TWO LEVIN BANKRUPTCIES

Horowhenua Chronicle, 28 November 1911, Page 3

TWO LEVIN BANKRUPTCIES

CREDITORS' MEETING.

Creditors in the setate of Abraham Heasman, tailor, Levin, met at the courthouse■■■yesterday,' Mr G. J. Scott, deputy official assignee, presiding. There were present Messrs F. W. Pint, T. Broome, and J. W. Scott, and also tho bankrupt and his solicitor (Mr Blonkhorn). Bankrupt's statement was as follows:—"I started business in Levin about nine years ago, and for the first six years did very well, but after that time, "as the result of a depression, my business started to fall off, and latterly it has not afforded me a living wage. During the whole timo I have been in business I have been assisted by my wife, and slio has received no wages for the help she hns given me, but the house I am living in and the furniture have been in her namo vor the last iivo years—except a piano on which a balance of £(5 is owing still, and which I estimate to be worth about £20. Although: I was doing very little I hung on to the business throughout last winter in the hope that when the spring and summer catno < round business woild improve, as is usually the case. Unit such- improvement did not take place. About the end of last month I had an opportunity of selling <,nt and decided to do so, as I roali3-.cf that to carry on any longer would mean getting; further into clebt. .1 therefore solu to Mr W. Kirkland for the sum of £69 ss. which sum represented the value of the stock 'I # was then carrying, and tho fittingsand pbnt. Out of this «iim I paid arrears of wages due to an assistant and the expenses to my bankruptcy and pressfng household expenses., and thero is now in the bank about £43. I hoped that after selling out "to get employment .at my "trade and in time to pay off al ; my liabilities, but owing to pressure liy some of my creditors I had. in faivnoss to the rest, no option but to file my petition :'n banlmiptcy.

In course of examination, debtor deposed that ;he bought the piano for '£55. in his own name.

Bankrupt's statement of assets and liabilities showed the following items. Assets: Rook debts £64. es" timated to produce £25: cash in hand £43: piano £15; total £83. Liabilities: Butterworth Bros. Dmiettin, £6 9s 6d; Wellington Woollen Manufacturing Conrnanv, £1 11s; R. Jamieson and Co.. Wellington, £77 12s 10d: C. H. (Dickerson. Karon. £9 14s 3d; Mill.tr, Midlane and Co., Wellington. £3 fis Pd; WestDort (?oal Co., Well in si. «n. £1 4s; Veitch and Allen. We 11'•...&ton, £4 13s; Jhing Lee . Levin. 17s 2d; Mercantile' Gazette. £1 Is: Hugh Hall. 11s 3d: Stiles and Matheson, 19s 3d : F. C. Remington. 9s: Horowbenna Pirblishinor Co.. Ltd £3 13s; A. J. Arnold, £3 3s 8d • J W. Scott. £5 15s: H. Walker, £1 3s; C. T. Davis. £1 9s fid: D. G. TifMirie. £1 3s Rcl; l>vin Meat co "£4 12s 2d; Hasweli Bros, 18s .kI : P. W. Pink. £30: Thomas Broome, £3 3s; Bnllimnn Bros., £1 11s: J. W. Thompson. £1 ss: A. L Williams. £2 4sßd: total. £171 lls Id. All the creditors are unsecured.

It was resolved that the piano be sold by public auction bv the Levin Auctioneering Co., and thnt the collection of book debt* be left in the hands of Mr' Blenkhorn.

ESTATE OF A. J. ARNOLD. Creditors in the bankrupt estate of A. J. Arnold, ttitohor, Levin, met yesterday, when Mr G. J. Scott, deputy official submitted a statement. This showed that only a small dividend could be looked for, at the best. Tho property in ' Wellington, which had been valued at £800 in bankrupt's statement, has been found to be worth much less. Tt is mortgaged for £500, and on expert Iras given ]iis .judgment that tho property will bring very little if"anything beyond that amount. It was sold last year for £540. Regarding the alleged preferential payments to Dalgety and Co. and Hitchings, Hankins '.and Co., Mr Scott read a. legal opinion that these could not be upset, bis adviser being of opinion that tlic payme.iis were not made with intent to give fraudulent preference to tliosp firms. Tnit merely because they were pressing bankrupt, and in order to gain for bankrupt more time in which tn endeavour to straighten out his business.

A creditor at this sfeigo chalkmo , - ed tin's advice and expressed an opinion that the case was on nil fnr.-t

■with that of Stansell jnmior (Kennedy and Co.'s ease), rerontiv tried in the Supreme Court, wherein similar payments wore liold to be not legal.

Discussion toolc p'Tnoo regarding the shares in the Levin D.nirv Cninp.nnv .hold hv bankrupt, and it was resolved thnt those be snlrl hv miction; also that the Deputy ftfnVjpl Assignee bo instructed tn dmian' l from the game company Twvmont of the honorarium duo to 'mnVvipt for services as a director of tlnnt oo'npnny.

Ttpas resolved tlint n .second hern] oninion be obtained ns to wliethmthe payments mnde to ihc firms of Abraham and "William*. Dnlwtv .and •Co.. Ltd.. and Hiteln'iifs. TTnni.-ins and Co.. Ltd.. wore locrnlly fr.iivlv • lent preference*: .-

Tlio meeting decided to nave T *o 7 d hv piihlip nnction of, r>n r^-.-I v - An.t^

Tt ira* renortM +.!>.•>+. th<* hn-il,-<l->b+s in the estate rC'2BRI j,lilcoiv to 'nnr« IT.«n1 T .«n PI "0 The moofiu? «ndin'n-p«l sin? r , !"