BANKRUPTCY.

New Zealand Herald, Volume XXIII, Issue 7647, 26 May 1886, Page 7

BANKRUPTCY.

MEKTiNe of Creditors. A mretino of creditors in the «»tate of William Laing Malcolmson was to have been held yesterday, but stands farther adjourned until Friday afternoon. The following ii a copy of a letter sent by the debtor to tho Official soignee in order that it might be submitted to the meeting :— May 24, 1836.—John Laweon, Esq.. Official Assignee in, Bankruptcy: Sir,— Since the last raeoting of my creditor* I have now to make tho following statement, which I shall feel obliged by your bringing before the notice of my creditors at their next moot in?, to be held in yoar office on the 25th instant. The statement which 1 have to make Is an follows :— Prior to my bankruptcy it was distinctly understood that it wits »t thu wish of my Urgcst creditors that I should file my schedule in your Court with the intention of havinp my bankruptcy immediately annulled at their first meeting, and to pass certalnjresoluttons, so as to compel one of my creditors, who refused to give me time, to join them in granting me Die time asked for. My c intention being, owing to the depressed state of the property-market, if- tima \r«ro given me to enable me to realise upon my properties that I should be aLilo to pay the whole of my croditors in full, but one of ray creditors, Mr. Samuel Jackson., junr., solicitor, shortly before the moeting of my creditors, had ovidently so niasjed some of them with respect to the validity of certain declarations of trust which I had made in favour of Dr. Richardson in February last, as trustee for my wife, on certain moneys I had invested for her, being the proceeds on ■ the sale of some of her property in London, that niy offer made at that time of 2'Js wag not accepted. This being so, and in consequence my not being; able to resume biuincsi again, as I fully anticipated, owln.f to the delay which ban taken place from time to time in testing tho validity of the deeds referred to, a step which could easily have been determined without the publicity which has been given to my bffalrs had my bankruptcy been annulled. Seeing I have from tho llrst been quito agreeable to have these deeds set aside, if the settlements were not considered valid, I must revoke tho offer which 1 made at my first meeting, I consider the damage which I have sustained thrcujh the implied imputation of thus making preferential settlement in favour of Dr. Richardson incst damaging, and such that I consider it would in all likelihood rnatrrUdy injure my fill,, prospects, should I entertain the idea of uttering into business again. My intention, in tho first instance, was to have honourably settled tho whole of my creditors' claims in full, had tho original proposition of annulling my bankruptcy bucu tut tiered to; but such obstacles have beau placed iu tho way from timo to time of such a settlement through tho trying to upset the settlement* made on my wife prior to my marriage and previous to my entering into business, that I do not see my way to make tho sumo (Her 1 did at my first meeting. Further, I understand it is the intention of my co-partners in one of tho syndicates 1 am a member of to rank in my estate, irrespective of tho claims which the Bank of New South Wales reserve tho right to claim for. This, together with other claims of a complicated nature which I did not foresee prior to my bankruptcy, and which, I understand other creditors can claim. Arnolds!; the number of ad Viiii cos mado by Messrs. Rmsoll and Campbell on a certain contract on a large building being erected for D. J. McLeod, and in which I am jointly interested in with Messrs. Allan, McKay, and Co., contractors, are such tint 1 do not see my way, as already mentioned, to carry out the offer I mndo. I havono doubt had tha original intention of my creditors been adhered to, in having my bankruptcy set nslde, I should, with the time asked for, and with the arrangement! I bad made, have overcome tho.'e dlfllcultics referred to ; but in the present instance, owing to tho unc»ll>'d-for publicity which has been given to my bankruptcy, I consider it prefer,»blo to all interested In my astute to have tho same brought to a final issue. Consequently, undrr the circumstance:!, I think it beat for all parties to hiivo oittior my properties immedhtoly realised upon through your Court, or appolut trustees to manage tiiem, they holding said properties as security against their claims, and to »ell, as time and opportunity permit, to the beat advantage, but in the meantime I shftll absolutely refuse to rWo bills to my ' creditors io covor tho cost of their claims against u y estate. —I am. *c, William Laing Malcoluson.

Merchandise