In Bankruptcy.

Feilding Star, Volume XVI, Issue 99, 20 October 1894, Page 2

In Bankruptcy.

MEETING OF FRANKLIN -BROWNE BROS.' CREDITORS. A meeting of creditors in the bankrupt estate of Franklin-Browne Bros.' bakers, of Feilding, -was held in the Court House yesterday afternoon. The Deputy Official Assignee, Mr G. J. Scott, presided. The creditors present or represented were— G. Bartholomew, of Bartholomew Bros., with Mr Prior as legal adviser, £71 17s Id ; J. Nannested, of Richter, Nannested and Co., £43 6s ; P. Thomson, with Mr Reade as adviser, £14 12b lid : Kirton and Curtis, £2 6s 6d. The debtors William and Walter FranklinBrowne, with their solicitor, Mr H. S. Fitzherbert, were also present. The following is a list of sworn assets and liabilities : — Liabilities — Bartholomew Bros., £69 11s; Chamberlain Bros., £22 10s; Peter Thomson, £14 12s lid; Cunningham and Bradham (Wellington), £8 12s; Richter, Nannested and Co. (Palmerston), £48 Bs. Total, £158 13s lid. Assets — Book debts £74 18s 3d, estimated to produce, £40 ; cash due from Mr Coles, £61 10s. Total, £101 10s. Deficiency, £57 8s lid. Previous to commencing proceedings Mr Thomson said he was not quite sure if he could claim in this estate as Mr Franklin-Browne, senr., bought all the stuff from him. The D.O.A. instructed Mr Thomson that he could withdraw his claim if he chose. Walter Franklin -Browne being sworn said : About the 27th of February, 1894, they started business in Rangiwahia as bakers ; at that time they had no capital ; they had premises of their own there; they had no furniture of their own ; started with a ton and a-half of flonr, which they bought from Chamberlain Bros. ; carried on business till about May. To Mr Prior: When he came to the district he found the building erected ; his father built it for them ; his father ordered the timber; when he arrived no portion of the cost of that timber had been paid; Mr Thomson did the iron work for the building ; when they started in Feilding his father took the deeds of the property to the Bank and obtained £182 5s 6d on mortgage; the section was bought for £80; was not sure whether the section was yet paid for or not ; his father went to Mr Fitzherbert, furnishing him with the particulars for the bankruptcy ; was not in business before on his own account ; had made every endeavor to sell the Rangiwahia property; the Bank gave them about two months before it sold the property, which realised about £145 ; in order to get more time, himself and his brother gave Messrs Bartholomew Bros, a P.N., which was not met; they were then sued and confessed judgment ; he was aware that in August last a charging order was obtained by Messrs Bartholomew Bros, on the land ; the same firm also got a charging order against money (£67 10s) in the hands of Mr Coles; it was on account of this order that they filed ; the purchase of the business by Mr Coles was for £170 ; was to receive £18 10s additional for extras ; received £100 from Mr Coles; £6912t9d was paid to Mr Matthews in satisfaction of a P.N. ; £5 was paid to Messrs Bartholomew, and £5 12s was paid to Mr Saudi* lands; £12 odd went to Chamberlain Bros.; still owed Goodwin £22 10s; this was the amount set down as owing to Chamberlain Bros.; took Mr Matthews' business on lease, for which they were to pay £189 5s 4d; paid half of that amount and gave a P.N. for the remainder, which he paid out of money received from Mr Coles, to whom they sold out ; the amount paid to Mr Mat* thews included £50 for the goodwill, To Mr Reade : Was in Napier previous to coming here; they cad about £40 then ; his father had some money when he came here ; sold out in Feild* ing in order to meet Mr Matthew's demand. To Mr Fitzherbert: Filed owing to the attachment order obtained by Messrs Bartholomew so that his other creditors could receive a portion ; had it not been for the action of the bank and Messrs Bartholomew he would have been able to pay 20s in the £. To the D.0.A.: The land at Rangi. wahia was bought for them by his father ; £5 of the purchase money (£80) was paid ; the deeds are in the name of the two brothers ; his father order the flour from Richter Nannested and Co., and he and his brother from Chamberlain and Cunningham; Chamberlain Bros, stopped their credit. In reply to the D.0.A., Mr FranklinBrowne, senr., said he spent about £200 in connection with his sons' business. He would supply the D,O*A. with a written statement of his own money spent on the building. At this stage Mr Thomson withdrew his claim, and as Mr Fitzherbert wished to catch the train for Palmerston, the meeting was adjourned tine die.