Martinborough

[NZBC]

IN BANKRUPTCY.

Estate of Joe Chong Lee, of Martinborough.

Statement by Bankrupt

The statement of Joe Chong Lee, of Martinborough, fruiterer, who filed a petition, in bankruptcy on Monday last, shows the amount owing to unsecured creditors to be £1018 16s (sd, and the assets to amount to £700, leaving an estimated deficiency of £318 Kis 6d. The list of unsecured creditors is as follows :--

Smallbone, Grace aud Co., Wellington, £83 lis; A. S. Patterson and Co., Wellington, £40; Scott and Co., Wellington, £6 13s 9d; Levin and Co., Masterton, £269; W. H. Green, Wellington, £13 4s 9d; Guthrie, Brown and Co., Wellington, £78; J. Fuller, Greytown, £7 7s lOd; Wellington Biscuit Company, £51; Mandel, Harris aud Co., Wellington, £51; Hayward Bros., Christchurch, £23; Joe Kwong Lee, Palmerston North, £35; Joe Chew r , Wellington,' labourer, £24; Joe Shing Lee, Otaki, £164 lis; Wong Wah, Wellington, £178 8s 2d. Bankrupt, in his written statement, says that in July, 1905, he commenced business in Greytown; as storekeeper and fruiterer, with £28 cash. He went to Martinborough four months later with £50. Edward Kingi, a Native, went into partnership with liim there, paying £190 into the business, the money being expended in stock and fittings. During the first year at Martinborough the high price of fruit and the heavy charge for freight operated against success, and £200 loss resulted. In March last the partnership was dissolved. Kingi in the meantime had frequently obtained goods and cash advances from the business, and on this being totalled up the nett amount equalled £300 in cash. Bankrupt attributed his filing to difficulty in getting in his cash, and the loss of the £100 through the partnership. Two creditors levied execution, aud compelled him to file. Bankrupt believed that had these creditors allowed him time ho could have tided over the pressure. Wairarapa Daily Times, Volume LVII, Issue 8818, 25 July 1907, Page 5

[NZBC]

IN BANKRUPTCY.

Meeting of Creditors

A meeting of creditors in the estate of Joe Chong Lee, fruiterer, of Martinborough, who was recently adjudged banknrpt, was held this rnorning, iv the Courtnouse at Masterton. Tlie D.O.A. (Mr W. B. Chennells) presided, and. the following creditors were present:—Messrs G. 0. Summerell (for Ley in and Co.), G. W. Guthrie (Guthrie, Brown, and Co.), and L. Hennessey (Wellington Biscuit Company. Bankrupt was represented by Mr J. W. Card, of Featherston. The D.O.A. briefly outlined the circumstances of the bankrupt as disclosed by the bankrupt's written statement, and the schedule of assets and liabilities filed. A person had been put in charge of the business, on account of the perishable nature of most of the stock. The takings, inclnding book debts, since the bank- amounted to £(50. It was evident, the D.O.A. said, that business was to be done there, and it was a matter for the creditors to decide whether the business should be continued. Bankrupt, examined, stated that Joe Kwoug Lee lent him £30 to start in business. Joe Chew,"to whom he owed £24, worked for bankrupt at £1 per week. Joe Shing Lee, of Otaki (bankrupt's cousin), lent him £128 to pay Wong Wah for fruit purchased. Kingi, bankrupt's late partuer, only put "in £190, and took £300 worth of stock and cash from the business. The debts were nearly all owing then. Bankrupt was not able to say whether his late partner had any money. Believed he had plenty of land. The last amount paid Kingi was about £25; this was at the dissolution of partnership. Arrived at the conclusion that it was advisable to run the business on his own account. Bankrupt then accounted for various amounts paid by him in cheques and cash. He stated that two of the largest debtors were good marks, and would pay as soon as their accounts were rendered. Bankrupt was unable to make any offer to purchase the stock and pay so much ij the pound. Had endeavoured to sell shortly before filing, but the book debts were undoubtedly a drawback. The creditors present agreed that action should be taken to make bankrupt's late partner disgorge. The D. O. A. said that the matter would have to be settled among the creditors themselves. Bankrupt stated that he did not drink nor gamble, and had never sent more than £10 home to relatives in China. Had no interest now in the Greytown.business. Mr Guthrie stated that bankrupt paid a cheque on account of Joe Hong, who bought the Greytown business, a considerable time after it was sold out. Bankrupt, however, denied it. It was resolved, on the motion of Mr Summercll,, to leave the estate in the hands of the Official Assignee to wind-up as he thought best. Wairarapa Daily Times, Volume LVII, Issue 8821, 29 July 1907, Page 5