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MEETING OF CREDITORS., Issue 7942, 25 June 1889
MEETING OF CREDITORS.
UK L'KOCTOUS, .JONES, AND CO. The adjourned meeting in this estate was held yesterday afternoon. About thirtyfive creditors were present or represented. M r Solomon appeared to advise the Assignee; Mr Sim for the debtors and as proxy for Mrs Jones.
A protest was read from Messrs Allen and Co., of Timaru, against the debtors’ oiler for the assets being accepted. The Assignee said that there had been a modification of the debtors’ offer, which now read as follows “ Referring to our offer of LfiJoO (whicli we now claim) we beg to say that, in deference to the wishes of yourself and supervisors, we have only this moment, and after much effort, been able to arrange to obtain the cash at a rebate of 8 per cent, (at the rate of 8 per cent, per annum) being allowed.”
The Assignee and supervisors presented their report, which was to the effect that they thought the fair value of the estate was L 7,10!), The chief elements of uncertainty were in the book debts (LI,410), which, however, Mr Roith considered would realise that sum, the gross amount being over Lil,ooo, and the private properties fL4OO), which might take a little time to realise. If Mrs Jones’s claim were pressed and had to be allowed, it would increase the net claims on the proceeds by at least L7OO by the payment of additional dividends to that amount, but it was not absolutely certain that the whole of that amount could be claimed. The supervisors considered the offer of L 5.750, even with these contingencies, insufficient, and believed that more could be realised by the ordinary process of liquidation through the Court. The total valuation (including the private estates) was set down at L 7,109 5s !lcl, Mr H. S. Jones (P. Dayman and Co.) asked if the Assignee had any idea of what the amount offered would pay. The Assignee said there was a contingent liability to the bank, and its proof, as it was in his possession now, was at L 5,000. His own opinion was that there would be LB,OOO to add to that, which would bring the total claims np to between L 25.000 and L 26,000. He thought that not more than 4s in the pound would be paid.
Mr H, S. Jones : Does that include Mrs Jones's claim '!
The Assignee said he understood that if this offer were accepted Mrs Jones’s claim would not be pressed. If it was not accepted it was likely she would claim. Mr J, M. Jones (debtor) being questioned on the subject, said that if the offer were not accepted Mrs Jones would require to prove, in order to pay some amounts that were owing.
Mr H. S, Jones moved that, subject to Mrs Jones not proving, the offer be accepted, Mr Gregg seconded the motion, and in doing so remarked that if the offer were not accepted, the dividend would probably dwindle down to half a crown. Mr P. C. Neill moved that the offer be not accepted, but the Assignee pointed out that the better plan would be to simply vote against the motion. Mr 1). M. Spedding said that deference ought to be given to the report brought up by the supervisors, and a large amount of sympathy should bo given to the insolvents, as theirs was a peculiar case. They had put as much money in the business as, in their misfortunes, they had lost for other people. They had put into the business from L 9.000 to L 12,000, and must have struggled hard to get that money. Taking into consideration the offer which had been made, and the L7OO which Mrs Jones said she would forego should the offer be accepted, the total came up to L 6,000, and the difference between that and the supervisors’ valuation was only a few hundreds of Sounds. He had looked over the assets, and e believed that if the whole estate were put up to tender no firm would offer more than from L 4,200 to 1.4,500 for it. Mr Beal pointed out that the debtors themselves said that they had lost LI 7.000 during the time they were in business. That was just the amount they were deficient today to their creditors. In making inquiries into the estate he found that moneys had been received which were not at the time accounted for. He was making further investigation into this matter. Ho had no objection to the goods being handed over to the debtors, but he had an ob-
j action to the book debts being given to them.
Mr J. M, Jones (debtor) said that Mr Beal was mistaken in saying that moneys had not been accounted for.. All moneys received could be shown. Ho denied that his firm had ever opposed the bank’s interest ; their object had been to do all they possibly could for the bank. Mr Beal said that he believed more could be got out of the book debts than was stated.
The Assignee said he had relied largely on Mr Keith when going over the book debts. Mr Reith stated at first that L 1,500 would bo recovered, but had since discovered two items which really belonged to the bank.
Mr G. L. Denniston said the supervisors would have recommended the acceptance of the offer as it stood if the bank had stated definitely what their claim was. Mr Beal said that some time ago Mr Proctor went Home to look after a legacy which the bank thought would be valuable. He did not arrive in time, and L 19.000 was settled on his sou. When he returned from England, he stated that L 40.000 was to be left with Mrs Jones, He (Mr Beal) did not want the creditors to be unsympathetic in the matter, but he would like them to know where they were placing their sympathy. Mr J. M. Jones: It is a thing I know nothing about. Mr Beal; It was Mr Proctor that I was speaking of. The Assignee then proceeded to put the motion, and there voted for it twenty-one creditors representing L 5.732, and against it eight creditors representing LI 1,1 GO. The motion was therefore lost by value. Mr Denniston mentioned, as showing that the supervisors were anxious to meet the debtors in any possible way, that it was suggested to them by the Assignee that jf they could see their way to increase their offer to LG,OOO net he (the Assignee) thought it would be accepted. Mr J. Mill said that after hearing there was so much money in the family he would be inclined to move—“ That the bankrupts bo allowed three days to make an offer of LG,OOO cash for the estate, which the supervisors are authorised to accept, Mrs Jones not to prove.” Mr Gregg seconded the motion, which was carried unanimously. It was also agreed that the furniture of Mr P. Proctor to the value of L 221 and of Mr Jones to the value of L 241 be granted, so far as the joint creditors are concerned, to the bankrupts, and subject to arrangements with the separate creditors ; and that ten guineas be paid to Messrs Davie and Jones for investigation before bankruptcy. The meeting was adjourned sine die,
MEETING OF CREDITORS., Issue 7942, 25 June 1889
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