AN OTAKI PAINTER'S BANKRUPTCY.

Shannon News, 19 February 1924, Page 4

AN OTAKI PAINTER'S BANKRUPTCY.

The first meeting of creditors in the estate of Edrvard-Norman Lancliester, painter and paperhangor, of Otaki, Avas called for yesterday morning. The Official-Assignee (Mr. :S. Tanslcy) presided, and the only others present Avere the bankrupt and his solicitor (Mr. W. B. Brown). Bankrupt, in liis SAVorn statement, explained that in March, 1921,, he AAfent; to Napier, and purchased a house, paying a deposit of £IOO, Avhich was all he posJ sensed. The sum of £25 Avas loaned to him by the agents through whom he purchased the property. He thqn started in business as a sign and showcard writer. On October 24th, he started in business in Otaki. Ho sold the house in Napier later at a loss of £7O, exclusive of legal expenses, amounting to nearly £SO. His wife’s illness had put him to the expense of maintaining homes both at Napier and Otaki, in addition to two months ’ hospital and medical expenses. Since starting business in Otaki, he had paid off a number of debts contracted in Napier, but in doing ,so had contracted others in Wellington andjOtaki. The amount owing to unsecured creditors Avas shown as about £251. The assets "included estimated value of' securities £lO5, cash, in hand £34 Bs, fiurni’tuife £4S 6d. There was a surplus from .securities in the hands of secured creditors of £62 4s 6d, leaving ttip deficiency £IOO ,12s. Sd. The principal unsecured creditors were: Hislop .and Law-ry, . solictors, Napier, £29; Harvey, Fulton, and Hill land agents, Napier,. £27 12s 6<J; R. and E. Tingey, Wellington, £9O. Mr; Brown,iisaid tfiat.fthe, ..preflit'ors ( realised that it was purely,,a, case .of bad luck. .itGne n cif i -thp .creditors, • had, written, stating ,prepared to forego the full amount r of his., claim if the other creditorsqw&ijjfl ndo,, tie same. * ; ■ The meeting was adjojj^fid J sine, i die.,