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RE 0. RACEY. A meeting of creditors in the estate of Charles Paeey, hotelkeeper, of Tapanui, was held at the Assignee’s office this morning, there being present Messrs J. D. Feraud, J. Eekdale (as representing Strachan’s executors), W. G. Neill, G. R. Weir, J. R. Kofoed, and T. Culling (R. Wilson aud Co.) The debtor was represented by his solicitor, Mr W. Sinclair, of Tapanui. The statement was as follows : Liabilities to unsecured creditors, L2S3 6s. Assets: Stock-in-trade, as per valuation taken on June 4, L 395 ; book debts, L2O; furniture, LIo ; total, L 430. Surplus, LI4G 14s. Tho chief creditors were—W. G. Neill, L 100; Thomson and Co., L 18; Lane and Co., LIS; M'Gavin and Co., Li 3 10s; W. Strachan, Ll3 10s ; James Mair (Tapanui), L18;T. Quaylc (Tapanui), L‘2o ; Norman M Ritchie (Tapanui), Ll2 ; John M'Leod (Tapanui), Ll2; Duncan Robertson (Tapanui), Ll6; W. Sitnmonds (Tapanui), Ll3; Jacob Bellamy (Tapanui), Ll3. The debt to the National Bank of Now Zealand was entered as “ not ascertained.”

The Assignee said that unfortunately the assets had gone from their gaze. The circumstances were briefly these: The National Bank held a hill of sale, which was assigned to them from Messrs Strachan and Neill to cover certain bills. Just a day before the bankruptcy a valuation was obtained, and the amount of the valuation—some L39s—was paid by the purchaser of the assets into the hank to the credit of Paeey, and the hank claimed to put that amount against the liability. The bill of sale had not been renewed for five years. It was dated February, 1884. The assignment of a later date was, however, registered, aud it was claimed by the hank that that was equivalent to a registration of the deed. It was also claimed that as the goods were not in possession of the bankrupt at the time of his filing the non-registration did not affect the matter. It certainly did not enable him (the Assignee) to recover the money directly. But there were some other poiuts into which inquiry should he made, and he was asked to call the meeting in Tapanui, but seeing that there were so many creditors in Dunedin he had thought it better to call them together in the first place, and then ad journ to Tapanui in order to get further evidence there. In the meantime all the assets that he could discover were some book debts, amounting to L 273, some of which might be recovered, but at the utmost Mr Sinclair thought they were not worth more than L2O. Then there was some furniture in the cottage, of which possession had been taken by Mr Quin on his (the Assignee’s) behalf; hut Mrs Paeey had put in a claim to the greater portion of that. All these things required to be investigated, and he (the Assignee) would have to go up to Tapanui to examine the bankrupt, who had no means to come down.

In answer to questions, Mr Sinclair said that he did not comedown to the meeting at debtor’s expense ; he was in town on other business. Tire amount of the valuation had disappointed the debtor ; he had expected it would come to a couple of hundred or more. He (Mr Sinclair) did not, think any properly-kept hooks would be forthcoming. After discussion it was resolved on the suggestion of the Assignee—“ That the Assignee and Mr W, G. Neill he requested to interview tho National Bank anrl endeavor to arrive at some compromise,” and the meeting was adjourned to Tapanui at 4 p.m. on Thursday.

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Bibliographic details

MEETING OF CREDITORS., Issue 7930, 11 June 1889

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MEETING OF CREDITORS. Issue 7930, 11 June 1889

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