BANKRUPTCY.

New Zealand Herald, Volume XXXIII, Issue 10132, 15 May 1896, Page 6

BANKRUPTCY.

A meeting of the creditors in the estate of A, W. Moseleu, storekeeper, of Onehunga, was held at the office of the Official Assignee yesterday, Mr. John Lawson presided, and read the debtor's sworn statement. In connection with the bill of sale, it transpired that the document was executed'on the 4th instant, three days prior to adjudication, and j that the advances were made in March and April last. It was argued, and confirmed by Mr. Brock, that this made the transaction invalid. Under these circumstances it was resolved, "That the Official Assiguee take legal advice as to the validity of the bill of sale registered on May 5 by Mr. Adams for £20 over horse, cart, ana harness, there being no money consideration passed over to the debtor on the date on which the bill of sate was signed." Tenders for stock and book debts were submitted, and after some discussion it was decided to accept Mr. Watts' for £25 for the stock, and that the book debts now owing be sold to the bankrupt for £20. General dissatisfaction was expressed at the conduct of the bankrupt, more particularly for his Imving so recently parted with assets on a bill of sale, when he mast have known that he was in a hopeless state of insolvency, and for his having parted with the proceeds of the loan by preferential payments to two creditors. It was unanimously resolved "That the discharge of the debtor be opposed on the following groundsl. In not calling a meeting of the creditors months ago, when he found Ihimself in difficulties. 2. In parting with certain assets and in paying away the proceeds preferentially. Mr. Lawson pointed out that the bankrupt had allowed his rent to get into arrears to the amount of £49 5s 4d. Of this £23 18s was due preferentially, and would have to be paid out of the £25 realised from stock-in-trade.