Meeting of Creditors.

Feilding Star, Volume XVI, Issue 3, 4 July 1894, Page 2

Meeting of Creditors.

A meeting of creditors in the estate of Fr aderick Keen, a b Bkrupt, of Feilding, >- was held at 'the Courthouse, Feilding, .- ' yesterday afternoon.' Present — The DcO.A. (Mr G. J. Scott), the debtor an* his solicitor (Mr W. A. Sandilands), and 7...Messrs M. Keen, R. F. Haybittle, and L. E. Reade (representing JM esses Skel- - 1 ton, Frostick, and Co.) 7 ■■■[ Liabilities as sworn : .. Welfingtdh— ; ; : Staples and Co., £5 195.; Southern- Shße> -• Co., £86 9s ld ; Bing, Harris, and Co., '■ r. £80 3s7d; Abbott, Oram, and <fco., •'■■lfiß'-'- : --- ■■ 14s ; J. Momson, £Blds. Auckland—' R. Walton and Co., £5 17s; Davey and vV Son, £1 lis 6d ; Bank of New Zealara, • £10 '11* 3d. Christchurch—^O'Brien < and Co., £4 12s 9d ; C. B. Lightband/ £6 Is; Skelton, Frostick, and Co., £68 -••• 8s Bd. Feilding-- M. Keen, £62. Totalf - £236 17s lOd. In addition to theabovev Mx R. F. Haybittle put in a claim fox> 17s, and an additional £5 was due to Mr- * M. Keen for rent, making the liabifi ties '"*- --£2414511d. . ; ; f Assets as -sworn : Stock-in-trade. - estimated at £109 __ • book debts, -8_04" ' 17s, estimated to produce £9&;~ cash in' ■•' "■'■ hand, £8 fis 8d ; furniture, <_B 8 Tn9&.* ■ > Total, £218859 d; deficiency, £28 9s Id. The D.O.A. stated that he had employed an expert to value the stock, • who gave the.value of the ~Btock-i_t3_a3e ** as. £94 18s Bd, fittings £8, and sewing machine £9. The stock was ady^ctiSed for sale, tenders to close on "Monday next. ; .■ „,,. The debtor, who filed on June 21_-,'in " his sworn s^tement, said: In March, 1692, started business in EeMding -with* out any capital, and borrowed £10 from Mr Henry Adsett to commence., with.. At this tune he was only able to do jobbing work, and, after going on in this way for three months, communicated with Messrs Skelton and Frostick." of "- Christchurch, who supplied him wi_h ma-erial to the value of £18. Took biff • brother into partnership in August 1892 and in September 1898 the p_J*_tf_t__up; was dissolved, he paying bis brother ' to go ont. He attributed his position to - J the fact that owing io increased com* petition he wae unable to oompeto w&b those who had a large and good stock of new goods. In June 1898 he took oyer his father's business,- .paying 3&%tr week rent, and giving a bill for thefneom ' then valued* at £82. -He _u_d ~ unable to pay anything off tfc& __U andf . : the full amount is now owing. On the ' 14th June the Bank of New ZealanaVgoti h r judgment against him on a promitsozr note due to the Anchor Boot Cto__p_fey, • and in order to protect the gei-eral .x>ey of his creditors he was compelled to file » his schedule. In.reply to Mr Reade, debtor saidi in '" February 1892, left his father's employ and ____t-_l busines- on hiß ovm acootttrf ;' ■'. had no capital wherrtte started^ Ig_i&all <r> his transactions bad been ott credit; about six months after he started took his brother John into partnership* -so-,. ... . ceiving £5 from himi' did not pay im , •' brother more than his "keepY^bV Apartnership lasted for nearly twelve months; in February last first found himself getting into difficoljues ; kepfca day book (witb cash reeexpft), ledger and bankbook. . '....' :'Z. .'■' "*'..- « The D.OJ_.'s action in realising the <: estate was endorsed and the meeting adjourned. rfl , „