IN BANKRUPTCY.

Wairarapa Age, Volume XXXI, Issue 9157, 3 August 1908, Page 5

IN BANKRUPTCY.

MEETING OF C. H. SMITH'S" CREDITORS.

A meeting of creditors in the : estate of C. H. Smith, was held. in the offices of the Deputy Official. Assignee on Saturday morning, Mr W. B. Chennells presiding. In a.. statement made by the debtor he said *, that last year he was perfectly solvent, but dealing in forward delivery f and the dry season, together with., money expended,on his leasehold property, had put him back. Ptior to his filing ne had entered into an agreement with Messrs Chisholm ,and Rice to sell his leasehold at Opaki for £4OO, with apportionment of rent, rates, etc. For the past six months he had been trying to gut the consent of the landlord to his disposing of the leasehold, but the latter would not consent, and this influenced him in filing, as he was advised that the Assignee could traesfer. He ' owned two racehorses, one of which was leased to a trainer. He had been trying to sell them, but had not succeeded. He did nut put them in his statement of assets, as he thought the fees owing would amount to more than the value of them. He got 20 per cent, of the winnings. On the motion of Mr W. C. Carey (N Z. Loan and Mercantile Agency Company, Ltd.), seconded by Mr M. Caselberg, it was decided that the D.O.A. take the benefit of the lease and complete the agreement of sale made by the debtor with Messrs.Chisholm and Rice. It was further resolved that a clearing sale be held of the stock and implements; that any surplus ot value of furniture beyond the £25 worth, allowed by luw be -handed oy6r to the debtor's wife; that the two racehorses "be left,in the debtor's hands for disposal, subject to'the approval of the D.0.A., and. that the latter have full power to deal in the matter as he thinks fit; that the P.O.A,' be r:q';rt?d to reCSmineiid an annulment of the bankruptcy provided-the debtor consents to judgment for an amount being the difference in the dividend and the total liabilities.