J. J. PATTERSON'S BANKRUPTCY

Taranaki Daily News, Volume LI, Issue 306, 22 December 1908, Page 4

J. J. PATTERSON'S BANKRUPTCY

FURTHER INFORMATION REQUIRED. A*i interim judgment with respect to tlit) application. of J. J. i'attorson, solicitor and sawmiller, Dannevirkc, for the approval of the ttupruinc Court to n deed of composition lor the payment of 12s Od in tile JJ in his estate, was delivered in Wellington by Mr. Justice Cooper on Friday.

l.Lis Honor said tlnit the material placed before him was nob sufficient to enable liini to -properly exercise the duty imposed upon the Court under section 118 of the liankruptcy Act, l!Jt)8. lit! was satisfied that the Deputy Chiiciul Assigne hud not yet hud su'lUeient material or information to enable him to prepare such a report to tlw Lourt us would give the Court a suilieient knowledge of the bankrupt's altairs and the position and value of his estate to enable the Court to express an opinion whether it was or was not expedient that the composition should be approved. Further informatioh was necessary upon the following points: —(I) A sum of over .C'JOO was slated to be due by the bankrupt as a practising solicitor in connection with his business as a solicitor. The nature of the claims of which this sum was the total must be bliown; (2) a full statement must be given showing in detail the property possessed by tile bankrupt at the date of his filing his petition; (.*J) an aecouuL bhould l)i- furnished to the Deputy Ollicial Assignee snowing in detail the bankrupt's transactions with his wife for the past three years; (4) a statement showing ]|j* transactions for the past three years with his son, Dr. Patterson, and particularly showing how his son became interested, if interested at all, in the Dunnvthorpe property, and what constituted the alleged liability of the bankrupt in the sum of &£i(H) to his son: (5) the bankrupt had stated in a bakniee-aheet furnished to his banker in 1!)00 that he had agreed to give his sister a one-half interest in the iUinuythorpe property. in his examination before the Court on Wednesday ho stated that his sister had to get CSOO out of the moneys produced by sam> in l()l>7. What was the real transaction 1 between himself and his sister? Had she an interest in the reversion under I his father's will? What moneys were ; paid to her out of the proceeds of the . sale and the manner in which sucli prol cecds were applied. .Subsequently, liis Honor remarked ) that if it were desired that there should > be an extension of time for the Court

to give its approval to the composition, application would have to be, made forthwith, as the original period would expire that day. Mr. Ostler, who represented the bank-! rupt, said he had wired to Mr. Potts, who represented the creditors opposed to the composition, for his consent, but no reply had yet come to hand, lie wiould move for an extension of time. Mr. young, on behalf of the creditors who were in favor of the composition, said his clients were in favor of the extension of time. His Honor said it would, ill his opinion, be in the interest of all parties if the matter were further investigated. -It might be that it would prove to be most advantageous to approve the composition, or it might he that further investigation might show that the bankrupt had property which_would enable a much larger dividend to be paid. He would make an order on tire joint application of Mr. Ostler and Mr. Young, extending the time for the Court to approve or otherwise of tile composition until February !). All questions of costs would be reserved.