BANKRUPTCY.

New Zealand Herald, Volume XXV, Issue 9172, 29 September 1888, Page 3

BANKRUPTCY.

MEETING OF CREDITORS.

•J. Cunningham.—The creditors of Joseph Cunningham, bankrupt, met yesterday morning. Messrs. Knight, McCarthy, Trafford, and Taylor were present, and Mr. McCarthy was appointed chairman. The debtor's statement of his position, and also his statement of his assets and liabilities were read. Mr. Oliphant, the debtor's solicitor, stated that the reason the debtor had filed was to protect his pension against a threatened charging order in favour of the mortgagee. In answer to the Chairman, the debtor stated that he had received about £85 from various sources since he left the Government service eight months ago. Out of this he had paid the interest on property, 80s per week. All the interest was nearly paid up, but the principal sum was long overdue, and it was for that that the mortgagee was pressing* The creditors expressed themselves dissatisfied with the bankrupt for filing without consulting them, or making an offer to compromise. Had any reasonable offer been made it would have been accepted. They thought that even now the bankrupt should do something towards satisfying his creditors out of his pension, and that it would be desirable to get the Court to make nil order. Mr. Gray suggested that the meeting should be adjourned to enable the debtor to consider his position. On the motion of Mr. McCarthy, seconded by Mr. Knight, it was resolved that the meeting be adjourned till 2.30 p.m. on Wednesday next, to enable the bankrupt to consider whether he can make an offer, the Official Assignee not to realise in the meantime.