MEETING OF CREDITORS.

Evening Star, Issue 9123, 2 May 1893, Page 3

MEETING OF CREDITORS.

UK WILLIAMS ANIi M'SII'LLAN,

A meeting of creditors in the estate of "William Williams and Zachariah M'Mullan, of (Irtrii Island, butchers, was held this afternoon, 'there were eight creditors present. Mr Paid, acting-Assignee, presided, and Mr Macdonald appeared for the bankrupts. Debtors' statement showed: Unsecured creditors, £964 10s 3d; secured do, £l*7 9s lid (value of security, £200); estimated deficiency, £514 10s Id. Fanners' Agency Company, £276 8s 3d; N.Z.1,, anil M.A. Company, £4O 10s; Mutual Agencv Company, £139 7s; D. Reid and Co., £l4s 17s lOd ; Stronach Bros, and Morris, £SO; Wright, Stephenson, and Co., £lO lis; R. Anderson and Co., £47; J. Hesvson and Co., £52 16s ; J. Toomev, £2318s ; .1. Ceddes, £4 7s; J. M'Mullan, £72 18s 6d; Mills, Dick, and Co., £1 19s; J. and J. Meek, £35 16s; William Urquhart, £lB 14s; A. Randell, £2 Is 8d ; James M'Mullan, £3B 5s (wages). The secured creditor is Henry Harrasvav. The assets consist of stock-in-trade, estimated at £97 10s ; book debts, £658 8s 2d (estimated to produce £300); surplus from securitv, £52 10s Id ; total, £450 0s Id. Mr Macdonald said that the bankrupts came to him lately about their position, anil he explained to them that lie could see nothing for it but that thev should file. -On former occasions ho had heard reflections made afterwards that there should have been a private meeting of creditors first, so that they might be able to sav whether the bankrupt should file or no.' Therefore he called a private meeting »f creditors, and the question was di.-oussed as to whether the bankrupts should lile. Some creditors thought the meeting sluiuld be adjourned for a week, and that the drhtoi'.-i should attempt to make a composition, hut. others svcivof opinion they should file at once. Attii' a discussion, that resolution was carried, and the bankrupts had accordingly tiled. He also pointed out to the bankrupts that they should endeavor to make un offer, but up to the present all the negotiations had fallen through, and they were therefore unable to make any offer at present. On the motion of Mr Wilson (representing Messrs .1. and T. Meek (of Oamaru), seconded by Mr Todd (N.Z.1,, and M.A. Co.), Mr T, Fergus was appointed supers isor in the estate. Mr Wilson said that on behalf of the linn he lepivt-.ented be would liku tu say that their case svu< a vers hard one. The lloiir svas sold to the. haukiiipt:: about ten ila.ss before it svas known the* were insolvent, and they did not get dehi'-n of it until a week afterwards, so that it sv.i:; realb a fiaud on their part to take delisers, knosving as they did that they svere utl.'ily'insolvent at tin- time. He thought the eieditors, in justice to Messrs Meek, should make tin- claim a preferential one. Mr Macdonald said the bankrupts'explanation was that at the time they svere struggling, and thev thought they might be able to pull through. No actiou svas taken in the matter.

Bankrupt M'Mullan, in his evidence, said lie had been carrying on business at Urecn Island for nine years as a baker and butcher. He had £l3O of his own when he began. The premises were rented, and they paid £26 a year to Mr Samson. Williams joined a year afterwards, putting about £26 into the business. They kept books all the way through, anil the bucks represented all the transactions of the linn. They first found out they were in financial ditliculties about a year ago, but they had not spoken to their creditors about their position. Recently things had got worse, and ultimately thev were sued on a promissory note. Mr Macilonald was then consulted, and ho advised them to tile. He could not say how much they were to the had twelve months ago, but eighteen months ago they were square. In the last year witness had drawn out of the business about £4O for his own use. A year ago there were as manv book debts out as there were at present. On the motion of Mr Todd, seconded by Mr YVil.-oii. it was agreed -'■ That the realisation of the estate lie left in the hands of the Assignee and the supervisor, and that in the meantime the books lie thoroughly examined by an accountant."

: It was also resolved —''That the bakery business he kept open for a fortnight to give the hiujkrupts or anyone else an opportunity of I'liying it fts'ji going'concern. ' The/matter of allowance to the bankrupts was left to the Assignee and the supervisor.