M'ALLEN'S INSOLVENCY.

Evening Star, Issue 11697, 1 October 1902, Page 6

M'ALLEN'S INSOLVENCY.

In last night's issue wcwero able to report the greater part of tho proceedings at tho meeting of Michael M* Allen's creditors. The later portion of the debtor's examination by Mr Qallaway produced tho follow* ing answer'si—-At a private meeting!his creditors agreed that be should carry on the Imperial Hotel till December. • He was to pay in cash all current accounts. That arrangement lasted two weeks. Strachan and Lane took possession, and ho bad to sell. He sold to Mr Brennan for £1,839 15s. Tbafc was more than: he paid to go into the house but he had spent £ll7 on the building. Debtor was further subjected to a lengthy eacuninathra by Mr G alia way as to the entries in the books.

Questioned by Mr Findlay, debtor said that he had nothing,of his own when be took the Imperial. He could' not say how much he was behind at the time, nor could ha say whether ho lostf money in the Imperial. If be lost £7OO in the Imperial, he must hare been worse off when he took thnt hotel than he thought he was. Mr Hazlctt moved—''That inasmuch as the bankrupt's explanation is unsatisfactory the Assignee have the books examined, and if necessary employ an accountant, and report to a subsequent meeting." Mr Searle seconded the motion. Mr Macdonald said that tits wording of the resolution was improper. If it had only stated that the Assignee should examine the books and employ an accountant if necessary no one could complain, but to say that the bankrupt's explanations were unsatisfactory was simply ridiculous. In nany of bis answers ho* said he couM not tell from memory, bnt bis books would show the position. In fact, there had been a general reference to his books throughout his examination. To Bay .under these circumstances that his explanations were unsatisfactory was absurd. Neither the examination nor the answers attempted to cover ail the transactions. The resolution apparently stigmatised the bankrupt-before it was ascertained that he was to blame. ■However, if the creditors wanted to paw the resolution in that form they could do so; ho had nothing further to say. This led to a general discussion, in the course of which.several creditors expressed the opinion that the debtor thould have been prepared to answer the questions put. The Chairman thought the motion a proper one, and put it, with the result that it was carried without dissent, this bringing the meeting to an end.