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MEETINGS OF CREDITORS., Issue 8023, 27 September 1889
MEETINGS OF CREDITORS.
RE WILLIAM LANE,
The first meeting of creditors in the estate of William Lane, cordial manufacturer, of Dunedin, Oatnaru, and Timaru, was held at the Official Assignee's of lice this morning, and was attended by about twenty gentlemen.
The debtor's statement shows that he owes L 4.835 9a Id to unsecured creditors ; and to secured creditors L 2,067 lCs lid, less LI.SOI, being the estimated value of securities. The total debts, therefore, amount to L 5.102 6s. The assets are: Stock-in-trade at Dunedio, Timaru, and Oamaru, estimated at LI, 100; book debts (L 1.668) estimated to produce LI, 112 0a Id ; cash in hand, L 44 14s 7d ; furniture, Ll2O —total assets, L 2.376 14s Bd. Deficiency, L 2.725 lis 4d. The secured creditors are:—House and land in Maolaggan street, LI ,409 3a, mortgaged to Bank of New Zealand for debt of L 1.200; house and land at Kensington, L 504 13s lid, mortgaged to Edmund Smith, Dunedin Savings Bank, for debt of L 475; land at Invercargill, LlO3, mortgaged to Fulton, Stanley, and Co., for debt of L 75; house and lands at Tapanui, Lsl, deeds | held by Dunedin and Finance Company for debt to that amount.
The principal unsecured creditors are : Speight and Co., L6O ; J. Watkins, wages as accountant, L 6 2; J, Sibbald, Caversham, LI ,004; J. P. Lane, wages and cash, L 373; W. E. Lane, wages, L 152; J. Saunders, L2O; Neill and Co., Llll ; George Esther, LIOO ; Penfold and Co., Adelaide, LlO3 ; J. H. Harrison and Co., Melbourne, L 25; Corporation of Dunedin, L2O; Langton, Clark, and Co., Melbourne, L 26; Haggitt Bros, and Brent, L 52; Pergusson and Mitchell, L 33; Kempthorne, Prosser, and C0.,L129; J. Fleming, L 22; Tapper and Co., L2l; C. S. Reeves, L 1.458; J. Wright, L2O; R. Wilson and Co., L 73; J. Spiers, Oamaru, L3l; F. H. Townsend, Oamaru, L2O; J. and T. Meek, Oamaru, L2O. The Assignee said that, as usual in such cases, he had kept the several businesses going. He had sent Mr Lane, jun., to Timaru; had instructed his deputy at Oamaru with regard to the Oamaru business ; and had placed Mr Watkins in charge in Dunedin. Some small amount had been expended in the purchase of material to keep the business going. He did not know whether it was necessary to examine the bankrupt at this stage, or whether the creditors would proceed first of all to transact any business in connection with the estate. They all knew tolerably well the causes of the bankruptcy, and he need not enter on [them now. The questions to be considered were: Firstly, the appointment of supervisors; secondly, what was to be done with regard to the bankrupt's furniture; and thirdly, what allowance, if any, was to be made to the bankrupt. Possibly it would be as well to deal with these questions first, and to subsequently proceed with the bankrupt's examination if the creditors desired it.
lion. W. H. Reynolds said that as Mr John Sibbald and Mr C. S. Reeves were the two largest creditors—seeing that in fact they were creditors to more than half the liabilities—they should be appointed supervisors. It would be to their interest to get as much out of the estate as they possibly oould.
The Assignee: At the rerauneratioii allowed by the Act—2s per cent, on the first LI.OOO, and 2 per cent, for the second thousand ? Hon. Mr Reynolds: Unless they would undertake it for nothing, The Assignee: How say you, gentlemen ? The laborer is worthy of his hire, After discussion Mr Reynolds moved, Mr Kempthorne seconded, and it was oarried unanimously:—" That Mr John Sibbald and Mr C. S. Reeves be appointed supervisors at the remuneration of 1£ per cent, on the amount realised." Mr George Esther suggested that before propeeding further it would be as well to ascertain whether the bankrupt had any offer to make. The Assignee said he understood there was to be no offer. The Bankrupt said he thought he could make a small offer—say 2s 6d in the £. Mr T. W. Kempthorne thought that no offer of less than 10s in the £ should be entertained.
The Assignee : The estate certainly looks better than 2s 6d in the £.
