IN BANKRUPTCY.

Auckland Star, Volume XXV, Issue 150, 25 June 1894, Page 3

IN BANKRUPTCY.

MEETING OF CREDITORS! v ''p A meeting of A. Bowring a creditors; wasfil held on Saturday at the Official Assignee's 1 Office, when there were present : T -]j_lesßrß I Leighton, Cattanach (Collins and Co.), Hooker, Reid, E. Coleman (for W. Coleman) and the debtor. Mr John Lawson read the debtor's sworn statement, and said thab he had only on Thursday got the bill of sale and other documents. He was nob prepared bo speak as bhe validiby or otherwise of the preferential claims, and that the only matter he proposed to put before the creditors was the mode of realising tbe stock, etc., which, remained in Mr Leighton's possession (but was admitted to belong to tbe estate), nob » included in the bill of sale.

Mr Coleman, on behalf of Mr Leighton, said that he desired to correct the bankrupt's statements as to the book debts. The sum given as owing was subject to a very considerable amount for coutraa, and . therefore the assets under tha bill of Bale in this respect were misleading. Mr Lawson then called upon the bankrupt to explain his adopting such an unusual course, it being clear that his book debts should represent the net Bum due. Mr Bowring promised to furnish a correct statement, and produce his ledger to verify the same.

Mr Lawson pointed out bhab in the sworn statement of the bankrupt it appeared thab the stock and plant valued at about £1,000 had beon sold for £170 0s 9d which meanb that aB tbe bill of salo was for £179, something like £800 worth of stock wns sold for £170.

Ib waii resolved on the motion of Mr Catbanach, seconded by Mr Coleman, "Thab bhe offer of Mr Leigh ton for the goods on the premises (not included in the bill of sale of Mr Leigh ton) be accepted, viz., £60 valued by bankrupt! at £170 03 9d, per schedule marked i|. A." Mr Coleman moved, Mr Cattanaoh W seconded, and ib waa carried. "Thab the. Official Assignee be requested to facilitate the discharge of the bankrupt, and thab the debtor be allowed to retain his furniture." In reference to tbeße resolutions, Mr Lawson remarked that he , thoughb it undesirable to accept a private offer for tbe stock. Tbe proper course <was, no doubb, to invite tenders, and ..which he had proposed doing by simply asking a few in the trade to make an offer. ty The creditors present did not accept this suggestion it being arguod thab a larger value sold under the bill of sale had nob realised anything like the percentage now offered by Mr Leighton.

Mr Lawson said it was premature to pass such a resolution as facilitating discharge until the result of the investigation was known.

Tbe meeting bhen closed, Mr Lawson intimating that he would call a furbher meeting as soon as he had completed tbe investigation into tbe estate.