MEETING OF CREDITORS.

Press, Volume LVI, Issue 10267, 9 February 1899, Page 6

MEETING OF CREDITORS.

RE F. W. HASLAM. . A sp3cial meeting of creditors in the estate of Professor Haslam tocl: place yesterday at, the Official Assignee's Office, to consider an offer of composition made -j .ivlr Loughnan on behalf of the bankrupt The proposal made to the creditors was that £250 per annum should be paid by the bankrupt in monthly instalments, extending over five years, provided he retained his present position. Should the salary fall below £900 per annum, a proportionate reduoticn in the amount paid to the creditors to be made. It was stated, in answer to a question, that the claims of the English creditors would be included. Mr Charlewood moved—"That the offer of composition as now made be accepted." Mr Loughnan, as one of the creditors, seconded the proposition. Mr Henderson "called attention to the fact that the bankrupt was at present touring the North Island with his wife, and that since filing his schedule he had earned £187 10a, • none of which had boen paid to the creditors. Mr Charlewood s'.id the money for the tour in die North Island Lad been sent by a friend in England to Professor Haslam to enable his wife, who was in bad health, to get a change. The Official Assignee said that he could, if tho creditors had expressed themselves in favour of such a course, have obtained an order from the Supreme Court preventing further payment of salary to the bankrupt. No indication had been given of the wishes of the creditors in this direction, and, therefore, he had iahen no steps* The action of the Assignee in this matter was approved by the meeting. Mr Henderson suggested that the bankrupt should offer to pay £1250, with interest at 5 par cent.. within five years, and also insure his lii'e during that period for £750. Mr Loughuau said his client had offered all he could pay. To insure his life, as suggested by Mr Henderson, would mean a further expenditure of some £30 or £40 per annum. Mr Wells thought that on a salary of £900 per annum. Professor Haslam could pay his creditors more ilian £250. Mr Lougltnan said the matter had been fully considered. If this offer was not accepted, he cculd make no further suggestion. The meeting subsequently adjourned for a fortnight, without ;uiy conclusion being come to.