were so unsatisfactory, that a public examination be held. Mr Prior (as a creditor) opposed the motion, as he stated that it would meau an expenditure of a considerable sum in law costs out of the estate. The motion was carried by four votes to three, Messrs Walter, French, Greatrex and Dr Monckton voting for the resolution, and Messrs Prior, Haybittle and Parr opposed it. The proceedings then terminated.