BANKRUPTCY.

Wairarapa Age, Volume XXIX, Issue 8362, 19 February 1907, Page 6

BANKRUPTCY.

ESTATE OF HUGH REA. The first meeting of creditors in the bankrupt estate of Hugh Rea was held in the Masterton Courthouse, yesterday morning, before Mr W. B. Chennells, D.O.A. The creditors present were Messrs G. C. Summerell, (representing Messrs Levin and Co., the largest creditors), C. C. Aitken, C. Hallam, and C. Clifford, Bankrupt was represented by Mr C. A. Pownall.. Bankrupt, under examination, stated that his statement of assets and liabilities was correct. On February 6th, six days before he filed, he drew a cheque for £2l 7s 7d. Of that amount he paid Mr Pownall £11 —£8 on account of filing and £3 cost of attendance and composi tion. He also paid small amounts to certain creditors. These creditors were not pressing him, but he wished to pay off his small accounts. If he realised on' his stock and book debts he anticipated that he should have a small surplus. Messrs Bing Harris and Co. began to press him for the sum of £B6 owing to them, and he filed in order to give all his creditors a chance of participating in the assets of the estate. The stock was estimated in his statement at £2OO, but he had found since that it had cost him £3BB. Mr Pownall stated that the bankrupt had made an offer of 10s in the £, but the offer had beenfrefused. If given time, bankrupt thought that he could pay 12s 6d in the £. After a discussion as to the best manner of realising, on the estate it was decided that the debtor should be allowed a week in which to see whether he could find someone to purchase the whole business at a pric3 which will pay 10s or 12s 6d in the £, failing his being able to do so the D.O.A. to sell on terms such as he and Mr Summerell may decide, the debtor being allowed to sell for cash in the meantime under the supervision of the D.O.A. The meeting then, adjourned.