Meeting of P. Mcliroy's Creditors.

Feilding Star, Volume XVIII, Issue 98, 22 October 1896, Page 2

Meeting of P. Mcliroy's Creditors.

A meting of creditors in the estate of Patrick Mcllroy, of Pemberton, publican, was held in the Courthouse, Feilding, yesterday afternoon. Present — The Deputy Official Assignee (Mr G. J. Scott), J. Windleburn, W. Hodren, J. Prior, and Miss Mclllroy. Mr Haggitt, instructed by Mr Reade, appeared for Windleburn Bros. Mr Hodren was elected chairman. The assets and liabilities were as follows : — Assets — Book debts about £200, estimated to produce £50 ; two acres of land at Rangiwahia, on which is erected a public hall and stable, £200. Total, £250. Liabilities — Secured creditors, Barraud and Abraham £120, estimated value of security £200. Unsecured creditors, Pemberton : Mary Mclllroy £100, J. Burke £180, W. Davidson £7, J. Windleburn £40, J. Lay £2 15s; Wellington : T. and W. Young £125, Skerrett and Wylie £10 ; Feilding : J. Prior £18, W. Hodren £7, W. Summers, £5, U.F.C.A. £38 ; Palmerston North : J. Gattsche £5 8s ; Wanganui ; Gibbs and Co. £60: Sclanders and Co. £38 ; Rangiwahia: J. Smallman £16. Total, £653 11s ; deficiency, £523 11s. P. Mclllroy, in his filed statement to the Deputy Official Assignee stated that he took the Pemberton Hotel two years and a half ago. Had £40 cash and paid £500 for lease, goodwill, stock and furniture, £300 being paid in cash and the balance in bills, which were duly paid. Received £100 cash from his sister and £160 from Mr Burke, which, with his i own £40, made up the £300. Bought 200 acres of land from Mr Harris, of Marton, about a year ago and paid £100 cash and gave a mortgage for £168. Last month Mr Harris suddenly called in his money and sold the place by auction. Was unaware of the result of the sale. Purchased two acres and stables and hall four months ago from Goodwin's estate for £150, paying £30 cash, £2 10s for insurance, and gave I bills for the remainder. The bills were ! not yet matured. Valued the property at £200. Obtained it very cheap, and believed it would realise the sum named. In July last he was fined £15 and his license endorsed for a breach of the Licensing Act, but was unaware any offence had been committed. The landlord of the hotel thereupon re-entered and cancelled the lease of the hotel, and his creditors at once came down on him. Tbe result was he had to sell his furniture at valuation and it realised £189. Got nothing for the lease or goodwill. Did not wish to file, but his Wellington creditors insisted and threatened to petition the Court if he did not. The examination was then proceeded with, and Mclllroy stated in answer to questions : — I sold out in Pemberton about the middle of September, 1896. I sold tbe stock and furniture of the Pemberton Hotel for £189 I have been two years and eight months there, and came from Ohingaiti. I was driving on the road, and had been barman there. I had about £40 of my own in cash when I took the Pemberton Hotel about 21st December, 1893. I had no other assets. I bought the goodwill of the lease and the furniture and stock for £500. No one valued for me, and I took it at a lump sum of £500. I paid £300 in cash, and the balance in bills at 3, 6, 9, 12, 15, 18, 21, and 24 months with inter est added. All the bills have been paid. The £300 I paid in cash I got as follows : — £100 cash from my sister (Mary Mclllroy), £160 from James Burke, Halcombe, and my own £40. I still owe my sister the £100, and also Burke the £160. I bought from James Mitchell, tbe owner of the hotel property, and sold to the same man. I paid the £189, tbe value of the stock and furniture received from Mitchell, into my bank account at the Bank of New Zealand, Birmingham. James Burke became security to the bank for an overdraft of £80. It was understood that as soon as the account was in funds the liability would cease. My account was overdrawn to that extent. Therefore when I paid the £189 into my account I reckoned that Burkes liability ceased. The sum of £24 to Mitchell, for rent, was deducted from the £189. I only got L 165. Evenson's cheque for valuation, L 7 10s, was paid ; also, L 4 to E . Palmer. I took the sum of L 63 10s out of the bank, and handed it to my sister. I sold 5 horses and 25 head of cattle to Burke for LBS, and L 27 of this went to T. and W. Young. I deposited part of the above LBS. L3O went on the stable and hall and two acres of land in Rangiwahia, I have spent L 25 myself, but cannot give particulars. Bought the stables from Mr Cooper forLlso— L3o down and the balance on mortgage at 7 per cent. I had 200 acres I bought from J. Harris, Marton, for L 285. Paid LIOO down, and LlB5 remained on mortgage. Harris closed on me and sold last Friday. I took the LIOO out of my business. The immediate cause of my filing is because T. and W. Young threatened to make me bankrupt on creditors' petition. I did not keep a regular book, but kept little entries in a small note book in the bar. I had two books which I kept for the purpose of entering sates. Tbe L2OO of book debts is mostly for drinks sold over the bar. I have one book in my sister's charge. I have also a damaged book. I drew the L 66 Is, the balance of the bank account, for my own expenses, and handed it to my sister on the Bth Sept., / 1896. ; The examination was adjourned at this stage to a date to be fixed by the Deputy Official Assignee. '