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Gisborne Times, Volume XXV, Issue 2015, 26 February 1907, Page 1

A KAWHIA BANKRUPTCY. FILED TQ A EARTNERA bankruptcy case presenting uncommon features was beioie Mi EG era ret official assignee, and eight creditors, at Auckland, the insolvent biin" Eagle d’Arcy Hamilton, who, in partnership with E. A. Dance, conducted a general store at Ivawhia. The business originally was carried on bv Dance, but getting V-to financial difficulties lie was assisted by the parents of the bankrupt with advances amounting to £llO, which amount was looked upon as the son s ball in forest in the concern. Subsequently Airs Hamilton advanced at dilleient periods £413 to the partnership, and wanted to secure by mortgage. Dance refused to sign a security, and in consequence Mrs Hamilton pressed for pavment, The bankrupt proposed a. dissolution of " partnership, but Dance would take no action, and would neither agree to a compioinisc nor pay the debts. In order to protect the interests of all creditors the bankrupt, alter consultation with.the official assignee, bad assigned Ins c„ tn The statement of the partnership account showed £569 3s M owing to unsecured creditors, and assets -618 3s 2d, leaving an apparent' surplus o. £lB 19s lOd. Bankrupt's private account showed liabilities at £M ‘ s 6d and assets £166 2s „d. Tlie assignee mentioned that . - though a surplus was shown it ml not follow that the realisation o the estate would produce a surplus oi even sufficient to pay 20s m the -■ However, lie understood a pioposal would bo made by Mrs Hamilton (Hie largest creditor) to witlidian he claim, take over the assets, and pay the partnership creditors and bei son’s private creditors 20s m the £, as well as the cost, of liquidation. The absent partner’s interests had to be conserved,and in consequence such a proposal could not be dealt with at the present meeting ; but he suggi-st-ed that the assets he submitted foi SII M r 1 Vid la ip * who represented the bankrupt, ]iointed out tuat Dance liad lieen offered £4O to resign his interest in the business anil clear him of his liabilities, representing an actual amount of £63. Recourse to the bankruptcy court had only been had to get rid of the partnership, no other channel being open to the bankrupt, , , The assignee agreed that tlie oaiiknipt had taken the proper action in filing, and there was no stigma on him'in consequence. It was a clear case in which a man had a right to seek the protection of the Court. Mr T. d’Arcy Hamilton, sen., intimated that lie would guarantee the payment of 20s in the £ to every creditor in tlie estate. , On the motion of Mr G. Squirrel, it was (lecided. to offer the assets lor sale by tencev, Messrs Squirrel and A. D. Stewart to act with the assignee in the acceptance of same.