CREDITORS' MEETING.

Auckland Star, Volume XLV, Issue 167, 15 July 1914, Page 8

CREDITORS' MEETING.

- » A MOTOR CAR PROPRIETOR. William Temple: on C.iJmour. motor car proprietor. i:n ler examination by ihe Official A.-.-ignee in bankruptcy at a meeting of creditors, li,-].| ac-ter-,i.iy afternoon, -tat. I that l.v employing d-ivers an I liiring out car- lie h.i.l carrir.i .... a prulit.ible '.vi.-in..-'- tiir.il early in MH:?. when he (.irriei on it garage. Thai dil no; p.iv. co be wen: to Rotor.ta. Hi-.- bo-:-. -.-- had .' n interfered with Ijolh by ihe -Tike md ;i'..- > the Maori epidemic -■ hi.-h prevented people u-ing im.: .r cir- - ii.-ii as previously, lie I.ul no!, -luce liis re-turn To Au.-kl.in I. brought hi- 'bu.-im -, ha.-k lo a paying point! It.- falber and brother* di.fm.t control him in his -'.ti.-in. r-. lie called his creditors; together because he u-it-being -pr.-s~.-J .for money. A- l!ie\ coilbl •no: conic t.. any satisfactory concllla-ion. he dptermir.ed to lib. lie borrowed about C2OIW) from hi- family. Some vi' -.lie iiitei-.-t was 7 per ,-m;'. and - «ai. lv per .-.-ii. The in.nicy for the lire: car vv.is a! S per cent, and- In per .-.-nt that, tliv intere-t was decreased to 7. per cent, and down ;,. 7, per cent. That was done 1,. give him a chance to recover himself. lilt- father also knocked Col) ..!!' interesl dire to him. During the I :!.!,• he was. in '0,,,;:,,--. he paid C>77 i.i in;.'re-; for monvy hut. A .-ri lit..:- reninr'--.'.| that wa.- heavy iinu-re-t ou t-Jil(). being about 10 pc'r lei nt lor tiie three years. (tair. P. Olipbant pointed, out that ! the whole of the CT,77 d-id not go to debtor.; relative-. .Mr. Kenning sail! i; s.-rmed to him to have been a .-peculation by the wholv family. Debtor s.tiil his family had no share in the b'.tsines-. He simply go: the money from the family with which to buy the ear*. Ther.' wns hot an unregistered bill of s-ale over the cars. ..Mr. Carlavv i! nu.-::.s and Atkin) said he was under the impression that it, vvas ii family biu-ino.-r. Mr. f-'irher said' if tiie cars were offered by auction they would have In bo saeritiee.i. There was no money in the estate. iarr. Henning said'the la.rgr.st creditors would •ert-iinl;.- or mc ou:. better if hhov made a eati.sfa.Uory offer to the other creditor.*, and took ovei ihe -cars to sell th-f-m as opportunity occurred. 'After a consultation between Cie Assignee and' the brother -of thr d.-'nior. .Mr. Fisher said it. seemed [he were aiot -prepared to mike any offer. j Mr. Carlavv then eia.id it" the biggest creditors would do nothing, ihe be.s, Tiling was to s-,'!l out- 'ilie cars for what they would realise. ■A motion wasj carried 1 empowering the OfliciaJ As.-Tgnco to sell the whole J} the arset.s by public auction without, reserve. The furniture; of the banknjp: was set down at .IT4O. As he -was entitled io C2T. worth, it. was agreed to let the debtor kc.ip ih-o lot.