MEETINGS OF CREDITORS.

New Zealand Mail, Issue 770, 3 December 1886, Page 23

MEETINGS OF CREDITORS.

DONALD CHISHOLM.

A meeting of the creditors in the estate of Donald Chisholm, storekeeper, was held in the Official Assignee’* office on Monday afternoon. Mr C. C. Graham, Official Assignee, presided, and there w®re eigut creditors present, representing £G42 18s Id. Mr Jellicoe eppeared for the debtor. Tho assets were set down at £724 4s 3d, made up as follows Stock in trade, £483 11s 3d ; book debts, £232 16s (estimated to produce' £200) : cash in hand, £1 8s ; furniture, etc., £25; property, £l7 sa. ' The unsecured creditor* were set down at £1434 14s 2d. The Assignee road a statement made by the bankrupt to the effect that he was served with a v?«rit of the Union Bank of Australia as holder of c. promissory note for £94 18s 2d, which for value he had paid to Mr W. R. Waters. He consulted his solicitor, nnd acting under hia advice convened a private meeting of hi* trade cueditors. ■ At the meeting a statement was submitted of affair* showing unsecured. liabilities amounting to £I4OB 9s and assets valued at £750, and thereupon the creditors present, representing some £1234 of the total liabilities, agreed to accept a composition of 6s 8d in the £, payable by instalments extending over 12 months. On the last two instalments being secured to the satisfaction of two of tho creditors, they resolved that unless the composition arrangement was forthwith carried into effect that he ehould file his petition in bankruptcy. The Union Bank fell in with the proposed scheme of arrangement, and tha debtor succeeded in obtaining an approved surety for the last two instalments oovoring 3s 4d in the pound. The Pacific Loan Co., Messrs Nelson, Moafce and Co., end Mrn Collins, of Christchurch, creditors representing in the aggregate £143 6s 6d, declined to assent to the; composition, and 03 hia solicitor advised that the arrangement was conditional on all the creditors accepting, and that a preference of one or more would be a fraud on the rest, he was compelled to file his petition as directed by the [resolution aforesaid. The debtor attributed bis deficiency to the loss of £3OO in gold mining shares, severe sickness and death in his household, and debts extending over six years’ trading. Mr Jellicoe, on behalf of the debtor, B&id that he was unable to any reasonable offer. Captain Thomas, the largest creditor, said that if the estate was transferred to him he would offer them 3s in the £. Mr W. Nathan moved that tenders be caUea for the business, including book debts. He thought they would get ss, instead of S 3, by this means. Thip.was seconded by Mr H. Levy, and carried. It was decided that the Assignee should open the tenders at 11 a.m. on Tuesday, the 7th. Mr W. Nathan moved that tho creditors offer no obstacle to the debtor getting hia immediate discharge. He had a wife and children to look after, and they should give him the chance of getting to work again. Mr Anld seconaed the-motion, which was carried. An allowance of £3 per week until the estate closed was granted the debtor, on the motion of Mr W. Gale (Chapman and Co.), seconaed by Captain Thomas. This closed the meeting. JOHN TOOMER. A meeting of creditors in the estate of John Toomer, bootmaker, was held in the Official Assignee’s office on Monday morning. The following creditors were presentl. G. McCarthy, £7 (rent); Shine Bros., £5 2s; Mrs R. Hyams, £10; H. Levy, £3 9s , T. Isaacs, £18; M. McGrath £5. The liabilities were set down at £144, and assets £25. The following written statement was* submitted by the bankrupt “ I have been employed at R. Hannah and Co. s for about sixteen months, and previously at Christchurch for about ten years, and have been at the boot trade all my life. The cause of my bankruptcy is owing to tbe illness of my family, and late wife, and the fact that my

wife and family resided at Christchurch for six months after my arrival, obliging me to keep two homes.” Mr Salter, Official Assignee at Christchurch, wrote stating that he believed Toomer was an undischarged bankrupt at Christchurch, and consequently, should there be any assets, they would belong to the Christchurch creditors. The debtor, on being examined, stated that he bad a family of eight, five of whom were dependent on him. When he first worked in Wellington he received £3 per week, but he was now getting £3 ss. He was a bankrupt in Christchurch about three years ago, and he had left the matter in the hands of his solicitor, Mr Stringer. HeTdid not know whether he had been discharged. Had kept no books. His wife was ill for ten weeks and then died. He had to pay a nurse 30s for three months. It was eventually decided, on the motion of Mr T. G. McCarthy, seconded by Mrs Hose Hyams, that the debtor’s discharge should be opposed unless he consented to pay 7s 6d in the £ by instalments of 103 a week. The. bankrupt thought the conditions very stringent, and was afraid he could not carry them out. However, the resolution was carried, and the meeting closed.