CREDITORS MEET

Daily Telegraph (Napier), Volume 58, Issue 72, 27 April 1929, Page 6

CREDITORS MEET

EbTATE OF CHAMBERS AND CO. CRED1TORS ORITTCTSE EACH OTHER. A meeting of creditors in the bankrupt estate of Chambers and Co., wood and coal merchants and contractors, was held in Napier yesterday. The bankruptcy actually involved tbree parties — (jliambers and Co., George 1. Cliambers and William R. Chambers (tbe latter being the father of tlie former-). William R. Chambers bad no debts, the son representing tbe firm. The bankrupts were represented by Mr A. H. D. Mavne. Tbe proved creditors were J. E. Peacli and Co:, Ltd., (Mr Bisson), Ric-herd Smale, R. Nortbe' and Sons (Mr W. E. North), H. C. Franklin. Also present were Mr W. Anderson (accountant), and.Mr Lcrrigan (eoncerned in a partnership). The total debts in the company were £510 14s 9d, and the assets were put; down at £339 ls 8d (stock in trade £55 10s hook debts estimated to produe £80 and furniture £4), leaving a deficiency of £171 13s ld. In George J. Cliambers' estate the total debts were £44 5s, and the assets, £308 9s. LIST OF CREDITORS. The list of unsecured creditors in the company' s estate is as foflows, all being of Napier unless otherwise specified : — Barry Bi'os., Ltd., £100 3s 3d, R. Northe and Sons, Ltd., £30 10s 3d, J. Stewart £10 6s 6d, D. S. Laing and Son, Ltd., £3 19s 6d, H. C. Erankin £52. Vacuum Oil Company £93 2s 5d, C. H. Hansen and Co.., Ltd., £3 16s, J. Gray £2 4s 9d. 8. Weston (Dannevirke) £10 2s 6d, G. Gempton £11 15s 6d, R. Holt and Son, Ltd., £13 11s 7d, C. and D. Odlin and Co., Ltd. £6 12s 6d, L. T. Watkins, Ltd., (Wellington) £10, R. Smale £30 10s, M. W. Poley £2 7s 6d, A. J. Bradford (Eskdale) £6 12s 6d, Pea.cn and Co., Ltd. £22 10s, A. P. Chambers £62 10s, C. J. Chambers £38; total, £510 14s 9d. The secured creditors are : Richard Smale £223 10s (estimated securitv £500), Bate and Bell, Ltd. £76 18s 4d (£276 10s). The secured creditors' list in George Chambers' estate totalled £1141 11s, the estimated value of securities being £1350, leaving a surplus of £208 9s. Tlie property included a half sbare of equity in 15 sections on Taradale road, owned by Chambers and Lorrigan. BANKRUPTS' STATEMENT. A personal statement submitted read. — "About five years ago.we commenced business as wood and coal merchants and contractors by purchasing the business of Mr Molring at Hastings street, paying liim the sum of £380 for his goodwill in stock and trade by instalments of 30s per week, Mr Molring asking security in the meantime over our personal property. The first two years' business proved fairly good and we then moved to Campaign street, Napier South, and earried on the business there. "Our business consisted of supplying fuel of wood and coal and the undgrtaking of various classes of carting.. During the first tliree and a-half years at business we purchased 011 tlie hirepurchase system four trueks — one Ford, oue International, one Overland and one Stewart. MTe held our owrt business up ti I] June, 1926, when we purchased the Stewart truek from Bate and Bell, Ltd. for £800 odd. At this date we were oontracting for the Connty Council. Tbe truck proved unsuitable for tbe work, and as it was eosting us £40 per montli we lost money on tbe truck and fell behind with paymcnt of liire for the truck. A TRUCK SE1ZED. "In June, 1927 Bate and Bell, Ltd., determined the hire and seized the truck. Up to tliis date we had paid them for liire the sum of £359 7s 5d. An action was then commenced in August, 1927, Bate and Bell claiming tbe sum of £277 16s 3d in respect of the truck This action was- defended by us, and after two days' liearing tbe case was settled at terms tbat we should pay Bate and Bell tbe sum of £175 by instalments of £7 5s lOd per montli. We also bad to pay over £60 for costs in defending tbe action. Yi itb these additignal liabilities our outgoings proved very much too lieavy, and taking into aeeount tlie trade conditions. we slipped back witb tbe business. Several creditors have recently pressed us\for payment and as tbe resnlt of a distress warrant issued by tbe Vacuum Oil Companv, we were ad - vised to file in the interest of our creditors." DECISIONS OF THE MEETING. The Assignee said that after inspecting the plant be tliougbt it ridiculous to liold a sale. He said also that the property, valued at £1350, had a mortgage of £1150. Of 21 perches in area, it had 011 it a four-room-ed i^sidence, used mostly as an office, and 'ituated right on the footpath. As a residence an offer would never be received for it. The Assignee' s advice was accepted, and a motion was passed that the property revert to the mortgagees, it being fully understood that any other course would result. in practically no return to the creditors for the trouble taken. Another motion was earried that the offer of £16 be accepted. A motion tbat the Faraday street property should be offered for sale by tender was earried. With reference to the Taradale road 1 propertv, held in conjunction witb , Lorrigap, . • Jkare [

was every chance of something being obtained. It was lel't to the Assignee to consult Lorrigan, tbe latter being quite willing to adopt tliis course. Oi, tbe question of niotor trucks, some excbange of criticism oeeurred between Mr J. E. I'eacli and Mr H. C. Franklin. It was pointed out by tbe Assignee that such argument would lead nowliere. Mr Peach's main contention in supporting bankrupt wns that the latter liad been barassed. Mr Nortbe moved tbat the matter be deferred till tlie insurance question bad been settled. As an amendment, Mr Peach moved tbat legal opinion be sought. Tbe voting was even. and tbe Assignee gave his cnsting vote in favour of the motion. He then adiourned the meeting sine die.