Sequestrations - George Moir, coal merchant, Glasgow, sole partner of George Moir & Company, carrying on business at 11 Bothwell St. Glasgow.
Edinburgh Gazette, 30th October 1886
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GLASGOW BANKRUPTCY COURT. SEQUESTRATION OF GEORGE MOIR, COAL MERCHANT.
George Moir, coal merchant, Glasgow, sole partner of the firm of George Moir & Co., carrying on business at 11 Bothwell Street, was examined in bankruptcy in Glasgow Sheriff Court yesterday, before Sheriff Lees. The sederunt comprised Mr David Bird, jun., C.A,, trustee, and Mr John A. Spens, writer, law-agent in the sequestration.
Bankrupt stated, in reply to Mr BIRD. that he commenced business eight years ago on his own accounat with a capital of £150. It was a profitable business, and he balanced regularly. In 1881 he acquired a coal-field. Up till that date he had made £2000 in his merchant business He kept the two branches of his business distinct. His merchant business continued profitable, but the opening up of the colliery business swallowed up all the tunds which the merchant business produced. Down to March last he had always money to carry on his business. On 9th March he made up an abstract statement, which showed his liabilities to amount to £3389 18s 10d, and his assets to £8606 17s 6d. In that estimate the coalfield was valued at £5000. Owing to the stoppage of two firms in the coal trade in March he had to suspend payment. With the assistance of a firm of accountants, a state of affairs was made up, showing, roughly, a surplus of £706 5s 5d, after allowing for contingent liabilities. He had made up a statement reconciling that statement with the one previously exhibited. The principal difference consisted in the ranking on accommodation bills which he had given to the two firms that had stopped payment. He consulted his principal creditors in March, and with their approval paid off those under £50. The business was carried on until October. Under deed of agreement with his principal creditors he was to carry on the business of George Muir & Co. as distinct from the business of George Moir. The arrangements for his taking in a partner into the merchant business were completed, but owing to the statements circulated by one of the principal creditors the proposed partner at the last moment refused to put his name to the deed. That was towards the end of March. He said nothing about this to the committee of creditor, because he did not consider that it was going to affect them one way or another. So far as he knew, they remained under the belief that he had a partner down to the date of his sequestration. He now produced a statement of affairs, showing his liabilities to amount to £7814 16s id, and his assets to £7065. 1&s 9d, valuing the colliery as before at £5000. He also produced a statement accounting for the deficiency of £2748 17s 4d. The colliery was valued in March at £5000 by a gentleman appointed by the committee of creditors. A mining engineer had since valued the plant and house property at £2530 independent of the mineral lease or the business as a going concern. In carrying on his business since March, under inspection of the committes, he had not intentionally kept back any information from them. To his knowledge he had not put any statement before them of a nature to mislead. One firm were creditors in March last for £130. He did not put that into his state of affairs because the debt consisted of accommodation bills. One of the partners of that firm called upon him and, representing the dificulties that would be placed be- tween himself and his partner, asked bankrupt not to put the debt into the state of affairs. Bankrupt agreed to pay the debt out of the salary of £400 a year which was to be allowed him by the committee of creditors for carrying on the colliery. He had got none of that salary. Since March he had supplied the above-mentioned firm of creditors with coals from the colliery. He had not been paid for these coals, as they were put against the debt owing by bankrupt. That was a complete breach of the agreement, as that firm was to he paid out of the salary which bankrupt was to get from the com- mittee, and the bills were to be renewed as they fell due until the debt was paid. When he made the arrangement with that firm he told them his whole position with his creditors. Within ten days preceding the 22d October he collected about £300. He paid that money away on Friday, 22d October, and he understood that he would be sequestrated on the following Monday.
By Mr SPENS- He had offered a composition of 4s per £1 on the Wednesday preceding, and the money he paid away on the Friday belonged to George Moir & Co., who were solvent, and not to George Moir. He paid it to creditors of the new firm, which was formed at 1st March, and he believed that as from that date it was solvent. One of the accounts had been previously settled by a bill, which was not due. The examination was closed.
Glasgow Herald 23rd November 1886
