IN BANKRUPTCY.

Gisborne Times, Volume XXVIII, Issue 2746, 26 February 1910, Page 2

IN BANKRUPTCY.

ESTATE OF ELIZABETH JOWERS

A meeting of creditors- in the estate of Elizabeth .lowers, was held in the office, of the Deputy-Official Assignee (Mr. John Coleman) yesterday afternoon. There were present J. B. Kells (Common, Shelton and Co.) W. Chrisp (■•R.B. Herald”), W. Scholium, Frank Lownci-es, AY. F. Anderson (Murray, Roberts and Co.), Smith Bros., Bankrupt’s solicitor (Air. H. E. Mann.) the bankrupt and her manager (Air, Jowers). . Tin; ba.iikriipt’s ■ statement, \ already, published; showed,, a siirplue of £2/3. Bankrupt (examined) said that . she■ sfcnrted Jmsvik’ss' with £GO. ; on the' PU.iiio site, and she was pay ing £9 Is 4d a month rent. The business ; paid, tnen, ; . a-n dvdi cv'iue re ;i $ yd. itb.V'Ohi.iuc>k'vchycr;r,' Ip October, 1903. she went into the ih'W building, and she- then had over £IOO. -Business, was good at first. She considered that the falling-off -in business was duo to the slump in trade. She also had several losses through flood-water damaging the stock and plant. The falling off had been during the last voar. Her rent was too high when business fell off. The immediate cause of the bankruptcy had been a distress warrant nut in by Hudson and Co., Dunedin. She was not able to pay this. There we.ro numerous other creditors and all the big creditors agreed to he paid bv instalments, the conditions being that no preference should be given. Bankrupt could make no offer. , . . Air. Alann said that the business would not stand the rent of £7 13s a week. If the business showed a falling off in the- summer months, there was no chance of parrying on in winter.’ Itseemed a pitiable bankruptcy, as the nominal assets were- over £2OO above the liabilities, but if they tried to real, ise they would not get anything like 20s in the £. In the lari; few months the necessary expenses had been £4O .above receipts, , and tlic-ve was no use in going on like that.

Mr. Coleman said that no offer had been made for the plant and business. The security held .by Mr. Rossbotham was explained Mr. Mann. Mr. Rossbotham had advanced £2O on about £4.0 of machinery. It was really an cut and out sale, but Mr. Rossbotham had left the machinery on the premises. The transaction was regarded by Mr. Rossbotham as a loan. He could have taken away the machinery, but this would have crippled the business, so out of kindness lie left the machinery in the building. Mr. Mann thought that Mr. Rossbo'tliam should bo considered ns a secured creditor.

Mr. Anderson said he had always dealt with Air. Jowers and did not consider Airs. Jowers the bankrupt. The stand he was taking was to agree to nothing that would imperil their position.

Air. Lowndes moved that Mr. Roeshotham should be treated as a secured creditor. He had had the power to shift £4O worth of machinery, but had allowed it to remain out of kindness. The motion was put that the meet* ing should direct the Assignee to treat the advance of £2O b- Mr. Rossbotham as a claim on the plant, and not as a sale.

Mr. W.Scholium seconded the motion, hut he not having proved his claim the motion lapsed. Air. Alann . asked if the creditors would have any objection to Airs. Jow f ers getting a. conditional discharge on Mr. Coleman’s certificate. Air .Anderson said under the circling stances he would not oppose the application, and the Assignee agreed to Help the discharge. It was decided to realise on the estate. Air, Ivells thought that any of the larger articles, such as machinery, should be offered for sale in the larger centres.