BANKRUPTCY NEWS.

Auckland Star, Volume XVIII, Issue 228, 28 September 1887, Page 5

BANKRUPTCY NEWS.

When we went to press yesterday after, noon the meeting of Robert Neal's creditors was proceeding, and the creditors were discussing the offer of 6s 6cl in the £ by bills at 2, 4 and 6 months, which was made by Mr S. Heskebh on behalf of the debtor. Mr T. H. Ivey (bank manager) pointed out that; according to debtor's statement he was £900 to the good in August, 1885, and £5,000 to the bad ab the present time, or, in other words, that he had been losing at the rate of £3,000 per annum. Pie thought it better, therefore, to take the estate out of his hands and realise it. Mr Hesketh remarked that it was not intended to give him the full control of it. • It would be under the management of supervisors appointed by the creditors. Mr E. Morton thought it strange that the offer should be only 6s 6d in the £, whereas a fortnight ago the offer was 9s in the £. The estate was the same now as then, and he considered that the creditors should realise rather than accept the reduced offer. Mr Hermann Brown moved, and Mr Ivey seconded, " That the estate be wound up within three months by two supervisors for the benefit of the creditors " Mr J. Lamb moved as an amendment, and Mr Sharp seconded, " That the debtor's offer of 6s 6d in the £ secured by bills at 2,4, and 6 months, be accepted, Messrs Carr and Brown being appointed to act as supervisors until the conclusion of the bankruptcy." This amendment was negatived and the motion carried. Messrs Carr and Brown were appointed supervisors, and their remuneration was fixed in accordance with the 2nd schedule of the Bankruptcy Act.