MEETING OF CREDITORS.

Gisborne Times, Volume XXVII, Issue 2606, 14 September 1909, Page 6

MEETING OF CREDITORS.

- NATHANIEL BURGESS’ ESTATE

A meeting of creditors was held at the office of the Deputy Official Assignee yesterday, in the estate of Nathaniel Burgess, boarding-house keeper. Mr. J. Coleman (Deputy Assignee) conducted affairs, and the creditors present were: Messrs Machell (Machell and Russell), F. W. Riach (Nathan and Co.), A. Graham (Kia Ora Dairy Co.), H. E. Dodd, G. Miller (Miller and Craig) 1 G.' Pasley (Common, Shelton and Co.), and T. Clarkson. The bankrupt was represented by Mr. H. Bright, and Mr. J. R. Kirk appeared for Mr. Gilbert, the purchaser of tile business. . The filed statement was read, showing a deficiency of £295 2s 4d, and the. Assignee advocated the sale of the assets to Mr. Gilbert, j The debtor gave evidence to the effect that/he came to Gisborne thirteen and a-half months ago, and started business last September. He borrowed £2BO from Mr. F. Hall, and purchased the Dominion Hotel. The price of the hotel was £2BO, and it was purchased with the money borrowed from Mr. Hall. The business paid ,up to February, when the want of ready money,was felt*and the debtor began to get- behind. Again;" for two months things went well, and then tho debtor Wad an illness which lasted four’ months, which prevented him from properly supervising the business. Soon after lfis recovery the debtor got married, and subsequently it appeared to him Giat.he was not getting as much money as he should out of the business. This was between May and July, and debtor commenced to get into difficulties. At the end, of July his wife left him, and after this most of the boarders, left. The debtor sold out because he was advised to, though lie thought he could have pulled through if he had had time. He fifed his petition because he could not-meet his debts.

The Assignee: What do you attribute your failure to? Debtor: Well, to money that was taken away from me, and to the falling off of business, and bad times generally. Continuing, the debtor said that before he came to Gisborne he kept boarding houses in Wellington, with success; ini two cases out of three. He did not know whether Mr. Hall’s bill of sale had been discharged, and when he) paid a sum of £4O to him he thought he was meeting the bill. He owed £SO to Mr. Hall before starting business. ... Mr. Lawless stated that in July he lent Burgess money on the understanding’ that only £4O was owing to Mr. Hall. The bankrupt denied that he told Mr Lawless this. He paid the latter £3 for a | loan of £27. As a matter pf fact he knew he owed Mr. Hall £SO. After a few further questions, the Assignee suggested that the sale should be completed. Mr. Lawless said that a receipt had been given for the sum of £lB paid by the bankrupt taking it as rent. This was done bv a clerk in, mistake, and he thought the money ought to stand against the sum he had lent the debtor.' , . _ ' ■ ' -.-■ , Mr;, Lawless added' £hat fie v wanted his money, and would not say fin reply to Mr. Kirk whether he would complete the sale of the , lease with his signature. The lease had been broken, and he could claim forfeit. Mr. Kirk said if there was going -tobe any difficulty his client would claim damages for non-completion of thesale. Mr. Gilbert was .prepared.to go on with it, but was not ready to purchase a law suit. The meeting was adjourned for the Assignee to endeavor to arrange for the completion, of the sale. -