MEETING OF CREDITORS.

Wairarapa Daily Times, Volume XV, Issue 4883, 22 November 1894, Page 2

MEETING OF CREDITORS.

Estate ofF, f, Donovan.

The first meeting of the creditors in the farmer, of'Clarevillo, Tcas'.heldyestei%theD.O.A, Mr W.B.Chen- 1 iiells presiding; MrPownall)!p'peasd for the dbbtor, Mr Acheson iincl MiBeard for various creditors; and Mr Bunny for the Assignee,; , • Tho.debtor handed in a written statement in which he attributed' his, bankruptcy ,tq"]osses'made,pn stock, expenses put'to by liis landi; lord, and .the failure of his-first crops, . ".,<:■ :'.,'.'i .'• ,"';!' The debtor on bath stated that the statements ..filed were correct. His total liabilities! amounted to £346.; 7s 6d. Tlio"debts wore all incurred sinco taking the Tamtalii property, At tho time'of taking the lease he had about £SO cash. This was the balance of £l5O obtained from the sale of a property at Kopuaranga. He took: the property in August, 1893, andho first found ho was going back in February, 1894. A good. deal of the debts !wore incurred in putting in the last crop.When he purchased stock fi-om Mr Wood amounting to £55 he did not think ho would' be unable to pull through, The stock in question was sold in Messrs Lowes andlorns' yards a month after the purchase. They were sold to meet another bill. Did not make any misleading statement to Mr VVoodjwhen liepiircliased the stock in August. He had made money on two stock transactions. He had paid up to 14s for sheep, and as he was overstocked he had sold them at a loss. The cattle purchased from Mr- Wood resulted in a loss of £2O. His father was a creditor to-the amount of £6O for money lent. He knew ho was involved when,'he borrowed this money, but ho wanted to use it on tho property,- get the landlord out of possession and make the best ho could for the creditors. He 'had also' borrowed £7O from his brother. Ho had not much expcrionco when he wont'on the property,' 'When be incurred 'the liabilities lie knew lie was involved to some extont. The property was four hundred acres at £IOO a-yoai- for the ! first three years, and £l5O for the - remainder of the lease. About three 1 weeks ago ho sold his interest to Mr ; Dawson, of Wellington for £215, [ who paid the cash to Mr Pownall, , £164 was secured to Mr PUmer over i the crop's. When the lien was given, debtor was owing Mr Pilmer for stock, which lie had purchased on bills. Witness know he was insol- ; vent when ho gave tho lien to Mr j Pilmer, Mr Pilmer had got £l5O . for tho amount of lien. The money , was borrowed from his father on the same day as tho lien was given to i Mr Pilmer, but ho was not aware that he was giving him a preference. ' At that time ho expected to keep : the property, Of tho balance of tho call money MrWaddington got £lO ■ commission for tho sale,- and ho rei cei'ved £3l, and Mi' Pownall bad : cash in hand £24. Tho sale,,was affected to, advantage, The stock ■ was all sold before he disposed of t the property,, Hehadnotkoptpro- ' per books of accounts, but so fai as [ ho knew the book handed to the 5 D.O.A. ivould.shbw his dealings, " ' [ : ByMr.Beard: The,book showed j all the transactions, ouly ono or two i accounts: might not';bo exactly cor- • root. It was not a complete stater meiit, but would show all tho monies . received; and, paid up to the !end of August.'' Tlio book did not show the \ arrangement' ; with; Mr; Pilmer. i Under the lion the! money was pay- ;• able on 30th November. He had ;. increased his liabilities, during tho i, lease by £500. : He bad no interest 1 in the property owned by hiVfather. It was leased to his brother. Ho had paid £SO in advance, when ho took ■ the lease!,, He,got £ll9,from his brother to. purchase stock. The account appeared in his book. Did not get the money from his brother who ; met bills duo to Messrs' Lowes and ' lorns. £49 had been repaid. ' By Mr Acheson:. He hold a Gov- ' emment lease which ho- sold in \ August 1892 for £ i 50. The farm implements used on the Tavatahi pro- ! perty belonged to his brother and \ were returned some time ago. The \ implements were purchased by wit- \ nessfromiEanby,on behalf of bis brother, who gave the money for the purchase, Two days after the sale ; of the property Mr Pownall offered ' the creditors 2s 6d in tho £.

■■ In reply to a creditor, tho debtor explained that the loss on tho crops last year was £4O ou tho turnip crop awl £2O oh tho oats.' ■ '■}

Tho Deputy Assignee said he considered that a public' examination must be held and ho thought it would be his duty to get legal opinion l as to the position of Mr Pilmer's lien, and if it was possiblo to recover tho amount for the benefit of the otlior creditors.-. Affairs appear tobe.iii a most unsatisfactory position, and it would'b'o necessary for the Court to make a proper investigation, ; - -.'| T,he meeting-thon" adjourned ««e' die.-'i''-' ;-"