IN BANKRUPTCY.

Wairarapa Daily Times, Volume XV, Issue 4365, 11 March 1893, Page 2

IN BANKRUPTCY.

Estate of W. U, Rising, A meeting of creditors in the estate of W. W. Rising, bankrupt, was held at the Court House, Carterton, yesterday (Friday), Mr W. B. Chennells, D.0.A,, presiding, Mr Middleton appeared on behalf of the bankrupt, The bankrupt having been duly sworn, stated that the statement of assets and liabilities was correct with the excoplion that Mr W. G. Beard and Mr G, A. Fnirbrother were not included. The amount owini; to Mr Beard was part of the amount on a bill of sale given at the time when the j bankrupt-wat carrying on busings with Mr C, C, Cox as partner, and the amount owing to Mr G, A,Fnirbrother was for rent, The del»ts, as per schedule, liave been contracted during tiie last fourteen months, The reason for bis tiling was on accnunt of ihe landlord seizing his goods for tent He bad no offer to make. The bankrupt was allowed to retain his working tools and his household furniture. The D.O.A, deoidod to offer the goods by private iender,

Estate of Fred Parker. A meeting of creditors in the estate of Fred Parker, bankrupt, was held at the Courthouse, Carterton, yesterday, Mr W. B. Chennells, D.0.A,, presiding. Mr Middleton attended on ! behalf of the bankrupt. F. Parker, swoin, said the statement aB per sohedulo was correct, The bankrupt, examined by the D.0.A,, staled that he started in business as sawmiller about 27 months ago with Harry Pottß, jnd put about m into the bueioess. All tbo dobta had been inourred since going into the Baw-milling business, He had no private account. Potts left the business about six months ago, Bankrupt undertook to pay hiß debts.up to £6O, but found that they were considerably more. The ,£254 unsecured liabilities were contracted during the partnership with Potts. The secured creditors were paid in landed property in the Hinau Gully, The money whioh bankrupt received on the property was put into the business, Did not know what amount Potts put into the business. Considered the plant was worth £SOO when Potts left the business. The mill was mortgaged for £175 to Messrs Deller and Stevens, whioh creditors had been satisfied, The pro* perty in the Hinau Gully was worth £654. The mortgagees (Messrs Deller and Stevens) foreclosed on the 27th oE last month. Kept proper books through Mr G. A. Fairbrother, After Potts left the business Mr Fairbrother received all monies and paid all accounts during the time he kept the books, Potts had the management of all the books, and-witness did not know how the accountswere arranged, Mr Acheson, who appeared for some of the creditors, asked why the bankrupt did not file before the plant was seized and sold.

lhe bankrupt said he thought tho whole plant would fetch sufficient to pay all the creditors, and that be should have been allowed to go on again, He considered that the plant was sacrifieed. Held no securities which were given to Doller and Stevens, Potts held tliera all, and witness did not know what had become of them.

By the D 0.A.: I signed the mortgage to Deller and Stevens m con" junction with Pottd. Duller and Stevens authorised the sale of the plant. Four horses which were not included in the bill of sale felohed £125.1 don't know what has become of it. Mr Fairbrother, acting under a power of attorney, took charge of all monies, and I think the books will show what has become of the monies. There was. about £9OO owing when Potts left the business, whereas he led me to believe thore were only about £SOO owing. Mr Fairbrother holds all the account of sales of plant, etc, I think the land will fetch fully the amount that is staled in the schedule. It is partly fenced, and thirty acres is in graßß and the rest is sawmilhng timber. There is no doubt if I had been able to shift the mill on to my own land, I would have worked myself clear of all liabilities.

Mr G, A, Mbrother, as agent of 'he bankrupt tendered soma valuable information on the whole matter and farther stated that there had been no liabilities incurred sinoe Potts left t! e business, because no one would give any credit, and that he had to find all the money required to carry on with, In answer to the D.O.A. the bankrupt statod that the Bsddle horses bad been given to bis brother for monies which he had advanced, He had nothing now and had no offer to make.

Mr Dudson moved that the D.O.A, realise on the property as soon as possible. He considered that the bankrupt had been very unfortunate in going into the sawmill business and that lie be recommended for his discbarge, Mr Wm, MoKenzie seconded the motion, and the meeting adjourned sine da