MEETING OF W. CLARK’S CREDITORS.

New Zealand Mail, Issue 880, 11 January 1889, Page 22

MEETING OF W. CLARK’S CREDITORS.

The adjourned meeting of creditors in the estate of William Clark, draper, was held last Friday. There was a large attendance, and the Official Assignee presided. Mr Travers appeared to advise the Official Assignee, Mr Jellicoe for Clarkson and Son and other creditors, and Mr Gully for the other creditors. The Official Assignee said he had had a valuation made of Mr Clark s furniture, of L 162 13s 6d, and Messrs T. K. Macdonald and Co. estimated the net value of it at Ll5O. Mr Jellicoe moved, and Mr Whittem (representing Sew Hoy, of Dunedin) seconded, that the bankrupt be allowed to retain his furniture over and above the amount allowed him by the Act. Mr D. Nathan thought this question should be left over until it was seen how the estate turned out. Though there was nothing against Mr Clark, he thought this

was a matter that should not be decided at the very first meeting. He moved, as an amendment, that the question should stand over until the Assignee had reported on the estate. The amendment was not seconded, and Mr Jellicoe’s motion was carried. The Assignee said he had received a tender, which it was probable the meeting would authorise him to accept, viz., 13s 9d in the pound on the cost list, cash within seven days, and the shop to be leased for one, two or three months, and the shop fittings to be included in the stock. With reference to the stock, the valuation made for the estimate set the value of the stock at L 6506 8s Ud. It was decided on the motion of Mr Jellicoe, seconded by Mr Dowling (Bing, Harris and Co.), to accept the offer mentioned by the Assignee. The Assignee then stated that the tenderers were Messrs Kirkcaldio and-Stains. The tender being read, it appeared that the terms of it were 13s 9d “ off the cost list,” and a discussion ensued as to whether the word should be “off” or “on,” tlio Assignee explaining that it was only a clerical error. Having communicated with Mr Kirkcaldie by telephone, the Assignee said it should be 13s 9d in the pound on the cost list. The bankrupt, in answer to a question, said he had gone over his books again, and brought the good debts out at within L 5 of his original estimate of LI4OO, the total debts being L 1640. The book debts were left in the hands of the Assignee to deal with.

The meeting was then adjourned, the Assignee intimating that he would call another meeting when he was prepared to make a fuller report.