IN BANKRUPTCY.

Gisborne Times, Volume XXVII, Issue 2486, 27 April 1909, Page 4

IN BANKRUPTCY.

WRIGHT AND KERR’S ESTATE-

A meeting o_6 creditors in the insolvent estate of William Oscar Wright and Thomas Kelt, of Whatatutu, coach proprietors, was hold in the office cc the Deputy Official-Assignee (Mr. J. Coleimtn) yesterday morning. The statement filed showed liabilities’ £239 a deficiency of £169 9s 9d. There were j| present Mr. Cassidy, representing var- wAtf ious creditors, Air. H. Bright, for Dir. W. Devery, and Dir. J. Ji. Kirk, for Mr. J. P. Gordon.

W. 0. Wright, during examination by Dir. Coleman, stated that lie and Kerr started in partnership in August, 1906. He had £4O to start with, and his partner £IOO. They leased the premises at 30s per weed:. For about 18 months or two years the business paid, but customers fell off owing to less bushfelling and work being done. The price of horse-feed a iso rose to about £8 a ton for chaff and £l6 per ton for oats. They employed one and sometimes two hands in the stables, and sublet the blacksmith’s shop for 12s a week to Mr. Pascoe. 'iliey got behind with rent and other debts, and their guarantors, Messrs. C. Neenan, L. B. TulJoekj and J. It. Quinn, .who had guaranteed their bank account to £4OO m November, 1906. closed on their bill of sale; over the whole plant, selling everything for £3OO on March 10th last. The book debts, three months’ subsidy £8 5s and 7s in cash were all their assets.. The reason for filing was the obtainment of a judgment summons by Dir. "William Devery, for £47 ior rent of a paddock. Dir. Krause was also pressing him for £l6. He owed no debts privately, and only possessed £4 worth, of property in furniture. it cost £640 to go into the business, end thev were sold up for £3OO.

In reply to Mr. Bright bankrupt stated that they, kept a ledger, day, bank, and cash books. All money received was paid into the bank, and all that paid out except a few items, was bv cheque. That was till September, when he left. Thomas Kerr, the other _ insolvent, was examined by Dir. Bright on the method of keeping the partnership books.

In examination by Dir. Kirk he raid the guarantors closed on them because a biH to nay £SO, every six months, off their account was nor met. At the time they were sold up there was £250 owing to the guarantors. There was a, proposed sale to Dir. Gore on before, they were sold up, and a deposit or £SO was paid, but by that time- another half year’s instalment was due. Dir. Gordon agreed to take the place at valuation, but when the valuation was made he disputed it. Subsequently be bought the business under the hammer. The. Assignee said he would proceedto collect the book debts, which were set down at £74, and the meeting adjourned.