Bankruptcy.

Manawatu Herald, 12 July 1900, Page 2

Bankruptcy.

IN THE ESTATE OF JOE TOS. A meeting of the creditors in the . bankrupt e3tate of Joe Tos, flaxmiller;.market gardener, etc., of Foxton, Wat held on Tuesday. V Mr Gerard, clerk to the Official Assignee, submitted his geport of his visit to the property of bankrupt at Foxton, and his action regarding the perishable . assets. Not receiving a single genuine offer of over £50 for the potatoes I wa3 glad to part with them for £45, besides effecting a saving of £8, rent accrued for Juue. Vegetables and roots were quitted at £10. The hay brought £4. The onions, which at the date of the bankruptcy were estimated at 25 tons, only amounted to 20 tons in all. The quality though is very good with the exception of 12 sacks, and should fetch highest prices. Mr Gerard shipped five tons to Wellington, and sold a few tons locally at £3 per ton. Concluding his report, Mr Gerard says : — X am now in a position to more correct^

estimate the value of assets. They are — Say 55 tons of hemp in and at the grounds and market garden /"goo, goods sold j£i2s, goods unsold say £75, old bicycle £2 10s, saddle horse, saddle and bridle (claimed by me as bankrupt's) £4, four horses secured to Mr Gower (security bad) £40, two flaxmills £800, book debts say £100 ; total £2046 10s. Against this there are claims as under, placed in such order as in my opinion .they will be me t : _ Expenses after bankruptcy (office, legal, business, finishing fibre, etc.) say £65°> rent *° r market garden (guaranteed) £88, ient for mill sites and paddock, etc. £75 15s 7 d i payments ..made by trustees prior to bankruptcy- and their personal expenses £361 13s gd, flaxmill contractors' claims (if held to be hens) AO9 us Bd, bailors' and bill of saleholders' claims before bankruptcy (flaxmilla and gardens) £234 «s ; total, £2247 12s. From this it appears that the ordinary creditors, whose claims amount to £4000, cannot hope to receive anything. The meeting discussed matters at considerable length, and decided, in accordance with the Assignee's suggestions, to make the bankrupt a weekly allowance of £2, until such time as his services should not be required. It was agreed that four horses, over which Mr Gpwer had a lien for security for his claim, should be sold to. Mr Gower for £35. The possibilities of working the mills at Foxton at a profit were also discussed and, the Assignee was authorised to work them on reasonable contract terms or dispose of them at his discretion. The action of the trustees in making certain payment before the bankruptcy in order to keep the business going in the interests of the creditors was approved and the expenses in this connection were authorised to be paid as soon as funds were available. The meeting then adjourned sine die. — N.Z. Times.