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CREDITORS' MEETING.

The first meeting of creditors in the estate of T. Morrin, bankrupt, was held at Auckland yesterday. The statement of the debtor was read, and the following extract shows his position :—" Up to the year 1882 I carried on business in Auckland as merchant and ironmonger in partnership with my brother. A company (T. H. Morrin and Co.) was then formed, in which I was a very large shareholder. My shares were, however, charged with a loss liability, to make good any loss sustained by the company through nonpayment of debts due by the firm of T. and S. Morrin and transferred to the company. A large deficit resulted under this head in consequence of the depression having severely affected several large accounts, and larger sums were charged to my account with the company. My shares were realised, and on the whole of my transaction with the company I stand a debtor to the extent of L 13.196 12s lid. From the establishment cf tha company till December last, when I resigned, I was managing director, and during that timo I was not in businoss on my own account. At the time of the formation of the company I had large intorosts in landed property in the Waikato and in Wellington province, on which I expended largo sums in improvements which proved cntiroly unremunerativc, and about two and a-half years ago myself and partners assigned the wholo of the properties to the mortgagees, My liabilities, including the debts of L 13,196 1 Is lld to tho company, amount to L 17,334 103 4d. The unsecured assets aro: Land, shipping, industrial, and mining nharos, valued at L 1,605; other property, LlO5 ; total, L 1,710. There are also some mortgage properties to the valuo of L 2.000, but no cquitios aro likely to result therefrom." The meeting was adjourned till tho 12th inst.

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https://paperspast.natlib.govt.nz/newspapers/ESD18890704.2.10

Bibliographic details

CREDITORS' MEETING., Issue 7950, 4 July 1889

Word Count
313

CREDITORS' MEETING. Issue 7950, 4 July 1889

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