MEETING OF CREDITORS.

Evening Star, Issue 10691, 2 August 1898, Page 2

MEETING OF CREDITORS.

RE W. 11. CORRIGAN. The first meeting of creditors in the estate of William Henry Corrigan, of Dunedin, printer and publisher, was held at the Official Assignee's office this afternoon. Mr T. K. Sidey appeared for Mr A. M. Sidey, Mr Sim for the bankrupt, and Mr Fraser to advise the Assignee. There were in all sixteen creditors present. Bankrupt's statement showed : Unsecured oreditors, £4lB 53 2d; secured oreditors, £1,221 83 41 (less estimated value of secu rities £1,298). Assets, £549 8s 7d ; leaving a surplus of £l3l 3i sd. The assets consis of stock-in-trade, £160; plant, £172 16? lid ; book debts, £152 12a 7d (estimated to produce £140); surplus from securities in hands of secured creditors, £7O lis 81. The principal unsecured creditors are : A. Given, paper merchant, £l6l 8s 8.1; C. Eastabrook, jaweller, £3O; A. Miller and Co., grocers,' £14 12* lOd ; F. Smith and Co., tailors, £9 lis ; Schlaadt Bros., engineers, £l2 7<; Evening Star Conpmy, £9 2i 3d; Barr, Leary, and Co., acctuatants, £l3 17s 61 ; Whitcotnba and Tombs, stationers, £8 8s 4d ; Sooullar and Chisholm, £6 6* 21; F. Jones, £3O ; H. Elridge, £2O The seoured creditors are : Arthur M. Sidey, secured by bill of sale over furniture and second mortgage over plant secured to T. A. Hunter, amount of debt being £263, and estimated value of security £942 (stock) and £335 (furniture); Thomas A. Hunter, secured by bill of sale over plant up to £250, balanco by Sidey's guarantee, amount of debt being £436 7s 4.1; Charles Eistabrook, secured by Sidey's guarantee, amount of debt being £lO2 12i; National Bank, secured by Sidey'a guarantee, amount of debt btitig £373 9*; John Clc-gg, secured by Sidey's guarantee, amount of debt being £25 ; A. Given, Becured by agreement over goods of which Corrigan obtained possession before bankruptcy, amount of debt being £2l, and estimated value of security a similar amount.

Bankrupt put in a statement to the effect that he commenced business in 1888 with Mr Payton in George street, trading then as Paytcn and Corrigan, the dissolution of the said firm taking place in 1894. From that date he had been trading as Corrigm and Co. He attributed hia bankruptcy to the following :—(1) Loss made in connection with the photo • engraving business. (2) Want of capital to carry on business to advantage. He imported an extensive plant, but the expert whose services he obtained proved to be incompetent, and he could not obtain the services of another expert. In consequence he was unable to execute the orders he obtained, and his paper (the 'Sketch') was sjr'ou ly injured. Tne Assignee said that it would seem in i connection with this business that Mr [ Given, who was uufortuuately not present, had a lien over the photo-engraving plant of Mr Corrigan'g, on which lie had made advances to be paid by certain bills. The whole of these bills were not met, and Mr Given had, before the bankruptcy, with the knowledge and concurrence of bankrupt, taken possession of the plant, but from what bankrupt had told him (the Assignee) two of the three bills of £2l each bad been met, so that Mr Given had taken possession cf the plant for the balance of £2l. In addition, to that, he bad taken posaesßion of a large amount of plant which he (the Assignee) understood oonld not be recognised. He held that the property taken possession of belonged to the estate. He had asked Mr Given to give him a full acoount of the matter, and he had replied as follows :—" I find no payment or settlement has been made to me for the photo-engraving and process block plant." He understood that Mr Sidey had also possession of two dynamo jnachines not included in the bill of sale.

Mr T. K. Sidey: Those will be returned, The Assignee said be had not had an opportunity of examining the books, so that he was not in a position to examine the bankrupt just yet. He thought that the principal object of their meeting to-day was to consult as to what was the best mode of realising on the estate. He might mention that recognising the value of property of this kind he authorised Mr Corrigan to carry on the business up to date.

On the motion of Mr Ohisholm it was agreed that Mr Stone be appointed supervisor to act with the Assignee in the disposal of tho estate, and they take immediate stepa for the disposal of same by public tender after arrangements with the respective holders of the bills of ,fiale~for the plant. At this stage Mr W. C. MacGregor appeared on behalf of Mr Given. Mr MacGregor said that, with regard to Mr Givt n's position, he would like to say that what he had done in connection with the plant was done' by arrangement with Mr Corrig&a and with his concurrence. Mr Given intended to keep the plant until he saw the exact position. With regard to the other articles, he was also holding them until he saw the legal position. It was agreed, on the motion of Mr Ghisholm, that the Assignee and Mr Stone be authorised to carry on the business until it was finally disposed of or until the next meeting of creditors.