Hon. Mr Reynolds suggested that the supervisors should be allowed to go fully into the estate before the question of the disposal of the furniture was determined. Mr Kempthorne thought that it was usual in such cases to grant the bankrupt his furniture, and moved—" That the furniture to the value of L 172 be granted to the bankrupt on condition of its being conveyed to, his wife." This was seconded by Mr Greenslade and unanimously agreed to. The Assignee: Now, gentlemen, comes, the question of the bankrupt's allowance. Mr Watkins is being allowed 14 per week as manager of the Dunedin business; the bankrupt's son is receiving L3los for attending to the manufacturing part of the business; there is a son at Timaru, and a, manager at Oamam; and these have all got to
be paid out of the estate so long as we keep the business going. However, the bankrupt has to leave, and it is a question for you to say how much you will allow him and for how long. It is usual to allow for four or five weeks.
Mr Esther moved, and Mr J. Fleming seconded—"That the bankrupt be allowed L 5 per week for four weeks."—Carried. Mr Reeves, as one who understood the bankrupt's business, recommended that the three businesses be continued as going concerns, and that tenders be separately called for the goodwill of each—the plant, machinery, and stock to be taken at valuation. He had no doubt that purchasers would be found.
I The Assignee: That meets my approval, gentlemen, and will probably be the course followed. Ido not see that we can do anything else. Hon. Mr Reynolds: Unless the debtor is prepared to make a satisfactory offer. The Assignee: If we have an offer that is at all likely to be acceptable the creditors will be called together at once. Hon, Mr Reynolds said he had inquired a good deal about the business lately on Mr Sibbald's behalf, and he thought it wonld be a great mistake not to carry it on. He was satisfied that during Exhibition time the aerated water manufactories in Dunedin would be unable to supply the demand. Messrs Reeves and Reynolds expressed the opinion that if the estate were properly realised it would yield more than 10s in the£. ' ■' :
The Assignee said it was a matter of hardship to creditors generally,' and the fact should be publicly known, that a very slight attachment carried" to the mortgagee, any machines or property of that even a screw or a nail was a sufficient attachment.
Mr Esther moved, and Mr Hunter seconded—"That the Assignee be requested to realise by tender or otherwise as quickly as possible." This was unanimously agreed to.
Mr Esther did not think there was any need for the bankrupt to be examined publicly by the Assignee. They all knew the cause of his failure.
Hon. Mr Reynolds agreed with the last speaker. Mr Lane would have been able to pay 20s in the £ but for a judgment recently obtained acainst him at the instance of Mr Reeves. The sum of L 1.400 was not easily made up, and that judgment was the cause of his failure.
The meeting then adjourned sine die, RE J. CALDER AND W. M'tAREN.
I A ireetiag in the estate of John Calder I and William M'Laren, of Caversham, contractors, was held this afternoon. Calder's statement was as follows : Liabilities to unsecured creditors, L 66 10s ; assets, tools of trade, L2 ;—deficiency, L 64 10a. The creditors are—James L3l; Thomson, Bridger, and Co., Ll7 ; R. Wyper, L 6; Bennett (carpenter), L 10: George Hutchings, L2 10s. A further asaet is debtor's third interest in the Caversham property, value unknown. M'Laren's statement showed similar liabilities, and assets amounting to L 4 10s (furniture LI 10s, tools of trade L 3), the deficiency being L 62. The Assignee said that he bad taken the evidence of Calder, who had asked that he might not be called upon to leave bis work
to attend the meeting. M'Laren hadalso begged off, his father having died last night. But as a matter of fact nothing turned on anything the bankrupts might say, but upon two points into which he and Mr Sim (who was acting for some of the parties concerned) were inquiriug. The position, then, was that the evidence was not complete, and possibly the best thing to do would be to adjourn. Air J. F. M. Fraser remarked that in the evidence given on the petitiou on which adjudication had been granted it was stated that Thomson, Bridger, and Co. had got payment of a sum of LBO or L9O after the levy of distress which constituted the act of bankruptcy. It seemed to him that they were grasping at the shadow and missing the substance in going for L 26 and missing the larger sum. The Assignee said that if this payment was made after the act of bankruptcy, the bankruptcy would have relation back to that date, and tho money paid would be clearly claimable by him. He would inquire into the matter. His difficulty at present was as to how funds were to be provided for continuing his inquiries. Mr Fraser remarked that if this sum were handed over the Assignee would have LBO or L9O with which to carry on the war. The creditors present agreed to guarantee the necessary expenses incurred by the Assignee, and The meeting was adjourned until the Bth of October.
MEETINGS OF CREDITORS., Issue 8023, 27 September 1889
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