MEETING OF CREDITORS.

Marlborough Express, Volume XXX, Issue 249, 24 October 1894, Page 3

MEETING OF CREDITORS.

. ♦ — — A second meeting of creditors m tha estate of R. G. Sadd, farmer, of Grovetown, oonveiled by the Daputy Offioial Assignee at the request of a cumber of creditors representing a value (£294) exoeeding one fourth of the total amount involved, was held m the Courthouse yesterday afternoon for the parpose o! considering the adviiableness of rescinding the resolution of the first meeting,.viz, that the debtor be publtoly et•mined by the Judge, and that the D.O.A. 1 make a searching examination into the debtor's dealings and method of keeping his books, and take legal advioo as to prosecu- , tion. Fifteen creditors were present ; Messrs Sinclair and MoCallum each appeared for ' several creditors. Mr R. W. Dunn, D.O A., presided. . Mr Sinclair asked the Assignee if he had complied with seotion 124 of the Act, re--1 qairing the filing, for' the purposes of the (Supreme Court, of- the resolution of the first , meeting ; and, if be bad, by what prooees , be was going to take the resolution ifi the 1 file. Mr Dunn replied that be had daly filed i the resolution, and thought its withdrawal i quite m accordance with the Aot. MrJlcOaUua), m a ahort address, gave it ac his opinion that the Assignee would be ' only doing his duty m taking the resolution i from the file, and quite m order. By such a proceeding the expense of a useless public [ examination would be avoided ; and, m any case, the Judge would see that the reßoln* ■ tion requiring the examination was obtained i fey a oatoh vote, and ignore it. The motion , of last meeting was purely accidental. ' Mr Sinclair said that it seemed perfectly monstrous that three or four oreditora should swamp fourteen or fifteen as proI posed, even if it was dono by 30s to £1. i With regard to the expense of the examination, it would not amount to more than about three guineas and, while doing good, > would not hinder the distribution of the i estate. In any case, he believed that the , examination would have to take place, , whatever was done m the matter of rescinding, for he had no doubt the Official Assignee m Wellington on receipt of Mr I Dunn's certificate, would rule that the , present proceedings were out of order, and give instructions that the publio examin« ation must take place. > After further discussion Mr R. W. Parker • proposed, and Mr N. T. Friohard seconded, ; that the resolution be resoinded. The motion was carried, 12 creditors 1 with olaims totalling £355 3a 6i voting for it, 1 and four creditors representing £71 1« 3d ; against. [ A division being taken resulted as follows : —For the reseission-^Messn P. 0. 1 Rqsb, H. Campbell, J. Robertson, N. T. i Priohard, R. W. Parker, G. B. Kinsey, 0. ; Bubb. J. Bubb, M. Adam?, H. Towntend, Jae. Davies, and T. B. Rush. Against— ' Messrs P. Maber, T. R. Dodsan, J. H. Redwood, and P.Meehan. Mr Parker also moved that the Assignee, . without incurring any expense chargeable to the estate, make an investigation for the purpose of ascertaining if the bankrupt had oommitted any offence included m the 13?ih Beotion of the Bankruptcy Aot of 1892, and that the estate be reaped and the funds distributed among the creditors as r soon as possible. > Mr J. Bubb seoonded the motion, which , was carried without oppositio n. > In answer to Mr Sinclair, the Assignee ' said that the sale of bankrupt's property I had realised £145 Is 7d, and that the ap« i proved claims, inoluding prefere ntial olaimß, ) amounted to £641. The meeting then terminated.