IN BANKRUPTCY.

Gisborne Times, Volume X, Issue 1020, 13 October 1903, Page 3

IN BANKRUPTCY.

A meeting of creditors in the es-

tale of John McOonnochie, builder, .was held yesterday afternoon, those present being : The Deputy Assignee (Mr John Coleman), Messrs Webb, Troup, Stafiord, Evans, Colley, the debtor and Jus solicitor (Mr .Q. H. Lysnar It was shown that the liabilities were £236, and the assets comprised furniture valued at £2o* According to the debtor, he had commenced business in Gisborne 12 months ago, without any capital, and svith a partner also minus capital,. He owed about £6O or £7O in Auckland, where he had been manager of the Opera House. He attributed his bankruptcy to taking contracts too cheap. He had no other assets than those ho had stated—his wife had no money. She had paid £238 on a land account ; she paid £lO as deposit on land purchased in Aberdeen road, the balance being out of the firm’s money, and being refunded out'of a loan which she haa obtained on the property. She sold the house to Mr Hall, receiving £250 above the mortgage. The firm's money was.all repaid. They had no stock, an;d used to get from merchants material as tney re»j*i rea it. They had dissolved partnership, and his partner being liable for £lO5, he gave his house in, Mr Hall taking it over for the amount of his account,, £134, and witness had had to pay him the difference between £lO5 and £134 out of the firm’s money. The

list of liabilities included a number of old Auckland accounts. The deposit given on the ground by liis Wife, £lO, .Was paid with the firm’s cheque, “ Was not that a queer way of getting a house ?'•’ asked Mr Stafford* . .... “It was all done in a straightforward manner,” the 'debtor replied. Continuing, in reply to questions he said that in the settlement with Hall there was included a sum of £l3O due to Clayton on a debt in connection with Friar’s buildings—it was the firm’s debt, and paid our of the moneys of the firm. Mr Troup expressed a doubt in regard "to this point, and said that no notice ’'of the dissolution had »eeu advertised. Debtor : I Was advised that it Was not necessary to do so. Mr Stafford said that debtor had been paying the firm’s liabilities out of money that should have come to his creditors.. Mr Webb and Mr Colley affirmed that the house was .worth from £7OO to £BOO. Debtor : It cost about £SBO. Mr Webb rejoined that debts due to himself and others should have been added to the cost. Continued on page 4.