MEETING OF CREDITORS.

Wairarapa Age, Volume XXXII, Issue 10653, 7 June 1912, Page 6

MEETING OF CREDITORS.

ESTATE OF HENRY MARTIN. A meeting of creditors in the estate . of Henry Martin, upholsterer, of Carterton, was held in Wellington yesterday. Mr W. B. Ghenuols, D.0.A., presided, and there were nine or ten creditors present. The statement ot the bankrupt showed liabilities amounting to over £4OO, and an estimated deficiency of £230. Under examination, the bankrupt stated that ho started -business in Carterton iu November, 1910, without any capital of his own. He bought the business from Mr T. W. Foster for £4*l6 giving a bill-of-sale over the stock-in-trade to Mr Harkness for £250 Ho gave a second bill-ot-sale to Mr J. J. Mead about six weeks ago over the balance of his stock, household furniture, and book debts, to secure a debt of £SO. The business paid for the first nine or ten months, but fell away later owing to opposition. About May 22nd the mortgagee* put a man in possession. In consequence, lie went to Wellington and assigned his estate to the Commercial Agency. On the advice of creditors he subsequently filed. . The Assignee, was authorised to obtain -a le°-al opinion as to the validity of the securities, and to act accordingly It was agreed l>etween the Assignee and'holders of securities that the assets should be realised, and the.proceeds placed in to the credit of the ioiirt account pending the testing ol the validity of the securities. The creditors guaranteed the cost of the proceedings.