IN BANKRUPTCY.

Gisborne Times, Volume XXVI, Issue 2184, 7 May 1908, Page 1

IN BANKRUPTCY.

T’lic first meeting of -creditors ill the estate of -Paul Stuart iMcColl . was, held ait -the office of the Deputy-Offi-cial Assignee (Mr J. -Coleman). Present: .Messrs W. A. Friar, J. B. Kells and ID. J. Barry, also Messrs E. H. Mann- and E. J. Clirisp rep resenting .Mr Friar and the -bankrupt respectively. Bankrupt stated that he came to Gisborne late in 1902, and had been employed as a laborer over since. For the last two years lie had boon receiving £-2 Ids per week and bcforc that £2 10s. What property lie had was purchased since lie came to Gisborne- -and he had none prior to his arrival here. Ho could not explain the cause of his -bankruptcy as, until the time of the recent Court case, he did not kno-w that there was much money owing. 'He gave his wages to his wife every week and she was supposed- to pay the accounts. .•To Mr Coleman : Ho paid £44 -for his section and borrowed monov.to build. To Mr Clirisp: He had a family of five children and • his salary was'his only source c-f income. He was amazed when lie heard that Mr Friar’s account was so -big. To Mr Barry: Ho had never seen Friar’s account. To Mr Mann: He bad given liis wife money each month for the Building Society payments, and was greatly surprised to- find them in arrears. To Mr. Clirisp :His wife had barely bad £2 a week for the last five years -for living expenses for the family. Mr -Clirisp said -that i-t was np.-won-der that -there was a deficiency. 'The estate would not pay os in the £, but a friend of the bankrupt's had offered to pay 5s iii.-the- £ if -the property, wore secured to him. The matter depended on Mr Friar, who was the largest creditor. Mr Mann said that Mr Friar would not -accept tlie offer. Mr C-oleman said that in that ease the furniture would have to be sold, and the Building Society would realize upon the mortgage. It was finally decided after discussion that the -Deputy Assignee should proceed.to realize on the property.