BANKRUPTCY.

New Zealand Herald, Volume XXV, Issue 9114, 24 July 1888, Page 6

BANKRUPTCY.

MEETING OF CREDITORS. A meeting of creditors in the estate of Dr. . E. G. Erson was held at the Official Assignee's office yesterday. There were present: Messrs A. Porter, Fenton, G. W. Allen, Webb, Perkins: (Coupland and Co.), Joseph Johnston, Kemp, E. ■ • Coleman, Walter Breach, Geo. Mitchell, P., Oliphant, and * Sir W. Wasteneys. - The sworn statement of the debtor, which has been published in full, was taken as read. V The Official Assignee said he had a doubt about the sale of the furniture, which was announced to take place, and he nad notified the auctioneer that he should claim the proceeds. ■ Beyond that the only assets were the book debts, estimated to produce about £50. In reply to Mr. Fenton, the Official As- ' signee said the difficulty was about the bill of sale over the furniture. It appeared that •t was given for an . antecedent debt, but in the meantime the furniture would be sold. " Mr. Porter suggested that if the bill of sale was no good they might stop the sale. - Mr. Lawson said he had referred the matter to. Mr. Cave, but had not yet received his opinion. . He was looking into the matter. Until that was decided the bill of sale-holder was master of the position. , .He read the portion of the bankrupt's statement bearing on this matter. It was that he gave a bill of sale over his furniture &c., for £90 and got £70, the bill to be renewable in three ■weeks or £3 a week to be added. In reply to a question the debtor stated that he was not aware of any change in the person to whom he was indebted. What he actually received was £30. . - Mr. Oliphant said that the habit was for the father to hold the bill of sale for one month, and the son would hold it for the next month, and cheques were formally passed between them. ' The Official Assignee suggested that in the meantime they should try to * make some arrangement' with the bill of sale holder. He could not interfere until he was advised that the bill of sale was bad. Mr. Breach said he understood that Dr. Erson owned horses now running in j Mr. Gulliver's paddocks, Otahuhu,. which were not included in his schedule. , Dr. Erson saie that Breach had evidently come for the purpose of annoying him. Mr. , Breach, however, continued to question the debtor in regard to a racing mare and two foals which were at Otahuhu, and it was decided to examine the debtor upon oath with regard to them. > . .. Dr. Erson deposed that he had the mare referred to for some time, but he gave her to his brother, who injured her knee. This was about eighteen months ago. The consideration was £15—his brother paying a bill to that amount for him. He did not remember whether the mare was in foal or not when he gave her to his brother. He distinctly denied having told Mr. Breach during the last eighteen months that the mare was his, nor had he asked him to get £8 for her. In reply to the Official, Assignee, Mr. Breach said that he had been coachman for Dr. T Erson for , eighteen , months, and ,he claimed for wages. Dr. Erson had accused him of loafing, but this he denied. Dr. Erson said Breach had always been paid, and treated well, and he would be paid in full if he waited. Mr. Allen said that this creditor was entitled to recover his wages. It was a preferential claim, and he had no right to occupy the time of the meeting and prevent other creditors from asking questions. Mr. Porter asked the Official Assignee in regard to the bill of sale over the furniture. " Mr. Lawson said the bill of sale registered on the 4th of July was for an antecedent debt, and was therefore invalid, but that was the point on which he had asked the advice of his solicitor, Mr. Cave, which he had not yet received. He thought the best plan would be to arrange with the bill of sale holder to stay proceedings until this matter was decided. ,

In the course of a general discussion it transpired that Mr. Cohen positively asserted that he had handed bank notes to Dr. Erson in consideration of the bill of sale. Dr. Erson denied this positively, and said that a cheque might have been handed to him, which was for a moment in his possession, but he could not be positive even as to that. Several creditors thought it might be advisable to have the opinion of a second solicitor as to the bill of sale, and on the motion of Sir William Wasteneys, seconded by Mr. Porter, it was resolved that it be submitted to the opinion of Mr. Thomas Cotter, solicitor, whether, under the circumstances, the bill of sale given to Mr. Cohen was valid, and that in the interval Mr. Prater (the landlord's agent) be requested to hold over his distress for rent. , The following resolution was moved by Mr. Oliphant, i seconded by Mr. Adam Porter, and carried unanimously -.—"That it is the opinion of this meeting that the debtor's bankruptcy is caused by the existing depression, and that the Otiicial Assignee is now instructed to hob tea his discharge."