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MEETINGS OF CREDITORS.

FOURTH EDITION. Published at 5.30 p.m.

A meeting of creditors in the estate of Ross Brothers, restaurant keepers, of Dunedib, was held at the office of the Official Assignee this afternoon, and attended by abouf a dozen creditors. Mr .7. Wilkinson appeared for the bankrupts, of whom ODly ond—Mr X). Ross —attended. The bankrupts' statement was as follows : —Unsecured creditors, L62114s 7d. Assets:

Book debts, L6O (estimated to produce L 40); furniture and effects, L4O; total assets, L 80; deficiency, L 541 14s 7d. The creditors are—W. Patrick, L 72 15s 6d ;W. I Gregg and Co., L 65; Lomas and Frazer, L 26 17s lOd; Moritzon and Hopkins, L 22 19s 5d ; T. Paterson and Co., Lls 17s sd; A. Melville, Ll3 9s 10d; King Lee, Ll3 14s 2d ; D. H. Johnstone (Wingatui), Ll2 lis 3d ; Dunedin Corporation, Ll2 14s 5d ; James M'Pie, Ll2 Is 3d ; A. Durie and Co., L 7 18s 2d; Evening Star, LS 19s 3d; Clarke, L 9 Ob 6d: Mollison, Duthie, and Co., L 6 4s; J. Samson and Co., L 4 9s 3d; 'Otago Daily Tinva,' 1.4 10a ; Bennett and Son, L 3 lis fid: Mollison, Mills, and Co., 1,3 IPs Id; .Mercer I'.ros., I.!J 111 KM; 'i'ress' Company (Christehurch), Li!; 'Oaniaru M;iit,' L'..'; lM'Guvin, M'GvtHjor, and Smith. I•'■'■'< - r »; , Campbell and Livingstone, L 25 19.-: 7d ; Speight and Co., L2l 15s; Bennett and Son, Lls(isGd ; T. Low and Co., 11l 8s 2d; Dunedin Brewery Company, L 7 ; P.' Hayman and Co., LC 5s ; T. Keates, L 6 2s 6d ; M. Joel, L 3 15s ; Mrs C. J. Ross (widow), Lll6 ; F. Loudin (Wellington), L 5 2s Id ; W. G. Neill, L 10; Melbourne 'Argus,' L2l; and sixteen other creditors for small amounts.

Mr Wilkinson said that there had been two or three meetings of the creditors, who were aware of the position of the bankrupts as well as himself. Bankrupts had been in the grocery business before taking up the Coffee Palace business, and there bad been debts then owing to the extent of L3OO. The ledger containing particulars of those debts had unfortunately been lost. Subsequently the bankrupts resolved to file, but they were advised by several creditors not to do bo. The business had been offered to several gentlemen, but they had declined to make any offer. Mrs Ross subsequently was connected with the proposed purchase, but when bankrupts were turned out she came iu simply as dn outsider ; the creditors had an equal show of acquiring the business, but declined to purchase. There were several calls made upon the bankrupts by Mr Hudson for rent, which was not paid, the bankrupts not possessing sufficient money to meet Mr Hudson's demands.

Mr Jago said that not the slightest reason was given for the bankrupts as to why their promise to pay 5s in the £ had not been carried out. The fact of the matter was that arrangements had been spun Out to such a length as to suit the bankrupt. Why had bankrupt paid bailment to the extent of LIOO to Mr Hudson after he was advised by the creditors to file ? Bankrupt: Mr Gregg told me to do so. One of the creditors making a remark re fraudulent preference, Mr Jago said that he considered it was a fraudulent preference to pay LIOO after bankrupt had made an offer to other creditors to pay 5s in the £. The Assignee said he did not think it could be called a fraudulent preference, because it went further back than the Act provided. Mr Jago thought it was a question whether a man who had engaged to pay 5s in the £ was making a fraudulent preference by paying £IOO to another after making that engagement, yet not within the stipulated time of the provisions of the Act. As to Mr Hudson, he had taken possession. The bankrupt was too wide awake for most of them.

The Bankrupt, in answer to Mr Jago, denied that he had taken money and paid it into skating rinks. He hud not paid a penny—there was no money in the business to be taken.

Mr Frazer said that bankrupt had come to him—and for that matter to several others—and told him that Mr Clarke, a creditor, had refused to sign a schedule whereby they were to receive 5s in the £ —2s Gd then and 2s 6d later on. They managed to obtain Mr Clarke's signature, yet bankrupt paid a composition or LlO to M'Gavin, M'Gregor, and Smith without obtaining the slightest word of consent from tho other creditors; whereas he had withheld from paying the other creditors 2s 6d even without first obtaining the signatures of the whole of the creditors. A Creditor: M'Gavin was not one of the soft creditors—that was why.

Bankrupt in his statement said that after the firßt meeting of creditors he had paid Mr Hudson LIOO as instalments on bailment of the Coffee Palace furniture. Mr Hudson had demanded the money, and after telling Mr Gregg, the latter advised bankrupt to pay the money to Hudson. He had offered 10a in the £ at the first meeting, but he was unable to carry that agreement out. The money paid to M'Gavin had been borrowed from Mr George Brown, of Dunedin. —To Mr Jago : He had a discharge from M'Gavin, but did not have it with him. Mr Moriteon requested that bankrupts be ordered to produce the schedule which the creditors had all signed. He had called at Mr Ross's house for it, but the bankrupt had not produced it. Regarding the book debts Mr Frazer said that twelve months ago they were stated to amount to L3OO. About L 7 had been collected since then ; where, then, was tho difference ? The money of the creditors had been frittered awuy, aud tho statements of bankrupt regarding the book debts were deliberate lies.

Mr Wilkinson explained that the amount stated was only an aggregate Mr Frazer: Oh, don't apologise for him. Then, further, if at one time he promised to pay 2s Od at once to the creditors where could he get the money 1 Bankrupt: I could have borrowed it from others. I found that I would not be able to pay the peraonß back, and so I decided to file.

Bankrupt later on said that he was at present employed as steward at the Otago Club at a salary of L 3 per week. His brother was employed at the D.I.C. The Assignee thought that an order should be petitioned for to compel bankrupts to set aside a sum weekly for payment of creditors. In themeantimehe would have to collect all available books, and produce same at a further meeting, which would be held next Monday, The meeting then terminated.

Professor Wallace, on arriving at Adelaide, was compelled to pay duty on his Freemason's apron.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/ESD18890624.2.26

Bibliographic details

MEETINGS OF CREDITORS., Issue 7941, 24 June 1889

Word Count
1,145

MEETINGS OF CREDITORS. Issue 7941, 24 June 1889

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