Stephen Hayes Bankruptcy

Feilding Star, Volume XV, Issue 73, 23 September 1893, Page 2

Stephen Hayes Bankruptcy

Mr Scott, the Deputy Official Assignee, presided yesterday in the Feildug Court House, at a meeting of creditors in the above estate. The following creditors wore presenf: — Messrs Chamberlain, Matthews, Baitings, W. Hayes, Haybittle (representing Bartholomew Bros). Mr Reade appeared fo watch the interests of Messrs Brookes and Bastiugs. Mr Prior (for Mr Sandilands) representing the bankrupt. The statement of liabilities and assets was read as follows : — Liabilities — Secured creditors, nil. Unsecured creditors — Gormley, £7 5s 7d; McGill, £3 18s 3d; J. Taylor, £3 13s; W. Hayes, £22 19s 6d ; Bing, Harris, and Co, L 72 ; Turnbull aud Co, LB4 ; Stewart and Co, L 6 5; Bartholomew Bros, Ll9 ; Chamberlain Bros, L 3 2; T. Dixon, L 5 ; Wanganui Meat Company, L 3 16s; Brookes, L 4 10s ; Bryson, Lo ; H. Bastings, LlO 6s; A. Bryan, Ll 10a; C. Matthews, L 6. Total, L 345 18s 4d. Assets—Stock in trade, L4B 7s 8d ; book debts, L7l 6s lOd; horaes (4), Ll2 ; pack saddles, LlO ; saddles and bridles, L 5 ; leasehold land at Waituna, L9O. Total, L 236 14s 6d. Deficiency LlO9 3s 9d. Mr Scott info.mcd the meeting that there was also a liability of Ll4 10s on the leasehold property at Waituna. In his sworn statement the bankrupt said: — He commenced business in May last as a general storekeeper at Waituna, and was packing goods for some time previously. His capital consisted of four pack horses and saddles. He obtained stock on credit from the merchants, informing them of his position at the time. As cash came in it was expended in purchasing stock. He bought a leasehold property and erected a store thereon, and, at the time of filing, there was £4 10s owing on the land, and £10 on the building. He carried on business early in September, when he became aware that he was insolvent, was pressed by Messrs Bastings and Turnbull, and, not being able to meet their demands, filed. He attributed his bankruptcy to— (1) Starting without capital ; (2) Inability to complete orders ; (3) Pressure of creditors. Mr Reade enquired why the bankrupt did not repay the sum Mr Bastings advanced in May last, in order that he might buy two horses, which amount was to have been repaid within a month ? Bankrupt stated that other matters cropped up and prevented his doing so. He had been treated very handsomely by Mr Bastings out of family friendship, and he was quite aware that he had not behaved well to Mr Bastings. Mr Haybittle enquired how it was that the debtor's statement showed a deficiency of £220 after four months trading, and pointed out that he had paid no merchant's accounts since starting business ? Bankrupt said he kept no record of moneys received, but only of sums paid out. Mr Chamberlain said bankrupt several times promised to send his firm money on account, but he invariably failed to do so. Mr Reade pointed out that £8 borrowed from Mr Ratliff was repaid, but bankrupt never made any effort to wipe off his indebtedness to Mr Bastings. Mr Scott said thcit the premises at Waituna were kept in a most disgraceful state. By Mr Prior— When in Wellington, bankrupt fully explained his position to Turnbull and Co. Dixon having made himself responsible for £50 to Bing, Harris and Co. Bankrupt stated that Dixon did this out of friendship for him. Mr Haybittle said that in all his business experience he had never come across a more unsatisfactory case. The bankrupt had never made any attempt to pay Ins trade accounts, and he moved, " That a public examination of the bankrupt be held." Mr Chamberlain seconded the motion, which was carried by four creditors representing £74 of d«bts. against two representing £31. Mr Haybittle proposed, and Mr Bastings seconded, That the disposal of the assets in the estate be left in the hands of Mr Scott. — Carried. Mr Haybittle proposed, and Mr Chamberlain seconded, That the proofs of debt sent in by W. Hayes and Gormley be rejected. — Carried. This concluded the proceedings.