BANKRUPTCY.

Poverty Bay Standard, Volume I, Issue 65, 13 February 1884, Page 2

BANKRUPTCY.

RE GRUNER’S ESTATE. A general meeting of the creditors in the above estate was held yesterday afternoon in the office of Mr. W. Adair, for the purpose of examining the debtor. Present—Messrs. Adair, Thompson, Gregson, Clayton, Moore, H* E. Johnstone and H. McKay (Trustee), Mr. ffras. Ward attended on behalf of the debtor. Mr. W. Adair was called to the chair, and asked the Trustee whether he had received any accounts. The Trustee stated that he had been unable to obtain any statement of accounts. Mr. Ward said they had been filed, and were in the Court. Mr. Adair thought a copy should have been produced at the meeting for the information of the creditors. He should like to know what had become of the property. A short lime ago the bankrupt had mortgaged his property for a large sum, and he would like to know what had become of the money. The bankrupt stated that most of the money had gone to the Bank. Had he known the involved state of the property—there were twelve deeds relating to it—he would never have touched it. He got £3OO on the mortgage. The Bank of New Zealand had swallowed up the greater portion, and the remainder had gone to satisfy his creditors. Had sold the remainder of his interest in the property to Carlaw Smith for £3O. Mr. Finn got £lO out of that, and the rest was swallowed up. He was only living on the property until he could get a house in town. By Mr. Gregson—Had not got much furniture. By Mr. Adair—Mr. Tutchen held the mortgage for £3OO. Mr. Adair said that Mr. Tutchen had informed him that the property was worth £l5O over the mortgage. The bankrupt said Mr. Smith had bought the remaining interest in the property for £3O and was very sorry for his bargain. The property consisted of the large house he was living in and the two sections. He filed in November last. The Chairman said that Mr. Booth had stated that Mr. Gruner’s salary had been paid into the hands of Mr. Greenwood for the benefit of the creditors. In answer to Mr. Clayton, the Bankrupt said he had no assets whatever. Mr. Greenwood had bought the section up the road. Mr. Thompson wished to know whether the bankrupt was not insolvent at the time

when he engaged him (Thompson) to do the work at his house. The bankrupt said had he known the position of affairs he should not have gone on with the work. He owed the bank £2OO be« fore the fire. Mr. Thompson—What became of the £7OO you got by the fire ? The bankrupt said £460 went to Dunlnp. He had never received any money from Mr. Price. He had run in debt for the purpose of furnishing apartments for Mr. Price. Mr. Gregson—You stated that you borrowed money for this purpose, but how is it that you never paid for the furniture—at least yoii never paid me, The bankrupt—The mortgage to Dunlop was for the purpose of getting money to square up with. The total insurance on the property burnt was £625. Mr* H. E. Johnstone wanted to know how the bankrupt had got into debt whilst in receipt of a good salary from Government. The bankrupt—l got into debt by speculation, and by borrowing money at a similar rate of interest to that which I had to pay you. You charged me over 150 per cent, for money. Mr, Adair—l did not know, Mr. that you lent money, (Laughter.) Mr, Johnstone—This is the worst case of bankruptcy 1 ever knew, It beats all the previous ones there has been so much talk about. In answer to Mr. Gregson, the bankrupt said he had no stated salary from the Supreme Court, Received about £2 Bs. from Mr. Greenwood. Received £l6O a year from the R.M. Court prior to his bankruptcy; could not make any arrangement whatever with his creditors. Time would not help him. If he got his discharge he might get reappointed to his position under Government, as he held good interest. Was sorry he had given up his appointment before trying to arrange with his creditors, Had mortgaged the other house after the fire for £3OO. By Mr. Gregson—Would not sweat that he had not received £9O out of that sum. Had paid the most of that away. Had paid Parnell and Boylan. Mr. Adair—Why are we left out in the cold ? The Bankrupt—l paid you £10; Mr. Clayton—You surely might hive paid me when you mortgaged my wood. (Loud laughter.) Mr. H. E. Johnstone— This is the most disgraceful state of affairs I ever knew, Thia man has been getting goods, including wines and spirits, without the slightest intention of paying for them, and all the while he has been in a good Government position, He has told me that his position was worth upwards of £6 or £7 ft week, one way and another* The matter should be represented to Govern* ment, as it is a scandalous case, and ought to be shown up. The Trustee said it was no part of his business to do other than realise on the estate* if any, The meeting then adjourned.