MEETING OF CREDITORS.

Dominion, Volume 1, Issue 20, 18 October 1907, Page 9

MEETING OF CREDITORS.

A mooting of creditors in the bankrupt ■' estate ,of Sydney Free, dentist, was held before llr. James Ashcroft,-Official Assignee; 1 ' ' yesterday morning. . ' " Tho" bankrupt's fiitances; comprising g " private account, and a joint account with R. •W: Nelson, clerk to..the Colonial Carrying;'"•" Company, and formerly a sleeping partner in the business, \vcro shown to bo asfollowPrivate estate: liabilities, £195 195.; assets (book debts) estimated at £6; - defi-""'v cieiicy on private, estate of £189 195..; '/ ■ Joint. estate—Unsecured creditors, £77 17s. > * Cd. ; i secured creditors, £197 10s.; less esti- ''' mated' securities, £200, leaving a surplus, - from securities of .£2 :10s.V book debts, ' estimated Ito produce . £15; deficieuoy, £60 7s. Gd. : : ' Mr.' B.' C.' licwoy, •. whq appeared oil bo- ' ; " halt' of E. W. Nclsoni said 'that there were " - certain aspects of the case .which showed a 1 serious state of affairs, and which involved his client in considerable hardship. A part-"'f; norship' had been entered into whereby,'a-;:'' dental, business was ket .up. ou the following. basis:—His client (Nelson) was to contri-'''V; basis:—His "client (Nelson), was to contri-; ; bute. £100 in' caslv, aiid' bankrupt on his ; part was, to provido furnishings and pliauces for a similar amount, the assessed value of the business to bo £200. In the prelimiiiary negotiations, bankrupt had ..made- 1 ; to ; Nelson'certain representations regarding 'f his financial stability which' were now dis- .- puted. ' This partnership was dissolved- on ■ ' September 7. ' ' ■ ' ■ Mr. James Godher moved that a public ; { oxaiuiuation .be hold. This 'was seconded " . arid carried. 'Mr. Levvoy, for' Nelson, urged that his client's offer of os. iirtlie £ in tho joint es- ■' tato bo accepted. .His client was not responsible for.' thepresent -'.state of affairs;J, ■ Ho was prepared to make this offer if they would roleaso him from further liability. This was agreed to. ' Referring to the question 'of holding a public examination, the Official Assignee said that-there was eon-■> siderablo expense involved in tho procedure. . and while in agreement .with the creditors ■ on that point, ho suggested that proceedings " be hold. over. Bankrupt would probably bein a position : to mako them a dolinito offor of 10s. in tho £ if they waited a littlo. • After consideration, it was decided to adopt the 1 Official Assignee's proposal. The meeting .tlion adjournod sine die.