BANKRUPTCY

Gisborne Times, Volume VI, Issue 235, 12 October 1901, Page 3

BANKRUPTCY

W. O. SHEET'S ESTATE,

A meeting of creditors in the estate of W. O. Sheet, builder and contractor, was held yesterday afternoon for the purpose of confirming a resolution passed on August 19th, that the debtor be allowed to retain the whole of his furniture. M.i J. T. Evans moved a resolution to the effect that the meeting confirm the resolution. He said there had been a feeling that a considerable number would oppose the resolution. He was speaking representing himself and two outside firms. It was shown in the statement that the value of the furniture was L 430, which value he said was put by Mr Skcet some months ago in making a statement for his creditors. It was quite easy to understand that in making such a statement the value would be appreciated. lie did not think the value was more that X:>so. He also understood that ahout X'lso worth belonged to Mrs Sheet. At a former meeting the creditors had been given to understand that Mrs Sheet would forego her claims in the estate, which were considerThat would bo sufficient, he thought, to justify the creditors in giving up the furniture to become the sole property of Mrs Sheet. He thought he was voicing the feelings of other creditors who might have been looked upon as opposing the motion. Mr Rees said Mr Coleman had in his hands a document the debtor was prepared to sign at one, authorising the Assignee to tradsfer the furniture to Mrs Skeet. Mr Harding seconded the motion, which was put and carried unanimously.

PATRICK MOONEY’S ESTATE,

A meeting ot creditors m the estate of 'atriek Mooney, contractor, was held esterday afternoon. Present : Messrs <_r. Lysnar, Jeune, O’Meara, and debtor’s solicitor, Mr It. X. Jones. Mr G. Lysnar represented the petitioning creditors, Messrs P. McGuvk, W. Oates, and M. Carr, as well as Messrs Butler (Awanui), T. S. Williams (Tuparoa), and a number of debtor’s workmen, altogether representing claims amounting to jG-100. The Assignee said the meeting had been called for the purpose of examining the

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That ' amount. added to u obat : present nubilities. and including AluO received hv Mr Cottrell on hi? behalf, tnanr a total of A'H'lk Lis lhl. This re , presented the aniot; :t of money an I no. i,l? obtained b\ a. a tot' since daunarv ' last \oar. th.it of tin- money paid to Mr Moo't.ev by the County Founeii, Mr? Mooney appeared to have received it 10 >. A number of cheque? nad boon made payable to order, ami these he i)lr hynwo had boon unable to trace, hoc boot.? in the hand- of the Official Assignee merely ’ showed ?ome of the workmen ? accounts, but did not show what had become of to the money received. There were no , proper books. The position seemed to be extremely unsatisfactory. Thera seemed to be no receipts, the Official . Astignoe having received only four. Did the debtor know whet had become of the receipts ? Debtor said that he could not toil what had become of the receipts. He had not always kept them. lie would like to state as to the A'lOd supposed to have been received by Mrs Mooney that it was paid to Mr O'Meara. He lmd left a cheque for a small account, and Mrs Mooney had tilled it up for the amount Stated and given it to Mr O'Meara. Mr Lvsuar said lie understood debtor to have stated that all his money went through the bank. Debtor : K very thing excepting A-10. Mr Lvsnai' said the amount paid mlo the bank was Add'd from the Vwuapu County Council. Debtor replied that when lie first started eontraeiing lie did not have a banking account. The sum of A'dOO went thought Mr Oman's hands, and I'JO afterwards when he -had entered an account. His books would show this. As to the receipts, be might have lost- them when knocking about the coast, or mislaid them.

Mr Lysnur said the Assignee lmd shown him all the books and papers contained in the box which came down from Tokomaru, but bo wanted to know what lmd become of all the letters and receipts which debtor had received in town, lie had himself written throe letters, and wanted to know what hid become of them. Debtor said that they had either been just or burnt, or else they were in bis box.

