Creditors' Meeting.

Daily Telegraph (Napier), Issue 5533, 23 May 1889, Page 3

Creditors' Meeting.

HE WPCHURCH AND MORLEY.

The creditors in the bankrupt estates of Upcliuvoh and Morley, builders, met at the Courthouse this morning. There was a large attendance of creditors. The bankrupts Wire represented by Messrs. Dick and Laecelles. . Mr. H. Bey, in reply to the Assignee, said that to his knowledge the books of the firm used to be kept at Mr. Morley's private house; that was previous to the bankruptcy. He took the books to the house himself. The last time he took them up was about four months ago. Mr. Diok asked that that bo taken down; it was a falsehood. . To the Assignee : He (Bey) went into the private office of the firm constantly, and had access to the books. If the books had been In the office ho would have seen them there. To Mr. Dick : Mr. Morley was in the habit of taking the books home and bringing them back'again. Mr. Morley used to •work at the books at ho;ne, but they were not kept in the office ; sometimes he worked at the books at home, and sometimes in the office The books were continuously out of the' office, »nd thl V ~,ul 1,(,t b *' cn in tho office a whole day at a time within tho last six months. He referred to the day book and the ledger. . . . ,„ Mr. Upuhurch to tho Assignee : VV as in the offico nearly every Any, and latterly tho books were not in the office : that was for the last five months ; as a rule Mr. Morley took the books homo, but sometimes never brought them back again. The clerks ■were then appointed to go through the books and the result was tho firm dissolved partnership. Messrs. Clark.son and Whitrmnn were appointed *o go through the books at thu latter end of March, and then it was that a dissolution was arranged. Tho Assignee said Mr. Morley in his ptatement stated that the books had been kept in tho office in Weliesloy road, until removed by the Assignee, and that Mr. Upchurch always had access to them. Mr. Morley : Until about three months

Mr Upchurch to Assignee : When tho books wero in tins office ho could always see them. Had never been refused access to the books, and it was not in consequence of tho books having been taken away taut ho was unablo to Bee them. . Mr. Morley then handed in tho following Statement :—I commenced business with Mr Upchurch about six years ago, and have carried on with him over since. We have at times made heavy losses, and had difficulty in meeting engagements. We continued to carry on business, hoping work would get better We had been nerved with writs on dishonored bills, eeveral of which were paid. Agreed to disBolve partnership with Mr. Upchi.rch, and Rt last deemed it best to file to protect the estate The immediate cause of filing was an execution being put in by Messrs Ellison and Duncan, and Messrs. Juli and The Assignee said this was not as full as miirht b« desired. Mr Dick: W«U, really, what do you want? You asked Morley to pn pure a Statement, and he did so. There w nothing in the Act to direct him. The Assignee held that it was not a proper statement. At the last meeting it was understood that an nffer should bo made to tho creditors at the next meeting. Mr Dick was very sorry that they were not in a position to make a satisfactory offer to the creditors. There was an uncertainty, and they were not prepared to n-., anything at present, until tho contract for Messrs. Williams and Sons and the N.Z. Insurance Company was completed Ho would suggest that the creditors wan for a short while until that contract was finished : until then it wan almost impossible to get at a satisfactory statement. He felt satisfied that if it was held over, matters would be arranged. Tho partners might come back, ehake bands, and be frauds once more Mr. Lascelles evidently hoped otherwise. There would be nothing lost, ana when the contract was finished something could W- done Mr Lascollcs said Mr. Morley had «s----gured Mr. Guy that when he dissolved partnership ho w«uld be able to pay all his creditors in full, as ho intended obtaining some money for that purpose. That arrangement wuh not carried out. Mr. Upchurch in March last wanted to call a meeting of his creditors, and so save further low, and it was only on Mr. Morley a representations of money having been offered him to pay the creditors that Mr. Upchurch kept on. It was stated in his office that Mr. Napthali intended Mr Dick : I don't know that you should publicity state what occurred secretly in your office. There ia supposed to be secrecy m a lawyer's office. A lengthy discussion then ensued as to the position of the creditors with respect to tie contract. Mr T. Sidey thought it would bo better if they adjourned for a couplo of weeks so that the creditors might understand the position. He understood that live creditors had orders against the contract, and those orders amounted to £500. If those order* wero raid in full, there would be very little left for those creditors who wero not secured in thie way, and by adjourning tor % few weeks the contract would be comphttid, they would find out the position of Uringi and then they oould see that one creditor d«i not receive a preferential claim over anothoi when not entitled to it Tht<ra waa nothing that would prove detrimental to the estate if they adjourned for a fortnight. The whole thing would be settled, nnd they would get a statement as to the available assets for the uueecurea creditors. He moved a resolution accordingly. The motion was carried, and the meeting ndjviurned for three weeks.