MR I. WILSON'S BANKRUPTCY.

Wairarapa Daily Times, Volume IX, Issue 2522, 11 February 1887, Page 2

MR I. WILSON'S BANKRUPTCY.

Tho first meeting of creditors in the above estate was held in the Courthouse, on Thursday, afternoon, IMr E, W. Garner, Deputy Officiul Assignee, presided. There were also present Mr Begg, solicitor, on be■•half .of-the assigueejMr Beard, solicitor on behalf of Mr P, Cotter, Groytowh; Mr Florence, on behalf of Mr Haggen; and Mr Burnett, debtor's solicitor. "The following was tho statement of assets and liabilities, as read by the Assignee,, many items of which wero afterwards-amended:—Liabilities: Uu•securedcreditors, £14411959 d. Assets: Stock-in-trade, £695 ; book debtn 180 (estimated to produce £4); furniture, £l3o~t.otal assets, £869. Deficiency, £57319s 9d, '

Tho following .is a lißt of the un< secured creditors: Pierce Cotter, Greytown, £600; E. A. Haggen, Woodville, £220 6s 6d; William Tark. Palmerston North, £127 5s 9d; A. D. Willis, Wanganni, £3 2s 6d ; George Beichardt, Wellington, £llO 0s Bdj Jones k Sons, Wanganui, £2 4a 6d; J. Joseph k Co,, Wellington, £Bl9s; Dutton, Brown k Thompson, Wellington, £1616s 7dj Lyon & Blair, Weilington, £l2 2sb'd; A. A, Barnett, Wellington, £120; R. E. Grinlinton, £SO; W.G. Shearer, £26; Monteith Bros,, £10; J. Troup, £3; U, E, Johnson, £2; W. J. Little £5; W. B. Allen, Carterton, £18; G. W. Dollar, Carterton, £8 9s; Blundell Bros., Wellington, £3l2s4d; New Zealand Mail, Wellington, £6 13s; LytteltonTimes Company, Christchurch £5 lis Id; Wilsons and Horton, Auckland,£2Bs9d; G.Moore, £l6 Os 6d; Wm, Downard, Carterton, £SO; C,Dakin,Caiterton,£2o; D, Baillie,£l3s; C, Davis, £4 3s; W. Nicholson, £3 Is 3d.

The bankrupt, waa examined on oath as follows:—I have been in business in Woodville since the Ist October. Previous to that bad been in Carterton as solicitor's clerk; for over five years my salary Was £2OO a year. Had no property there, 1 have a wife and two children. When I commenced buaness in Woodville, I paid Mr Haggen £350 cash, and had about £SO in hand. Obtained by borrowing J5500 from Mr Cotter, Greytown,, in September. Had no other money whatever. Started business entirely on borrowed capital. Have not had any opportunity to show a balance sheet.' My books show my trndft transactions. My purchase from Mr Haggen was for between £670 and L6BO. Gave him £350 cash, and three bills for the balanca—three, six, and nine months—£lo6 odd each. Had to borrow £IOO from Barnetfc to meet tho bill; asked Haggen to renew it; he said the bill was out of his hands. Was about £IOO in debt when I left Carterton, independently of Mr Cotter's debt. Most of this was borrowod 12 months ago, but not for the purpose of thiß business. Considered the business was paying, if I had no borrowed money to pay.. My living cost me, to the bost of my belief, between L 4 and L 5 por.weok, (Subsequently, Debtor stated that his household expenses wore about L 3 per week.) p"-'. ;' '

The debtor was exposed to a rigorous examination but nothing of importance was elicited. He said inanswer to Mr Beard that he was not in possession of the shop when he filed; 'had been out of possession since 20th January. Mr Cotter served biqi with a demand note for the payment of LSOQ. Gave him up possession on the 20th January, and never interfered with the stock-in-

trade. Left it in'MrCotterV posses- • sion. . . ,; » ■ Mr Beard said',, that Mr Cotter claimed to bave'taken possession of the •' stock-in-trade'under agreement from '".' Wilson to execute a bill, of sale, and that Mr Cotter also claimed against the estate of LIOO. Mr Burnett mademofferion behalf ,of some person, whose'name -M was tioifttliberty'to disclose^of'jL2Qo.fcvc •Jbjke estate, • undertalrin'g' jis(|mirjr th"e ■creditors •.against '-Mr''* w'tter'fl claim. '*., ' : -;V-' ; •-, 'r •"? Jheofferwas not accepted, "''.' ~.M iH aggeitoffered.to:p«fch«6 the stock at a valuation on bills extending over 12 months, .-hia own claim to be .; •takenasiacash'payment on account. A A resolution accepting the offer waiJfic carried. , The Assignee said he would, not- on his account accept the bills, but. jj&flld take the opinion of the Court.' '™ •A» resolution-was passed allowing the debtor all his furniture, and the meetadjourned'sww die.— Examiner. '•"■' ■-. ". :■' , =s ~..: