MEETING OF MR. J.J. BEATTY'S CREDITORS

Evening Post, Volume XVII, Issue 382, 31 March 1879, Page 3

MEETING OF MR. J. J. BEATTY'S CREDITORS

Mr. Beatty's creditors met by his request at the Star Hotel on Saturday afternoon. Mr. Mountain wat voted to tbe chair. Mr. Forwood, Mr. Beatty's solicitor, said that the meeting was originally called with a view to asking the creditors to assent to a deed of assignment of Mr. Beatty's estate to Mr. F. A. Krull and M;r. J. Ames, for the benefit of bis creditors. But it had been intimated to him that for a technical and purely legal reason this deed would not be assented to, and Mr Beatty was therefore quite prepared, if it were for the benefit of his creditors, tofilehisschedule within 48 working hours. The deed made over the whole of Mr. Beatty's property to his creditors, with the exception of some small interest* in freehold and leasehold properties, lii-i engagements in regard to which he bad not been able to complete, but he was fully prepared to make these interests over to his creditors if they wished it. He had contracted for certain purchases, but he h»d»not been able to fulfil the conditions. These comprised tWO sections at Towkesbury, valued at £44 11s 9d, one-tenth of nine sections at Kew, put down at £21 7s 6d, and two cottages at Clyde Quay, mortgaged, Mr. Beatty's interest being calculated at £60, or a total of £185. Mr. Forwood added that Mr. Beatty wished emphatically to contradict statements which had been pro-, molgated to the effect tbat he had made away with his property, and was about to leave the

oolosy. He had prepared a statement showing every penny he had received or paid away since he had entered into possession of the hotol; and the best answer to the second assertion was that be was ready to file his schedule and render every assistance to bis creditors, although, like any other man, he would prefer to arrange matters without going through the Bankruptcy Court. When he entered into tbe hotel he had £383 in cash; £200 borrowed 1 from Mr. Krull, which bad been repaid; £200 from the Union Bank, also repaid ; £?OQ from the National Bank, repaid; and £100 from Mr. Staples, wh'.ch bad unfortunately not been repaid. Mr. Travers, who acted for Mr. Krull and other creditors, said he had consulted with Mr. Edwards and Mr. Forwood, and they bad come to the conclusion that it would be better for the creditors not to assent to the deed of assignment. He did not wish to insinuate anything in the slightest degree dixcreditable to Mr. Beatty, for he bad evidently made toe assignment in perfect good faith, thinking it was the best thing he could do for his creditors; but there were reasons why the deed should not be declared completely executed. The«e reasons were of a purely legal character. It was just possible that if the deed were completed the landlords, Messrs. Johnston, might be able to seize upon the only really valuable asset —the lease of the hotel —and even if this were not so tbe estate would be greatly reduced by costly and protracted legal disputes. There would be no difficulty whatever if Mr. Beatty filed his schedule in the Bankruptcy Court. , Mr. Edwards agreed with Mr. Travers. After some discussion, it was resolved, on the motion of Mr. Stoele, seconded by Mr. M'Dowell, " That In order to avoid legal complications arising out of the proposed deed of arrangement, the deed be not assented to, and that Mr. Beatty be requested forthwith to file a declaration of insolvency." Mr. Joseph Ames was requested to continue to conduct the hotel, as he bad done since Mr. catty assigned his estate, and the meeting len adjourned. Tho statement of accounts %*jyjy Mr ' B«att?» estimated his liabilities at £1166 secured, and £2500 unsecured, making a total of £3666; and his assets at £3824 Since he had been In the hotel he had received i* £l 2 aWBy W 'th the cxce P"