MEETING OF CREDITORS.

Press, Volume LVI, Issue 10482, 21 October 1899, Page 10

MEETING OF CREDITORS.

RE ISAIAH D. DAVIES

A meeting of creditors in the bankrupt estate of L D. Davies was held yesterday morning. Mr T. O. Russell appeared for the bankrupt, and Mr Byrne for the only creditor, Mr H. G. Shepherd. Owing to some mismiderstanding on the part of the debtor, no statement of his assets and liabilities hod been filed. Mr Shepherd's claim amounted to £73 13a, amount of loan, interest, and coats. In his sworn statement, the creditor declared that he had been a furniture dealer for over thirty years. In January last his stock was va!lued at £600, but it had been considerably reduced when he sold ifc for £320. In July lost he had paid all his creditors in full with the exception of Mr Shepherd The creditor relied at present on his odd age pen-ion, and did not think tbat his book debta were worth much. Ihe creditor, examined by Mr Byrne, stated that he had written on March 20th the letter (produced), to the effect that he then estimated that his stock-in-trade, over and above bis liabilities, at £700, and that it was on this understanding and in reliance of them, and that he (the creditor) would not mortgage or sell his stock till" he had paid £72 in full satisfaction for an advance of £50. Before he had offered the third instalment of interest he had sold his stock and Mr Shepherd refused to take the interest, as he said he preferred to take some other course. Prior to legal proceedings being taken against him, Aura Cunnington, in the presence of Mrs Hill, stated that Mr Shepherd was willing to take £55. He haul not done anything in connection with this as there was nothing in writing horn Mr Shepherd to that effect. Mr Russell said that subsequently on attempt was made to collect 18s in the £ from the other creditors, but tbey were unable to get it. He had then offered £30 on behalf of his client, but no answer had been received to the letter containing the offer. Mr Bryne said Mr Shepherd, having got judgment for £64, had refused the offer, as it only represented 10s in tbe £, which was less than the other creditors had received. The debtor was examined at some length with respect to the disposal of the money received from the sale of his stock. Mr Russell pointed out that owing to the unreliability of the debtors memory, it would be better to examine Mrs Davies, who had made the entries with respect to the disposal of the proceeds of the sale of the stock. Mr Byrne pointed out that the majority of the payments had been made within tbree months from the date of the adjudication in bankruptcy, and could, therefore, be set aside as preferential payw3nte. On behalf of his client he requested the Official Aseignee to give notice to the various creditors to refund tbe amounts paid. Tbe meeting adjourned sine die.