Mr Lysnar thought that Mr Mooney should have handed all receipts in. The Assignee remarked that the debtor must understand that he must hand everything in. Debtor replied Unit be did not know if lie had any receipts at home. All the papers he bad on the coast came down in the box. He could not carry all his papers about in his pocket. Mr Lysnar said be understood Mrs Mooney owned property at Kaiti, valued at X'G.'iO, consisting of 17 acres and a house. Debtor said that ihe property belonged to his wife. She had paid for it, and lie had never put a shilling into it. Mr Lysnar : Who owns the furniture V Debtor : Mrs Mooney owns it. and bought it with her own money. Debtor did not think he gave Mr Whinra.v a promissory note some time ago. it. we.? the first time lie had. heard of a letter from Mr Whinra.v read by Mr Lvsnar to the effect that the writer was surprised that the debtor had dishonored bis bill of February I'd, and asking that steps lie taken to have the matter

rectified. The Assignee said that the letter had been found among the papers belonging to debtor. In answer to further questions debtor stated that lie had not bought, any furniture. His wife had paid Mr Whinray for it. He insured the furniture in his own name for Mrs Mooney, lie might say that his wife had bad XI7OO in the bank. Mrs Mooney owned the gig and harness. He had bought the horse with his wife’s money. .Mrs Mooney owned the cow which they had at Kaiti, and she had reared the cows they formerly owned herself. When the assignment was made to Mr Cottrell debtor did not owe him more than a few pounds. He could not say what it would amount to. The contract was assigned to Mr Cottrell, who paid everything in connection with it. Mr Lysnar said it appeared that XOd was owing when the assignment was made. Debtor said lie did not know what was owing, lie was not a scholar, and could not be expected to keep books. Ml- Lysnar said that practically Mr

Mooney had on the 24th of April last assigned by way of mortgage to Mr Cottrell all the money under the Hikuwai contract, and he (Mr Lysnar) wanted to know what money debtor really owed Mr Cottrell at the time. Debtor said ho did not remember.

Mr Lysnar : It was very unsatisfactory. The assignment had given Mr Cottrell power to uplift moneys from the Vi'aiapti County Council in connection with the contracts, which was not fair to other creditors.

Debtor said lie had incurred no expenditure since the signing of the assignment, with the exception of wages under one contract.

Mr Lysnar asked debtor a number of questions with regard to horses and chattels that the debtor had mortgaged to J ri. -lohnson on tlie gdth May last.

Debtor said that the value of the horses and chattels was; AT JO. Whilst at Tuparoa he required money, and Johnson offered to lend it to him. IJ.c was indebted to Mr Heidy at Tuparoa to the extent of 4:1 Ok, and Johnson said that he would pay him. He had not received the money from Johnson, neither did he know whether it had been paid to lieidy. Mr Lysnar ; Did you give Johnson an order to pay the money 2 Debtor: Xo, I did not give him tn order.

Mr Lysnar : Ilow is it that you wished lieidy to receive X'lOn when you made no provision for your other creditors '!

Debtor: I did not think that I was so badly off as I really was at that time, lieidy nad bought the most of the horses forme. I signed the deed of security at Awanui, I think in Build's store. Mr Lysnar: The store of the naan to whom you then owed A"2ul 10s V Debtor: Vos.

Bankrupt further said that he thought tha to the best of his knowledge lie had signed the security to lieidy before the judgment was given against him at Port Awanui for wages. Mr lieidv’s account was made up of provisions, wages and stores he had supplied him and paid for him. He had been asked by Ml* Johnson for a payment, and had stated that he was unable to pay him. Shortly afterwards he had received a letter from Mr Johnston’s solicitors (Messrs Nolan and Sheet). Mr Lysnar asked how it was that the letter had not been handed into the Official Assignee'? Debtor said *jhafc lie did not think that it was necessary. In consequence of receiving that letter he had handed over the horses to the mailman. The letter had been received shortly after the petition hail been lodgeu. There was no sale of the chattels —they had just been handed over under the mortgage. Most of his debts were incurred before the middle of March. Mr Lysnar said that was all he had to ask Mr Mooney at present until the particulars as to the contracts from the Waiapu County Council arrived. Mr Mooney appeared to think that there was a sum of about £'7o still coining to him. Mr Lys nar said he had gone into the figures properly, and he found that debtor had received A 116.1 from the County Council, ; irrespective of the .fil-10 paid to Mr Cottrell. Out of this A 672 had been paid into the bank. The debtor said that full statement cl the monevs receive 1 by Messrs Cottrell i

and Oman could be obtained, and the Official Assignee said that he would obtain the same, and that the examination of the debtor in the meantime could be postponed,