IN BANKRUPTCY

Taranaki Daily News, Volume LIV, Issue 79, 23 September 1911, Page 4

IN BANKRUPTCY

MEETING OF CREDITORS OF A. C. VINCENT. A meeting of creditors in the bankrupt estate of Alfred Charles Vincent, contractor, Normanby, was held on Thursday afternoon at Ilawera, Mr. C. A. Budge, D.0.A., presiding. The creditors present were: Messrs. T. R. Julian (Warea), \V. Harvey (Pungarehii), 11. Rochfort (Bank of' New Zealand, Eltham), R. H. Phillips (Ngaere), and .1. 0. Montefiore (Hawera). Bankrupt, with his solicitor (Mr. Stanford, of Stratford) were also in attendance.

The D.O.A. said the bankruptcy showed a very bad state of affairs. The liabilities looked well and assets were practically nil. Bankrupt's filed statement set down his liabilities (unsecured) at £1372 17s Id, secured £-280, less estimated value of securities .t'iilO. making total liabilities of £1052 17s. Id. Against this were assets, including £2.'SO estimated surplus from securities,' making a. total ctf £3!)5 Os fid. The D.O.A. said he could not say if all the unsecured amounts were correct until he had the whole of the proofs of debt in. Realisations would show that there would probably be a deficiency of at least £I3OO. It seemed that the debt to the secured creditor (Mr. ,1. F. Pease) would Itn materially increased, and bankrupt had Bince admitted that he had overvalued the securities. The outlook was very bad, for whatever the assets realised would l>e more than absorbed in the. wages claim, as these totalled £230. The only real source from assets, as far as lie could see, would be the realisation of effects valued l>y the bankrupt at £OO, the amount of cash in hand £f) Ids, and moneys in the hands of the 'faranaki County Council in connection with ft contract which bankrupt had with the county. One or two of the wages creditors might get their claims in full, but for the general body of creditors there was nothing. Bankrupt, in his written statement, attributed his bankruptcy to want of capital, too much plant, having too many contracts at the same time, and Jobs over several contracts. His debts were principally for stores for horse feed, horse hire, horse shoeing, and other account* in connection with his contracts.

The D.O.A. mentioned that through the illness of Mr. Pease he wasAwahle to get the exact amount of the debt dun to him and the creditors agreed that until this was ascertainable they could not tell what was actually the position.

On the motion of Messrs. Montefiore and Julian, it was decided that Mr. Harvey be authorised to sell horses, coal, etc., at Opunake, Pungnrchn, Warea. Stony River, at a commission of 10 per cent, and remit proceeds to D.O.A.

Tt was further resolved that the D.O.A. should go fully into some other matters, including a contract which bankrupt had with the Taranaki County Council (a,nd from which there may be something for the creditors) and, if he considers it advisable, to convene another meeting of creditors.—Star.