BANKRUPTCY.

New Zealand Herald, Volume XXX, Issue 9305, 14 September 1893, Page 3

BANKRUPTCY.

MEETING OP CREDITORS.

A meeting of creditors of James McGregor, sen., grocer, Mount Roskill Road, was held yesterday at the office of the Official Assignee (Mr. .7. Lawson), who presided. Present, the bankrupt and his solicitor (Mr.' Walter Hill), Messrs. A. Bell, Jowitt . (for self and Patterson and Co.), Mennie (for Mennie and Dey), Rimmer (for Durie and Rimmer), Gilmour (for Younghusband, and Co.). The chairman read a statement to the meeting of the previous proceedings. The bankrupt's son was in business on the Mount Roskill Road till 17th August, 1892, when rinding himself in difficulties ho called his creditors together, and showed his liabilities amounted to £586 13s 3d. It was decided to sell the business to his father at 10s in the £ for the then indebtedness. According to the present bankrupt's statement he soon found that the business was not worth anything like that amount, and finding himself going to the bad he filed a petition of insolvency on the 21st July last. At the first meeting of creditors on the 2Sfch July the Official Assignee pointed out that it appeared that the bankrupt had been guilty under the penal section 137, subsection 2, of the Bankruptcy Act, 1892. In the course of the discussion which ensued Mr. Geddes pointed out that the case should not be treated sentimentally ; if the debtor had offended there should be punishment according to law. Mr. Bell and others spoke in extenuation by urging that the bankrupt's son was in their opinion primarily the cause of the trouble, and expressed the conviction that the father was not morally responsible, and had been known for years as a man of integrity. On the motion of Mr. Geddes, seconded .by Mr. Heather, it was unanimously resolved, " That with regard to action under the penal clause the matter be left in the hands of the Official Assignee, but that he does not take action under this clause until another meeting of creditors is called.'' After the reading of the above statement of the proceedings by the chairman it was resolved, on the motion of Mr. Bell, seconded by Mr. Geddes, " Thai; the bankrupt's discharge be not opposed."