A BANKRUPT'S ESTATE.

Otago Witness, Issue 2894, 25 August 1909, Page 3

A BANKRUPT'S ESTATE.

In Re W. T. Potnter. The first meeting of creditors in the estate of William Thomas Poynter, of Palmerston South, blacksmith, lapsed fo« want of a. quorum, only two er-edifcor* put-. iing in an appearance. Mr -Criep appeared for bankrupt. .. . BanJtrupt'-s statement showed that ne_ owed £95 6s 9d, and had book debts amounting to £1 Ms 3d and furniturei valued at £20 ; deficiency, £73 12s 6d. Tho .principal unsecured creditors were: — J.; Matheson (Roxburgh), £16 ss; A F., Cheyne (Mosgiel), £19 6s 5d ; Paterson andf Barr, £17 15s 9d; O. E. Griffen (Macrae*; Flat), £5 10s; Reddell and Co., £4- &; and J. and J. Aithur, £* 15e Bd. The written statement put in by bankrupt stated that he entered into business at* Macraes Flat as a blacksmith on January 7; 1907, having purchased John Matbeson'a business for £15 4s, for which sum Matheson, was an unsecured creditor. Bankrupt had) £10 capital when he began _ business. Tha business paid fairly wall until April, 1908, but from that time until he gave up busixvees'a* year latter -his net profits barely keofc Jlia household in the necessaries »f lif«d •His debte were contracted while he was ta' business. He gave up business on the sthi May, 1908, and sine© then he had worked} ac a, journeyman blacksmith for Mr Riddle^ of Palmerston South. He could only acs count for his present position by the fao^ that th©^ business at Macrae's Flat did npfj produce sufficient profit to withstand thrf lenghy credit required to be given andj the high freight for carrying materials. Mr Barr (one of the creditors) said! hej understood that the bankrupt was going t<i make some composition. Mr Crisp said witih *hefc object in vleffl bankrupt had paid to aim £5 or £5 10s Afl long intervals. Mr Cheyne (another creditor): Where hSiS it gone -to? " Mr Crisp; It was used for bankruptcy} expenses. Mr CSheyne: But that was paid in foaf « specific object. ' Bankrupt having stated that he was noti in a position to make any offer, a discus-: eion followed, the ultimate outcome o{s which was that bankrupt was to consioW whether he could not make an offer of some kind.