LIONEL PHILLIPPS'S ESTATE.

Auckland Star, Volume XXIV, Issue 4349, 21 April 1884, Page 3

LIONEL PHILLIPPS'S ESTATE.

Offer of 6s In tho Pound Refused.

Am adjourned meeting of tho creditors of Lionel Phillipps was held thja afternoon for tho purpose of confirming the resolution passed last week, accepting a composition of 5s in the £5. The meeting was to have been held on Saturday, but, on the representations of Mr Thpo. Cooper, who appeared for Messrs Lango and Thcrnham, of Melbourne, the Ofljcial Assignee did not feel in a position to put tho motion for confirmation, and as there was a difterenco of opinion as to the interpretation, he put it to tho meeting that they should adjourn until to-day, and so it was decided. When tho meeting commenced to-day, Mr Lawson sajd the total indebtedness was £2,10?, and tho offer made was 5s in the £, which would amount to £520. An approximate estimate showed assets to bo:—Stock, £433; book debts, £300; surplus security, £40.-Mr Lawson proceeded to exp'.ain that it waa hardly likely that this money cq ild bo realized. The proposed dividend would leave a margin of £254 (3a 10.1, which waa cq ;al to another 2s Gd in tho £, whj h made the estate, according to the estimated valuatior, 7s 6d in the £.— Mr Cave attended on behalf of the official assignee; Mr Brasscy for the debtor; Mr Theo. Ccoper for Lange and Thoneham, and other opposing creditors, while Mr E. F. Huddle was also present oi behalf others. Mr Cooper desired an adjournr tn-^nt, 'stating that on informal irjof had been sent; to his Melb3urne (lients, but Mr Brassey and others a Ijourned.—Mr Cooper pointed out that it was against the commercial interests of Auckland to be shut out from voting on an important resolution such as this. Mr Cavo said ho had advised the assignpo to take the ruling of the Supreme Court upon the question wherher absent creditors were to be counted in arriving at the amount necessarp to pass tho resolution. The resolution was then put when creditors representing £959 Os Cd voted in favour of it, and those representing £329 Cs against it, Lancje and Thorman's proof for £300 being excluded, it There being more than one-fourth of the amount represented in the room against the resolution tho Official Assignee declared it lost. The total amount for which votes were recorded was £1,288 Cs 6d-^£959 for, and £329 against. The Act requires three fourths of the total value to vote forthe resolution ; in this case tho amount fell short by £7. The total liabilities in the estate have boon ascertained to bo £2,150,