IN BANKRUPTCY.

Gisborne Times, Volume XXVII, Issue 2504, 18 May 1909, Page 6

IN BANKRUPTCY.

ESTATE OF W r . J. H. WARNER

A meeting of creditors in the insolvent estate of Walter J. H. Warner, <»rocer, of Gisborne, 'was held at the office of the Deputy-Official Assignee (Mr. J. Coleman) yesterday afternoon. Mr. E. 11. Mann appeared lev the debtor and there were about half a dozen creditors present. The bankrupt, sworn, stated that the statement made by him and already published, was true. He had only ’Os in cash when ho stai’ted in business anu stocked his shop on credit’. The business paid well for some time, but towards the end of last year he got into difficulties and gave a bill of sale over his stock and furniture for £175 which lie uie Ito pay debts. His stock and furniture had been sold under ‘the; bid of sale and he had no assets except the book debts and a few out buildings. He attributed liis bankruptcy to bad trade and insufficient capital to finance the business. He had lost about £oUU in two years, but could not account for the cause of the loss, except' that £oo had been paid on the building and ms furniture had been sacrificed at auction. He ’ thought the value of- the stock was £IOO,. but the sale price was £44. Captain Tucker had agreed to mortgage the land to the Building Socribtv as security for the budding, but had not done so. He had the budd- ' iug erected on the that he would mortgage the laud and advance the money to pay the. contractors for the building. . /. .. . Mr. Eiach said that ho held that a hill of sale over stock was not valid. The Assignee said that the articles had to be identified. ~ The bankrupt said lie could not identify his stock. q . The Assignee said he would get a legal opinion on tlie validity of the bill ot tile over chattels that- were not specified in the schedule. The meeting was then adjourned until Thursday to allow the bankrupt to prepare a list, of articles purchased since the bill of sale was executed.