IN BANKRUPTCY.

Wairarapa Age, Volume XXX, Issue 8404, 19 April 1907, Page 7

IN BANKRUPTCY.

ESTATE OF J. F. PALAMONTAIN. The first meeting of creditors in [ the bankrupt estate of J. F. Palamontain, confectioner, £of Masterton, was held in the Masterton Courthouse, yesterday morning, before Mr W. B. Chennells.J D.O.A. The creditors present were—Messrs J. T. Gilmour (representing Guthrie, Bowron and Co.), A. Hathaway (representing the Trust Lands Trust), T. Mc- ■ Cracken, A. C. Major, J. L. Murray and J. Wickens. The bankrupt was represented by Mr C. A. Pownall. The bankrupt submitted the following written statement:—l started a confectionery business in Masterton In October, 1904. I only had a few pounds capital. I did not do a large , business, practically making a living. ' 1 also devoted a portion of my spare time from the business to portrait and landscape painting, but this did not pay me very well. I started . another business in Dannevirke in December, 1904, putting Mrs Seymour in charge. This business was > kept on until last year, and resulted in a considerable loss owing to a severe and prolonged illness of the person in charge. Mrs Seymour ultimately had to go in the Waipukurau Hospital for several weeks, and this • compelled me to dispose of the business at a bad time of the year, and I got very little for it. The Masterton business had not paid, and I have been gradually going back. I have had to file owing to pressure on the part of some of my creditors. Bankrupt, on oath, said that his . statement of assets and liabilities . and his written statement were correct. He had no property other than what was mentioned in his statement. He kept a cash book arid ledger showing his receipts and payments. He also kept a banking account. He sold the Dannevirke business for . about £sl in July last year, and paid the money into the bank. None of his liabilities were for money borrowed. The liabilities had not all been incurred since he started business in Masterton. He had no lease of his present premises. Since he had been in Masterton he had had an opportunity of selling his business, but he had kept it, thinking he could do better. He had promised his daughter wages at tha rate of 10s per week, but he never paid her any wages, although he had given her money occasionally. He understood that his • daughter would not prove her claim for wages. He had no offer to make to his creditors. He had handed over • all his propery to the D.O.A. with the exception of his personal effects • and furniture. Mrs Seymour had made over to him her life policy of ,£l5O in the National Mutual Office in July, 190 G. He gave her nothing for it. He had kept the premium paid up until last September. He transferred the policy to Messrs Guthrie, Bowron and Co. during this month. After a discussion, the creditors • -decided, on the motion of Mr Major, ■seconded by Mr Gilmour, to authorise the D.O.A. to sell the assets in the estate on such terms as he might think fit, either privately or by tender. Mr Gilmour, on behalf of Messrs •Guthrie, Bowron and Co., agreed to ■withdraw the firm's claim provided ithe life policy, assigned to them, was not interfered with. The offer was accepted, on the motion of Mr Murray, seconded by Mr IVickens. The meeting then adjourned.