P. McGRATH’S INSOLVENCY.

New Zealand Mail, Issue 602, 18 August 1883, Page 18

P. McGRATH’S INSOLVENCY.

A meeting of creditors in the above estatewas held at the Supreme Court Buildings on Tuesday ; Mr Dwan in the chair. Mr Stafford appeared for the insolvent and Mr Forwood for a number of creditors. Objections were taken to several proofs of debt by Mr Stafford, and protested against by Mr Forwood, but the Chairman disallowed them. Going through the proofs of debt occupied one hour. Mr Stafford moved that the trustees of the assignment’' deed be the trustees under the bankrupey; the objections formerly taken were not to the.trus- - tees personally, but to the mode. He therefore moved that Messrs Waters and McKenzie be the trustees. This was seconded by Mr Hutchins (Stewart and Co.) Mr Forwood said Mr Hasell was not a creditor to a large amount, but he represented many creditors, and therefore meant to do the best for the estate. The objection was that Mr McKenzie was the Manager of the Colonial Bank, and held property now valued at £3500, but, previously that was represented by McGrath' as worth £5500, and there was au objection to the Bank Manager being a trustee, as there might be conflict between the creditors’' interest and the Bank’s interest. With regard to Mr Waters, there could be no objection, except that he was put forward by the bankrupt's. solicitor, being the nominee of that solicitor. A wordy warfare ensued here between Mr Forwood and Mr Stafford, which the Chairman said could not be allowed at such a meeting, as they must not consider themselves in Court. Mr Forwood said the creditors he represented wanted a searching inquiry as to this bankruptcy, and would prefer that Messrs Hasell and Kirton be elected trustees. Mr Stafford said already one asset had been lost which was au asset under the deed, but the estate should not be wasted in litigation. If a compromise was to be the result, let Mr McKenzie and Mr Kirton be the trustees ; he therefore amended his motion iu that respect. Mr McKenzie said, in answer to Mr Forwood’s remarks, that the Bank would willingly, accept £2500 for the property they held, now or at any other time. Mr Forwood amended' his amendment by moving “ That Messrs McKenzie and Hasell be the trustees.” ’ This-'H) was seconded by Mr Kirkcaldie. Mr E. W„ Forwood moved, as a further amendment,, “ That Messrs Hasell and Kirton be the trustees.” Seconded by Mr Jenkins. Mr Hutchins moved “ That Mr Kirton be the sole trustee.’ 1 ' Seconded by Mr McKenzie. The three former motions were withdrawn, and Mr Forwood then moved, and Mr Kirkcaldie seconded, “That MrS. Carroll be elected trustee.’’ On the motion being put by the Chairman, it was found that Mr Kirton had a majority in value, but not a majority iu number of creditors As there was apparently no means of -settling the deadlock, the meeting adjourned till 2.30 p.m. next day.