MEETING OF CREDITORS.

Marlborough Daily Times, Volume X, Issue 314, 17 July 1888, Page 2

MEETING OF CREDITORS.

IN THE ESTATE OF JOSEPH ASTON.

A meeting of creditors in the bankrupt estate of Joseph Aston was held in tho Court house yesterday afternoon. Tho Deputy-Official Assignee (Mr R. D. Nosworty) presided, and there were present: Messrs W. James, C. Williams, F. Birch, Joseph Scott, and A. Aberhart. Mr Groer (representing Messrs Earll aud MTvenzio) put in an appearance towards tho and of the meeting. Mr Williams (to the Deputy-Assignee): You have been a long time declaring a dividend in this estate. Tho Deputy-Assignee: And I think I will bo longer yet. Mr Williams : I thought we wore going to gst a dividend to-day. (Laughter). Tho Chairman then proceeded to explain why the meeting bad been called, Ho said that ho had Ll 3 4s in hand, and the liabilities, consisting of interest to Mrs Nicholson and tho N.Z. Land Mortgage Company, amounted to LlO 13s 9d. He had just received a demand for rate of L2 3s 9d, duo in 14 days to the Omaka Road Board. Ho had therefore called a meeting of creditors to see what lio was to do in the matter, whether he had better hand the property over to the mortgagees. lie had made overy endeavor to sell it, but without avail. The New Zealand Land Mortgage Company had a mortgage of LIOO on the property, and Mrs Nicholson had another of LIOO. The annual rent from the property amounted to L 45, but that would not pay interest and other current oxponses. The interest itself was Ll2, while there were river rates (L2 3s 9d) and insurance (L2 3s 9d) also to pay. At present tho property was without a tenant. Mr Williams : Supposing the property was tenanted all the time, would it pay its way ? The Assignee: No. The annual rental is only Ll 6. Mr Birch : Has no one offered to buy it ?

Tho Deputy-Assignee : No one. M r Passau used to occupy it, and he would gladly hare purchased it, if he had been able to sell bis own place. Mr Birch : What rate is the interest at ?

Tho Assignee: Wo are paying the Land Company 8 per cent, and Mrs Nicholson 10 per cent.

The Assigneo here remarked that if th e creditors had not contested the case against Aston in the Supreme Court, they would have had LIBO to declare a dividend on. Mr Birch : Why was Rogers and Barleyman’s account paid after tho Judge’s ruling that it should bo paid out of the Springland’s estate ? Tho Deputy Assignee : I was forced to pay it. They threatened to sue me for it, and I went to the Registrar of the Supreme Court for advice, and he told me that I could not get out of paying it. Mr Aberhart: Can we go for Aston if ho has got any property ? Tho Deputy Assignee : Oh, no ; he has now got his discharge. No one opposed it.

Mr Aberhart: Then the only thing to be done is to hand the estate over to the mortgagees.

Mr Birch : It is a pity wo did not take the offer of L 175. If we had taken it e would hare been in a better position now. Still, at that time property was of more valuo than it is now. Mr Scott: Had I known of tho offer I would not have refused it. I never heard anything of it until some time afterwards.

Tho Deputy Assignee : I was thinking that if you were to offer a small amount for equity of redemption, you could hold the property yourselves. Property will some day be of greater valuo than it is at present, and you might clear your debt out of it. Mr Williams: lam surprised that a man of your business capacity, Mr Nosworthy, has not succeeded in selling the place. (Laughter.) The Deputy Assignee: I tried very hard. One party, after the •oughly inspecting the place, said, “ will get it cheaper than the mortgagee y t.” Mr Birch thought that the chool being in such close proximity dep .-eciated the valuo of the property. The Deputy Assignee sak ho could have sold tho placo but for that. Mr Scott: I signed a chequ e for Road Board rates for tho property tho other day, Tho Deputy Assignee : unfortunately that was for last year’s rates. Mr Abe r hart then moved, “That the T> e nufy Official Assignee be requested to inform” the mortgagees of the Springlands estate that the creditors’ interest in it is abandoned,”

Tho motion was seconded by Mr James.

Mr Scott then moved, “ That, the balance on hand he given as a donation to chi 110-pital.” (Laughter.) The Deputy assignee : Oh, it will take all the available funds to wind up the estate. (Great laughter.) Mr Aberhart said ho was in hopes that the creditors were going to pet a dividend of at least -5s in the £. If he had thought otherwise he would not have troubled to have attended tho meeting. ’This concluded the business,