IN BANKRUPTCY.

Gisborne Times, Volume VI, Issue 280, 5 December 1901, Page 4

IN BANKRUPTCY.

JAMES ERSKIXE’S ESTATE. j A Mr::; tin' i, 0 f the creditors in the estate of James Erskine was held yesterday afternoon, there being present : —The Beputy Assignee (Mr .J. Coleman), and Messrs J. T. Evans, O. 13. Hubble, J. Maynard, D. J. Barry, F. Hall, J. Rosie, C. A. DeLautour, Laing, Hudson, Colebrook, T. A. Coleman, F. J. Shelton, J. Sheridan, R. X. Jones, other creditors, and the debtor. The Assignee read the debtor's statement. He said the estate bad been in the hands of trustees, he had called on them to furnish a statement ; but owing to Mr Bennett’s illness they had so far not been able to do so. The assets that had come into his hands were the stock in trade at Waerenga-a-hika, for which he had received no offers. The goodwill of the business slusuld he worth something ; there was a large country business. He asked Mr Sheridan, one of the trustees, to make a statement. Mr Sheridan said that Mr T. Coleman, who had preceded him in trusteeship, had not given a balance-sheet exactly, but the speaker had made out a balance-sheet since he took it over showing cash received D 524 12s. The business had been purchased by Mrs Erskine for DoOO. Tho Waerenga-a-hika business was free to be sold. They had only sold to Mrs Erskine

the stock and plant. The Assignee said the principal item seemed to be the sale of property to Mrs Erskine for DOOO. He expected to get a further statement from the trustees.

Mr Sheridan explained that the reason for delay was that Mr Bennett was ill. The Assignee said the secured properties were advertised to be sold on the 14th.

Mr Sheridan said they sold the Peel street property for D 1250 to Mr Hall. He deposited DJO, but, as they could give no title, ho called upon them for a refund, which, acting under advice, they had made.

Tho Assignee said it would be better to adjourn tho meeting until they got the trustees’ report. Mr Sheridan said that they had only sold the town business to Mrs Erskine. The Assignee said that tho question of selling tho assets at Waerenga-a-hika should be considered. He thought everything should be brought into town and sold by auction. With regard to tho goodwill of the lease, Mr Colebrook had reentered, so that was gone. He had power to re-enter on bankruptcy. Mr Sheridan said Mr Colebrook had been paid Dio for rent quite recently. The Assignee said he had re-entered, and there was no gotting away from it. I {Mr Jones said that Mrs Erskine had served the customers, so as to keep the business together. Mr Evans asked if there was no chance of selling the whole thing as a going concern.

The Assignee said ho had advertised it, but there was no inquiry of any kind. As to tho furniture, there would be something to sell there, and with regard to tho book debts they were getting the demands out as fast as they could. Mr Shelton said the statement handed in by Mr Sheridan was hardly a statement of the position since the meoting of creditors three months ago. Mr Sheridan : It does not purport to bo any such thing, but was tho best thing we could do under the circumstances in the time, Mr Bennett being ill. The Assignee: Nothing short of a full statement will do. The bankruptcy dates back to the time of the assignment to the trustees.

Mr Sheridan said he would require tho assistance of Mr T. A. Coleman, one of tho original trustees, from whom he had not had a balance-sheet. Mr T. Coleman : You have the books properly balanced up to that time. Mr Sheridan : But not a balance-sheet, and there are payments made of which I have no particulars except the day-book. Mr Bennett, who could explain them, is not in a fit condition of health to bo seen.

The Assignee : It would be better to have an adjournment for a week. Mr Shelton: I proposo that. The creditors met Mr Erskine some months ago, and arranged to try and carry the business through without bankruptcy. It is a great pity it is in bankruptcy. Tho least we can do is to see what the trustees have been doing in the meantime. I propose that the meeting bo adjourned for a week, in order to receive a statement from the supervisors. Mr Jones said with regard to the properties advertised for sale on the 14th—they had not much time to do anything with regard to saving them. They might be sold separately, and not in ono lot. There was nobody who would buy them as ono lot.

The Assignee said he understood that Mr Hall was going to prove in the estate. It would be for the creditors to say whether they would take the properties at his value.

Mr Jones : If they are put up in one lot there will be a big deficiency. People might be found who would buy separately. I only suggest this for the good of tho estate.

Mr Hubble: Why not adjourn for a fortnight ? The Assignee: The sale would bo over then.

Mr DeLautour said tho only possible solution would be to find a buyer to pay oft' both mortgages. If they could not do that they must make a loss. The Assignee could ascertain the position as well as the creditors. The Assignee said tho adjournment would give them time to see what could bo done. He had his own opinion about it.

Mr DeLautour said that to keep the equities safe for the first mortgagee he had tho previous day paid £llO rent, with the Assignee’s approval. Non-payment would have been a ground for re-entry by the Commissioners. The Assignee thought it might be advisable for one or two creditors to act with him to make inquiries. He did not think anything could be done. Mr Jones: I do not expect that there can be.

The Assignee : I will adjourn the meeting until this day week, there being no other proposal. Tho statement submitted by Mr Sheridan, on behalf of the trusteos, showed: Cash received, balance in bank, £8 11s 4d; cash balanoe as per cash-book, 11191 Is ; business purchase money, Mrs Erskine, per Hall, £300; deposit Waerenga-a-hika, per J. Lucas, £25; total, £524 12s 4d. Sheridan and Co.’s account, £194 14s 9d ; Common, Shelton and Co., £4O; T. A. Coleman, £4 10s 2d; W. Adair, £23 13s Id ; Bennett and Sherratt, £34 3s Od ; Colebrook, £ls ; Cox, 9s 2d ; Orr, £1;

Lucas, £25 ; F. Hall, refund deposit on Peel street property, £SO ; Henn, wages, £ll ; sundries, as per cash-book, £2 5s Bd, Bushnell, 18s 6d; Teat and Friar, 13s fid ; balance in bank, £l2l 8s 9d; total, £5 24 12s.