Creditors' Meeting.

Daily Telegraph (Napier), Issue 5253, 23 June 1888, Page 2

Creditors' Meeting.

RE JOHN WATT. A meeting of creditors in the bankrupt estate of John Watt, of Napier, publican, was hold at the Court-house this morning-. There was a largo attendance of creditora." Mr Gs-rlile appeared for the Assignee, Mr Lojran oh behalf of Messrs Banner and Liddle, and Mr Dick for the dobtor. The statomont showed unsecured oreditors at £636 _s 4d; secured creditors £1,216, less estima Led valuo of securities, £1,112 7s 3d surplu. to contra £133 7hs_; book dohte £90, tistimated to produce £30; cash ia hand, £1 17s; stock and furniture, £.00; goodwill of business, £300; two saddles £3, one sewing machine £3, total assets i £737 17s, surplus to contra £101 14s Bd. * Secured creditors -were Messrs Banner and Liddle, mortgage over leasehold, and bill of sale on furniture, £947, : amount of debt," £1080.MtG.H.Swan,threobUlsof£30eaoh, secured by Messrs Banner and Liddle, £90; Bank <>f New South Wales, guaranteed by Messrt Banner and Lidd-H £75, total estimated value of eeouritiea, £1112 7s 6d, total amount of debts of creditors, holding securities £1245. Mr Logan said as far as Messrs Banner and Liddle were concerned, their position wob this. In Ootober last they took a mortgage over a 'ease to secure an amount of money ,that lu-been advanced. In January they took a bill of sale to secure past debts ana further advances. Their proposal was this: Thoy would bid good-by to their claim on the oil' of sale, and would offer to buy from tho Assignee the furniture in the house, paying for it in cash. Their offer was £150, but they were not prepared to go any higher thau that. He thought the proposal that had been made was a-very liberal ono indeed. The creditors wero aware <>f the description of the furniture in the house, and what it would fetch if submitted to auction. By virtue of their 5.L. positioi thoy oould take all the furniture out of ;he house. Ho thought it was a %T liberal offer considering their position ia "\ tho nutter. Tho proposal was discussed at length. A creditor said they- fully recognised Ilossrs Banner and Liddlo's claim, but co.dd they not offer them four ehillingj iv the pound. The suggestion was not ngrofu. to by that firm. .A creditor" \ propot id that the offer of Messrs Baniiße •- * r '"V and Liadle, of £150 for the far_.tw« wH

h ________ ____ . ! Btook, leaving the bankrupt his bedroom faraiture, be accepted. The motion was carrie-. A resolution to tho effect that the bankrupt be recommonded for his diecharge, was also agreed to and the meeting adjourned.