MEETING OF CREDITORS.

Bush Advocate, Volume XXI, Issue 294, 16 June 1909, Page 3

MEETING OF CREDITORS.

m > ESTATE OE JOSEPH INGLEY. A meeting of creditors in the estate of- Joseph Ingley was held yes-' ■ierdfty afternoon. Present Messrs K. -L.*Gurr, P.O. A (presiding), Kettle (Williams and Kettle), Stilbbs (N.Z. L. and M.A.-Co), P. 0. Clark (Hose, Ltd.). W. Dobson (Dinwiddie, Walker and Co.), Greenwood (Bank of New South Wales>. Bankrupt was also present, together with his solicitor. The D.O.A. read the following rep Ol -t : —I have called you together today to decide what further steps should be taken in connection with this estate, and to place mo in a position io carry out tho same. It 3S close on 12 months since Ingley was •mad* a bankrupt, and unless you desire to proceed further in the matter, and supply funds, it is my intention to close tho estate. The last mooting was held on the 9th October last, and it was then decided to tako legal advice with a view to upsetting certain mortgages and restoring them to thp estate. Acting under tho instructions of the N.Z. L. and M.A. Co. and Williams and Kettle, Carlile. McLean and Wood were con-sulted.-and a guarantee for expenses was drawn up and forwarded for signature to tho two firms named, who, pending its completion, had advanced £10 on account of expenses. Tho solicitors considered that bankrupt should bo, examined on oath, before tho magistrate, and. summonses were accordingly issued. One of Mr Ingley '3 sons was examined, but as Mr Ingley' s whereabouts were iinkaiown service could not be effected, and the examination has not taken place* The money advanced by Messrs Williams and Kettle and tho Loan and Mercantile Agency Co., Ltd, as we'll as cash advanced by myself, having been used up, and no arrangements having been completed for further expenses, proceedings came to a standstill, and have remained so up to now. After the", confirmation of tho minutes. Mr Kettle said that he sympathised with any man in financial difficulties, but he held in his hand a statement in Mr Ingley's handwriting showing what Ingley's position was two years ago. There was a credit balance of £20,0600 since then besides that £20,000 close on £3000 had disappeared, also the amount bankrupt, owed his creditors. Mr Kettle said assuming the stock, etc., had been overvalued by one-half, or even three-quarters, there would still be a substantial margin. . Where the money had gone to the creditors were entitled to know. ' There was an item in the balance showing stock and implements valued at £3194. He thought the creditors could reasonably ask for more information, and in order to have a; thorough investigation he moved that Mt Ingley be publicly examined. He said that Mr Ingley would never have had the chance of owing his firm the money he did if he had not in both letters and interviews continually led him to believe that he was fixing up some business with Mr Patterson, with which he would be able to liquidate their debt. Mr Clarke asked about ..various matters in relation to the Onga Onga property, and creditors' instructions to the D.O.A. re same. Mr Gurr said that as there was no equity in the property it was no use

lirocecding further, and also there were no funds in hand to do anything Ho could not say if there was any chance of any further assets being brought into the estate. Mr Kettle asked what became of the stock mentioned in tho balance-sheet he handed in. The bankrupt in reply, said Williams and Kettle had a good deal of it. He said if he was to be examined he. Mould give the information to the Court. Mr Stubbs.said that his firm were of the same opinion as Mr Kettle's, and even allowing that the books had been burnt, a man dealing to the extent Mr Ingley had done should be able to give some lucid statement of his affairs! He seconded Mr Kettle's proposal. The motion was carried unanimousThe matter of supplying funds to carry on the investigation was gone into privately. 1