IN BANKRUPTCY.

Gisborne Times, Volume XXIV, Issue 1800, 5 July 1906, Page 2

IN BANKRUPTCY.

Two meetings of creditors in bankrupt estates were held yesterday at the office of the Deputy Official Assignee (Mr J. Coleman). The first meeting was in the estate of Charles Catton, but was attended by only ooe creditor, the debtor, and bis solicitor (Mr Finn) being also presont. The assets were stated to bo £35 for furniture, and the liabilities £ll3 5s 3d. As the bankrapt was entitled to olaim £25 on his furniture there was only a balanoe of £9 for distribution. The debtor, a carpenter by trade, said that his earnings since be arrived in Gisborne, allowing for sickness, bad amounted to £2 12s per week In starting a boardinghouse two years ago he and his wife obtained furniture from Mr Whinray, who had been partly repaid. The cause of his bankruptcy was that bis earnings were not sufficient to keep himself and family. The Assignee said that nothing could be done, as there were no assets in the estate. The meeting of • creditors in the estate of W, Drummond, Bawmiller, was at* tended by several creditors, Mr; Finn appearing for the debtor. The liabilities were set down at £276 IBj lOd, and the assets £ls and 500 £1 shares in the Topuibikatea Timber Company. Debtor stated that he bad come from Eketahuna to Gisborne and commenced sawmilling in partnership, but was uaable to go on owing to lack of funds, and he was now working at day rates. All the liabilities were his own private debts. In reply to questions put by Mr Riobardß, debtor stated ho had been receiving £3 a week sinoe he started working by the day. He got material from Mr Devery to build his house. It was on other people’s land, and he was ready to walk out of the house to-morrow and let Mr Riohards have it. 4 houEe belonging to his wife at Newman bad been sold by the mortgagee. Before he obtained goods from Richards and Hawkins ihe mortgagees had foreclosed on the property, Tho Assignee said he had a telegram from Mr Page, a solicitor at Eketahuna, who represented creditors totalling £IOO, asking that the meeting be adjourned foe a week to allow him to be present, Bo co Id not at present state anything defin:te about tho value of the shares. The company in which they were was a private ono, limited to 25 shareholders. If they were worth their faoo value the debtor would pay 20s in the £■ Mr Pottie suggested that as debtor’s wife had property possibly debtor could make Borne offer,

It was decided to adjourn tho meeting for a fortnight, and to request Mr Jamee Drummond to attend in order to explain the position of the partnership between himself and hie six brothers, including debtor.