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BANKRUPTCY COURT. ADJUDICATION IN LAMMERTS' ESTATE.
BANK CASE TO BE THRASHED OUT.
The Chief Justice (Sir Henry Gallan) sat in Bankruptcy Jurisdiction yesterday
45 ་ ་
G. P. AND H. A. LAMMERT. Mr. E. L. Agassiz, the Official Receiver, made an application for adjudication in the estate of Messrs. G. P. and H. A. Lammert. He said that protracted negotiations had been going on with a view of arranging some possible scheme of composition. Meetings had been held since September and had been continued until recently. Two schemes were put forward, and they passed the first meet ing, but subsequently, at a second meet- ing, they were not approved owing to the absence of assets. The only alternative, therefore, was to ask for adjudication since no compositional scheme of arrange ment had been come to. The Oficial Receiver also asked that Mr. S. H. Ross be appointed trustee subject to security of $15,000 being handed to him (the Official Receiver). A committee of in spection had also been chosen by the creditors.
cd.
had contributed $80,000; his two part- ners the same amount, and the woman $4,000. He had a number of shops and had raised the capital from them.
A WEALTHY FATHER.
Replying to the Official Receiver, ho said that his father was a wealthy man, 8900,000. Asked to give particolars of and had left him between 8100,000 and
shops with which he was connected- before the bank was opened, witness said that he had a shop dealing in feather goods, but had made no money out of it. The shop continued later to exist under another name and dealt with the same goods but it fared worse than the former venture. It was closed in 1999, and its liabilities were between $700,000 and $900,000. He and bis friends paid the liabilities with the ex- ception of $389,434 owing to the Wing Hing Bank.
t
The Official Receiver: The partners in the Erm wire the same partners in the Wing Hing Bank 1-Yea
And to meet the liabilities of the firm you took the money out of the Bank?- Yes.
You put this debt down as a good asset in your balance sheet, but in your statement of affairs you put it down as a bad debt. You suddenly became aware The order for adjudication was giant of the fact that whole amount was a bad deht that amount I am personally indebted to the Wing Hing Bank for
372,750.
THE WING SHING SHUN FIRM. In the cass of the Wing Shing Shun ärm, Mr. D. McCallum, appeared for a. petitioning creditor, and Mr. E 8: C. Brooks for Leong Kwai Tin, a partner of the debtor firm..
RICE FIELDS NEAR CANTON, Referred to his statement of affairs, witness agreed that he had rice felds at Canton, and stated that he had not sold them because the offers were very low. He had been offered $70,000 but he considered their value to be between $110,000 and 8120,000.
"Mr. McCallum said that at a previous Bankruptcy Court, a interim, receiving order was granted in respect of the affairs of the debtor firm. He had ask ed for a receiving order but the, Official The Official Receiver pointed out that Receiver had asked for an adjournment a debt of $303,000 had been put down because some one connected with the as doubtful that it would ever be Arra had stated that the selling of the realized. It was in fact a dead debt, debtor frm's business would be & Witness replied that if the rice fields in fraudulent transaction. He understood Canton could be sold it would not be that Mr. Brooks wanted a further ad- so. journment. He would oppose that, and preas for a receiving order.
The Oficial Receiver said that to desired a further adjournment as it was stated that half the debts in the case did not belong to the debtor.
Mr. Brooks said that his client had only returned to Hongkong on Monday, His instructions were that the transac tion for the sale of the business in back. ruptcy was entered into without the knowledge and consent of his client. He would perhaps ratify what his partner had done, but he first desired to go into the matter thoroughly. He however, did not oppose Mr. McCallum's application for a receiving order.
The Official Receiver said that there were assets and he did not oppose the granting of a receiving order. He bad the purchase money for the business, but had not actually received the assign. ment
FAMILY LIVING ON THE BANK. The Oficial Receiver:
Over one
million dollars is due from partners of the Bank itself and members of the Li family -Yes..
4
Would it be right to say that the part the Li family have been living on this acrs of the Bank and the members of
bank for years --Yes, I agree with you.
In that case the money due to the depositors is due from the a family to
the Bank-Yes,
it-I had over $300,000 in earrent ac- His Lordship: How do you justify
count there and I took money out and put money in from time to time.
His Lordship remarked that more had been drawn out than was put in..
the Bank's money for your own private The Official Receiver: You were using business-That is not so. I lost some money, and I borrowed from the bank.
His Lordship: Did you give any security-No.
Mr. McCallum called his client, Fung Kam. She said that she had lent without security Very often money was Have you lent money to other persons $2,000 to the debter firm and had receiv-lent without security. It was a practice ed a promissory note. She later received in the bank. a letter from the firm informing her of, their bankruptcy.
His Lordship granted the receiving order, but told the Official Receiver to withhold the sale until investigations had been made by the other partner.
A CLERICAL ERROR.
It was a very comfortable practice trusted myself. I was trustworthy. when the borrowers were the directors.
-A 'DEAD MAN'S DENT. Replying to further questions put by the Official Receiver, witness said that In the case of Wong Cheong Loon, the Lok Lau, the partner who had died. No he was an executor of the estate of Li Official Receiver made an order for ad- judication. He said that owing to elerical error the name of a partner of the firm was entered in bankruptcy in stead of the firm itself. A meeting of creditors had been held and the order for adjudication had been passed.
His Lordship granted the application.
THE WING HING BANK. When the public examination of the partners of the Wing Hing Bank was called, the Court was crowded with Chinese. Mr. M. K. Lo represented the Bank, and Mr. Beanett and Mr. J. T. Pryor represented petitioning creditors.
