In Bankruptcy.

Manawatu Standard, Volume IV, Issue 245, 12 September 1884, Page 3

In Bankruptcy.

The first meeting of creditors m the ©state of Henry James Ilayna, of JPalmerston, .Contractor, was held m the Cojirt • House, Palmerslon, on 'Wednesday tlie l6th September at 2 p.m. :. Present — The debtor, Henry McNeil, F. Elmbranch, and James Linton. The Deputy Assignee reported he had gone down to Mr Hayns' hou.se m Palmers to a and had formally taken possession of the property and stock. And that he had made arrangements with Mrß Hayns' to keep the .stock there for a short time under her supervision pending arrangements. The debtor stated that he toek a contract from the General Government for construction of 8^ miles of railway called the Tahoraite contract on the Wellington-Napier Railway along with Mr Joseph Jay fojr the sum of £13,615 12s 9d, date Bth June, 1883, to be finished m eight months from that dalo. At that date I consider I was worth £1800 to £2000, but I found Mr Jay could not assist either m- money or influence ; m fact he had an overdraft at the Bank of Australasia which had to be taken up. I Lave now lost everything I possessed with the exception of those articles mentioned m ray schedule. We had exceptionally: bad wesuher for 6 months of the time during which very little could be done and what was done was at a loss. On the Bth Feb. we got notice from J. T.Carr, Resident Engineer, to tbn effect that unless 40 more men Were put upon the work within 7 clays, the Minister of Public Works would exercise his powers, under the 12th Clause of the Contract, Our means by thisj time were exhausied,and we could not comply with his order, and so on j the I 16th Feb. we received notice from the Minister of Public Works that Jthe ' Department had formally tak<>n over the contract. At that time £7368 12s 9d including .£IOO ot deposit was gfill due on the contract. The Government then carried on and are still carrying on the contract which will be finished m about six weeks. The plant which is paid for is advertised by the Public Works Office to be so sold by auction ou the 17th instant. The immediate cause of ray seeking the protection of the Court wag the action of Mr B. B. Johnston of Waipawa, who got judgment m tho R,M. Court, and then sexed the cattle on my place m Palmerston.; I then, interviewed my principal creditors here. and they, advised me] to take due steps jb» protect the restj of my creditors. Proposed by Henry McNeil seconded by F. Elmbrach, That. the furniture as. per schedule;including, the piano be allowed hahkrupt. Mr Hayns was instructed to attend |at the settlement of the Tahoraite :"con tract and watch over the interests of the creditors. ; . :: UNSECURED CREDITORS. Small accounts due by. H. J. Hayns, £56 3s 8d ; Jay & Hayns, £l;il 8a 2d ; total, £187 ilsJOd. : SECURED CREDITORS. Messrs Izard and Capper, £102,0 ; Barik of Australasia, (J. Lin ton, guarantor), £1618 6s lOd ; total £2638 6s lOd. Total liabilities, £2825 18« Bd. Assets, £2394 6s lOd. Deficiency, £431 11s 10d. ASSETS' Various sections land, Palmerston, secured to J. Linton, £550 ; 35 acres, £1500; Ktock dairy utensials, £2J50 ( 12s 6d ; book debts, £18 14s 4d ; fur- 1 iiiture, pianb; &c, 80 ; total, £2394 6slod. !