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G. ESTHER'S CREDITORS.

r—• ——- . ... DEBTOR OFFERS TO FAT 20« IN THE £. " EKCOMMENDEDFOB DISCHARGE. At the meeting of creditors in the estate of George Esther, financial «g<mt, yesterday afternoon, The Assignee (Mr Fisher) said that Mr Esther had showed him a copy of the will according to which the estate had been left by the late Mrs Esther to her children, with a life interest to Air Esther and Absolute power to deal with it. If any of. the creditors had any questions to put he would swear the debtor. Examined on oath, debtor said, in reply to Air Bundle,' that he had no funds beyond the £15,000. Me wua carrying on i with the assistance of his brother, and the truet funds, and the Commercial Property Company, and the bank. Practically he was carrying on as trustee. He etarted with the Union Rank about three years ago. Prior to that he dealt with the Bank of Aunt ralasia. The reason for the change was tliat he did not get on with the new manager of the Bank of Australasia. The Union Bank promised to give him £7,500 to start, and ho handed them over the children’s estate, and his brother became security. The bank account now stood at £4,200. The properties held by the hank were valued at £3,746. He did cot think that be stated recently that his own eecurities to the bank were double the amount of the overdraft. The bank held a good many .old bilk that were practically valueless. He thought he owed the Commercial Property Company about £3OO, for which they held a life policy, not on his own life; and they held good bills to the amount of about £2,300, covering a like sum. the total debt being £2,600. He had no assets Given time, every liability would be settled. He had not the slightest doubt that if be had a free hand everything would be paid inside of two years, except, perhaps, the Commercial. The land at Rock and Pillar was put into Mr D. B. EM hers hands alxmt six months ago. It was an absolute transfer—a mere fleabite compared with what he owed Air D. B. I Esther. He continued to manage the Rock I and PUlar property. Unfortunately the I Charitable Aid Board stepped in and took ! the place, and so far as he could see’ noj thing would come out of it. The Rock j and Pillar debts were his own. He rented j ‘.he property from his brother after transferring it. The rent was to be whatever ! could be paid, hut the Charitable Aid * Board’s intervention pine an cud to any i prospect so far ns he could see. j Air Bundle : Is your life msuied ?

Bankrupt : Acs. to the extent of about £1,600. ’1 here were other policies borrowed up to their surrender value. He had taken them as security for advances. Air IVoodiiouse: Practically the trust estate is about £2.000 or £3,000 to the bad. Bankrupt ; Yes. The life interest in that was worth nothing unless he could riay up the premiums. Air F. Z. .Moore said he was. sure that Mr Esther felt his position keenly. Air Esther had been fifty years in Dunedin, and had always paid his way, besides pulling many a man out of a hole. His offer was a generous one, and he hoped it would hr accomplished. He had met very few men who would come before their creditors and say they would pay 20s in the £. Bankrupt said he fully believed he would pay 20s in the £ in perhaps over two years’ time. He would pledge himself to pay 2s in the £ before the end of this year, and next year he would pay so much every- three months. Air Al'Farlane thought that Air Esther should lie given time to pay up. Mr Moore said that he could not move himself, as his client had not proved. Perhaps snmcboiy cine would move. .MrMoodhou.se; What motion would yon have—that the creditor's awept 20s in the £.—(Laughter.) Mr M'Fari ine : If he is going to pay us 20s in the £ he will not want his discharge till he do:-.-. Debtor : I came here in the hope of get ting my discharge. It is purely a question of honor. Mr Al'Farlane moved that the debtor be recommended for immediate discharge. Mr Bundle thought ihc meeting was going too fast. It should lx> adjourned to give the Assignee an opportunity of looking into the e.-iatc. Many things had come out already. Mr Wood mu sc ; I think it advisable to adjourn. .Mr Moore said that the offer was made publicly, and Mr Esther would no doubt stick to it. If he did not, the public would know what to think of him. It was the hist time that he (Mr Moore) had ever heard such an offer a- 20s in the £. Mr VTcodhousi’ ; I have hoard it before, hut I have never .seen it paid. Mr Bundle .-ai l that he would prefer 10s cash. Mr John Watson seconded the motion. The morion being put. several ereditous cried '' A cs," and Mr Bundle said “No.” Mr Woodhouse remarked that the Commcivia! (.'ompauy could not vote, as they had nut proved. The Assignee declared the motion carried b’ - value.

Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/ESD19090720.2.8

Bibliographic details

Evening Star, Issue 14116, 20 July 1909, Page 3

Word Count
885

G. ESTHER'S CREDITORS. Evening Star, Issue 14116, 20 July 1909, Page 3

G. ESTHER'S CREDITORS. Evening Star, Issue 14116, 20 July 1909, Page 3

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