IN BANKRUPTCY.

Gisborne Times, Volume XXVIII, Issue 2767, 23 March 1910, Page 7

IN BANKRUPTCY.

IN RE E. B. HINGSTON. The Official Assignee (Mr J. Coleman) has received the following statement from Ernest Bruce Hingston, of Muriwai, carrier, who has been adjudged bankrupt “I am filing my petition in order that all my creditors may have the advantage at once of what assets 1 possess. Two of my creditors have sued me, and I see no prospects of being able’ to pay them. What I have earned is practically on my books, and could be recovered in time. My bankruptcy is attributable to falling off of business combined with competition of another carrier on the same road. Last year, or last season, the waggon would come in full and go back full, but lately, after coining in with a load,'l would have to go out with the waggon empty. The waggon now requires some repairs, and I cannot incur further liabilities in respect of it. The expense of keeping the horses does not justify the carrying business so far as I am concerned, and I cannot sell them, because they are mortgaged. I much regret my position, and believe I am doing the best thing in the interests of my creditors in filing. I had no money, to file with, but my father arranged for payment of the necessary expenses.” The assets are shown as follows: — Book debts (£15;; 6s), estimated to produce £150; property (hack and cow) £10; surplus from securities, £75; total £235. The liabilities amount to £260 Is lOd, the deficiency being £25 Is lOd. The secured creditors are; —Thomas Bartlett (five-horse team, waggon, and harness, valued at £250), amount of debt £200; William Gardiner (three acre s and cottage at Muriwai, valued at £125), amount of debt £IOO. The list of unsecured creditors is as follows:—D. J. Barry 18s L. G. Barton £1 10s, Bennot and Sberratt £1 os Id, D. Bell (Makaraka) £5 6s 9d. .Common, Shelton and Co. £SO 11s, J. Colley £2 13s 4d, Clayton Bros. £2 os, J. L. Baker (Muriwai) £l2 2s, Dalgety and Co. £37 16s 2d. Davys. Third and Mitchell. £6O 19s 6d, C. Gibson (To Arai) £2O, W. Good £1 7s 6d, M. J. Kirk £6 iSs, S. McLernon 15s, J. H. Ormond £6 4s, Primrose and Leslie £8" 13s fid Rees Bros, and Bright £4 10s, Smith TTTid Stewart (Te Arai) £5 2s 6d, Williams and Kettle £ls, M. Hingston (Poututu) £l4 4s; total, £260 Is lOcl.