The Official Receiver said that it was the public examination of two partners of the Bank, Li Wing Kwong and Li
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And it appeared as an asset in your balance sheet for the last three years 1-- Yes.
When did you firas realize that the
August, 1825. Wing Hing Bank was insolvent -In
Although you carried on "&" debt of $500,000 since 19227-Yes.
There was also a debt of $300,000
A.P.B
APPEAL COURT: APPEAL AGAINST PUISNE JUDGE'S DECISION.
Sir Henry Gollan, the Chief Justice, and Mr. Justice Wood, the Puisne Judge sat in conjunction in the Supreme Court yesterday when an appeal for the re-open-
carried on, although the debtor was ing of a case in which the Paisne Judge dead?-Yes.
had given judgment in the Summary Court was made by Mr. Eldon Potter, K.C.
And $243,000 owed by another than was shown as good assets?—Yes,
cover. carried
That is to say bad debts
Chan Pui, of 376, Queen's Road West, ing one million dollars were
was the landlord of Li Chok Yuen, of on in your balance sheet when your 81, Wing Lok Street. When the latter balance of assets over liabilities in 1923 failed to pay the rent, the landlord's rent was only 804,138. Do you still say that collector weat to the premises and. con- you did not know that the Bank was in- fiscated the furniture, and also the be- solvent-I expected to collect some of longings of a sub-tenant living there. those items.
.'L
His Lordship: Take this million The tenant auramoned his landlord for dollars. What percentage of these assets taking some of his furniture and destroy- did you expected to collect at the time-ing certain of his property. The case was From ten to twenty per cent,
heard at the Summary Court, and Mr. Justice Wood found for the plaintiff and awarded him -8400 damages.
You only expected to collect $200,000 when you issued the balance sheet No, not when I issued the balance sheet. At that time I expected to collect the
Mr. Potter (instructed by Mr. H. C. On being referred to another balance Maenamara, of Messrs, Deacons) appear sheet, witness agreed that if the debtsed for Chan Pui, the landlord. He asked enumerated there were not collected, the for leave to appeal on the question of lawy Bank would be hopelessly insolvent
full amount.
provision was made in respect of the debt which deceased owed the Bank. not discovered it until later.
The Official Receiver: Why 1-We had His Lordship remarked that it was intors. credible that witness did not know that
Lok Lau had got money from the Bank without his knowledge..
Questioned again with regard to Li against the Puiane Judge's decision in Lok Lau's debt, witness said that it bad the case. He said that although the been paid into the Bank by his execu monetary amount involved was small, the
to the Bank --I remember that all the
The Official Receiver: Then why does principle was of great importance to land- it appear in the balance sheet as owing lords in the Colony. On the evidenes put money was paid I did not know why before him, he satinitted thas His Honour, the debt is still there; my accountant the Puiane Judge, could not have pos can probably explain,
aibly found under law that the landlord you suggested that your accountant did and giver his servants, authority to do
If 868,000 were paid into the Bank do not know of it? You must call him and what they did on the premises. ask him to explain. His Lordship It does not matter that that money was received from depositors Replying to His Lordship, witness sald the firm borrowed it.
during 1022, 1823 and 1924.
was an item in the statement of affairs, The Official Receiver said that there
showing that Li Lok Lau had borrowed from the Bank and re-lent the money to another firm.
Witness reiterated that he did not know how much Li Lok Lau owed the Bank when he died. He agreed that he got letters of administration for the
Mr. Potter read extracts from the the effect that plaintiff was in arrear with Puise Judge's judgment. They were to
" UTTERLY DISGRACEFUL.”
his rent and the rent collector called
depositors were poor people, Mr. Li reat due. The tenant was not present, The Official Receiver: Many of your accompanied by two fokis, to claim the Shun Fan The latter was called.
He said that he was '31 years of age, ostato.
Judging from those who attended the property of a servant and a sub-tenant No.
but they seized his goods, and also the was born, and had lived all his life, in
creditors meeting, I thought they were They then nailed up the door. Under Hongkong and had been occupied in pared to swear that you did not know but many of the depositors are very that he found for plaintiff, and awarded The Official Receiver: Are you pre very poor. Those you saw perhaps were, the circumstances His. Lordship stated business in the Colony. He was an ex-at the time of his death that he owed wealthy.
tamination of
him damages of $400. perienced business man and used to money to the Bank1-I know of it later This concluded the
in that it was untair
∙it dealing with figures. When the Wing turned them to the Bank.
and made a list of the debts and re. witness, s
that the landlords of the Colony should The Official Receiver said that it was be made responsible for all that their Hing Bank began, there were four part. Referred to another item, witness said intended to set up a scheme for com rent collectors did. The law was clearly ners in it, including himself. One of that he had forgotten it. He agreed position, so that the poor creditors stated in such cases, and on the evidence them, I Lok Lau, died in December,
that it was a big item.
might benefit
it could not be found that the servant had The Official Receiver: The total of 1923. There was also a woman; Li Hoi Li Lok Lau's debts was 8497,000, and allow it in this case. It was utterly dis action amounted to trespass
His Lordship said that he would not any express authority The servant's Hau, but she was not in the Colony now. that appeared as an samt of the Bank's graceful, and the case must be thoroughlyMr. Potter quoted law in support of his The only remaining partners were him:Is, bat over $100,000 was set off.
thrashed out
contention, and submitted that the Court self and Li Wing Kwong. The original is a bad debt.-..
Then $245,000 is a bad debt-Yes, it
The Coufe will be continued this morn could not imply that there had been capital of the Bank was $244,000. He
ing, when the other partner will be pub: | authority, [ (Continued on next Column.) licly examined..
Leave to appeal was granted.