BANKRUPTCY.

New Zealand Herald, Volume XXV, Issue 9013, 28 March 1888, Page 3

BANKRUPTCY.

MEETING OF CREDITORS.

W. Stimpson.—A meeting of creditors in the estate of Walter Stimpson, bankrupt, was held yesterday morning at the office of the Official Assignee. The debtor and eight creditors were present, and Mr. H. Campbell appeared for the bankrupt, whilst Mr. S. Hesketh was present on behalf of the National Bank, and Mr. Coleman on behalf of the Bank of New South Wales. The debtor was sworn, and in reply to Mr. Campbell stated that the debt to the National Bank was an overdraft, for which his wife was liable. His schedule of liabilties was correct as declared. The National Bank had as security a mortgage on a lease which expired on the Bth December, and since that date the Bank had no security. Debtor had now neither stock nor furniture, but his wife had furniture, some of which she had recently acquired on her own account. After December 8 last Mrs. Stimpson again took over the Queensferry Hotel, and she then paid money to go back into the hotel. Witness declined to answer a question as to the amount of the sum paid by Mrs. Stimpson on resuming charge of the hotel. He never acquired any property from his wife except the Queensferry Hotel lease, which she possessed at the time he married her, and this lease was mortgaged. The speculations into which he entered were those of the Waiwera Springs Company and the Ellerslie Land Syndicate, and he had lost his money in these two investments. Debtor had not kept any books. Mr. Ehrenfried's action in the estate was not in respect to the National Bank guarantee. Air. Campbell, at this stage, objected to questions regarding the action of Mr. Ehrenfried, or any third party; but Mr. Ivey insisted that the creditors were entitled to the fullest information, and said he was as competent to express an opinion on this point as was Mr. Campbell, who was trying to throw dust in their eyes. Mr. Campbell said he was there to see that nothing was done that was contrary to law ; and tie thought it would be well if at these meetings the Official Assignee would confine the questions of the creditors to matters connected simply with the estate. He held that they had no right to ask questions referring to Mr. Enrenf-ied's oi ansaetions. Mr. Lawson said he would ask any information that would be of use in realising the estate, and debtor's examination was then proceeded with. He again declined to give any information upon oath as to the sum paid by Mrs. Stimpson when she returned to the Queensferry Hotel; but Mr. Lawson ruled that if the information were not given upon oath it would be simply valueless. A somewhat heated discussion ensued, and it was suggested that the Official Assignee take the evidence of Mrs. Stimpson and Mr. Ehrenfried. . Mr. Campbell stated that Mr. Stimpson was willing that all documents with regard to his wife's transactions in respect to resuming the charge of the hotel, should be examined by the creditors.; bub Mr. Ivey thought that evidence upon oath in respeet to the matter would be more satisfactory. Eventually the meeting was adjourned until Tuesday week, at half-past two p.m., the Official Assignee to obtain f filler information in the meantime with respest to the bankrupt s estate.