| A meeting of the creditors of the above was held at the offices of Mr. F. Newman on Monday. Mr. Newman was voted to the chair, and Mr. Frank Newman (solicitor), produced the following statement of affairs:- Unsecured creditors, £259. 11s.; creditors partly secured, £50. 0s. 8d.; but the securities will only realise £32. 0s. 8d., making a total of debts of £291. 11s. 8d. The stock-in-trade is estimated to realise £120; book debts, £19. 13s. 4d.; the machinery, plant, &c., £32 — total assets, £171. 13s. 4d. Preferential creditors claim £21. 9s., making the nett assets £150. 4s. 4d., and a deficiency of £141. 7s. 8d. Mr. Newman stated that the debtor Perkins commenced business four years since with a capital of £120, and in November 1891, took Eden into partnership, the latter bringing in £45. The drawings of the partners were for the first two months nil, the two months following they drew 15s. per week each, and afterwards 30s. per week. During the last two years the bad debts have amounted to £123. They have served one or two customers who have made claims for goods not up to sample, and have also incurred law expenses amounting to nearly £20. These items fully account for the deficiency. The debtors offered a composition of 6s. in the £, which was afterwards increased to 7s., but the creditors present, after a short discussion, decided that a deed of assignment be executed to Mr. F. Newman under which the assets will be realised and the proceeds distributed pro rata. Mr. F. Newman was appointed trustee, and a committee of inspection, consisting of Mr. E. Newton (Lilley and Skinner) and Mr. H. Newman were chosen. |
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