In Bankruptcy

Manawatu Standard, Volume XLI, Issue 8192, 19 May 1906, Page 3

In Bankruptcy

The first meeting of creditors in the bankrupt estate of Ludvig Martin Wil.'iatnsen, of Palmerston North, a bootmaker, was held at the D.O.A.'s office yesterday afternoon. Mr Scott, D.0.A., presided. The following creditors were present : —Osgood and Hancock, H. Jackson, and Barraud and Abraham. The bankrupt and his solicitor were also in attendance. The statement of debts and. assets, already published in the Standard, showed a deficiency of £101 Is lOd. The written statement put in by the bankrupt was to the following' effect: — j When he started bootmaking three years ago in Cuba-street he had no capital at all, just beginning by repairing, etc. For four living rooms and the shop he paid 20s per week as rent. Later 011 he moved to another place for which he bad to pay 30s per week. After additions had been made to the piace he decided to start a boarding-house and dining-rooms, the rent then being raised to £3 per week. For furniture, which cost £IQS, j he only paid £5 cash. He agreed j to pay' £5 monthly but after a few instalments he got behind. Some of his boarders did not pay up. In February of this year a creditor threatened to seize the furniture as payments had got behind, so he (Williamsen) raised the money to pay him off from Moore and Beale. Just about the same time other creditors threatened to sue, so he called a private meeting of hi 3 creditors. It was then decided to sell up all the furniture and hand over the proceeds after paying the bill of sale to the creditors. He had also given in his book debts to be collected. He had no property and had seven children to maintain. He was now at work repairing boots. In reply to the D.O.A. bankrupt said lie had no offer to make his creditors ; he was not even making a living as it Replying to a creditor the D.O.A. said that, as far as he could see, there was nothing in the estate except the book debts, and these would not brmg m very much. He commented strongly on the bankrupt's purchase of a piano at a time when he had no reasonable chance of paying for it out; of the proi ceeds of his business. After a desultory discussion, no resolution was come to and the meeting closed.