IN BANKRUPTCY.

Wairarapa Age, Volume XXXII, Issue 3192, 18 May 1909, Page 6

IN BANKRUPTCY.

ESTATE OF A. COLLIE. FIRST MEETING OF CREDITORS. A meeting of creditors in the Bankrupt estate of Alexander Collie, wood and coal merchant, of Masterton, was held in the Courthouse, at Masterton, yesterday morning, before Mr W. B. Chennells, D.O.A. The following creditors were present:—'Messrs C. E. Daniell(MrF. W. Temple), J. C. Ewington, H. Falloon, A. J. Hathaway (Trust Lands Trust), Dalgety and Co. (J. B. Moodie), J. Montgomery, W. Harcombe, J. H. Pauling (Farmers' Implement Company). Mr D. K. Logan, appeared for. the bankrupt, Mr P. L. Hollings for secured creditors and Mr C. A. Pownall for Mr J. Montgomery. Bankrupt, in a written statement, said he cams to Masterton in June, 1907, with £250 in cash, certain plant, and an equity of £4OO in property, ac the Hu'tt. He was first in business with H. Cole and Son, trading as Collie and Co., putting £6O in the business at the start. Later he was compelled to buy Cole out for £so* He was then left with too many horses, for which no ready market was available, feed being also high. He exchanged his, Hutt equity for a Masterton property in Devon street, paying £BO in difference. Depreciation in values made this land unsaleable. On February Ist, 1909, he took over from Dew and Cochrane 504 acres at Fernridge, with a first mortgage to Stuckey for£l,soo and a second mortgage to Montogmery for £9OO. Intended to use this' property,.for the firewood on it. In March endeavoured to exchange this property for one at Miramar, but could not get a clear title to the land. __The first mortgagee"" called up the principal and interest due, and the bankruptcy was thus compulsory, the creditors advising this course. Attributed bis bankruptcy to loss on the Devon street sections.

Bankrupt examined, said all the debts had been incurred in Masterton in connection with the business. The horses were now in the possession of Dalgety and Co. A spring dray and five sets of cart harness were still in bankrupt's possession, also a brake. Mr J. R. Nicol had a security of £lB over the furniture, valued at £4O, the furniture being purchased on bailment. Other statements made in writing by bankrupt were verified verbally. The D.O.A. said the main question was whether the various properties had any equities in them. Personally, if the various documents were in order he did not think there was any

equity, except in the secured property of Dalgety and Co. It seemed there was little prospect of getting anything for the creditors. The best course seemed to abandon the Devon street and Fernridge properties. Thi left only Dalgety's security, the brake and the book debts. Mr Moodie said there would be no surplus on that, as one uf the horses had died from an accident. The D.O.A. was authorised to abandon a quantity of firewood on Mr Falloon's property lor the benefit of the wages claims. It was also decided to offer the brake for sale at the time Messrs Dalgety and Co. realised on their security. The D.O.A. saict it was unfortunate, but there was apparently nothing for the creditors. They had lost their money, and there was no way out of it. The debtor seemed to have been unfortunate, and had been perfectly open in the matter. The meeting adjourned without any motion being put.