GIVING A BILL OF SALE.

New Zealand Times, Volume XL, Issue 6844, 29 March 1883, Page 3

GIVING A BILL OF SALE.

The first meeting of creditors in the bankrrpt estate of G. Harris, baker, Lambtonq jay, was held yesterday in the Supreme Court Building. Mr James Kirton was voted to the chair, and there were also present Mr J, E. Baker, as proxy for Plimmer, Reeves and Co; Mr Wiseman, Mr N. English, Mr Palmer; also Mr W. Morrah (firm of Brandon, Shaw, and Brandon), solicitor for the debtor.

Mr James Kirton was appointed trustee, his remuneration to he 5 per cent, of the gross proceeds. The liabilities, as filed, amounted to £534, including £l4O 10s lid due to Meek and Co, millers ; £56 due to Captain Thomas, merchant ; £sl 16s due to T. J. Hopkin, Baiclutha, and several smaller amounts. The assets were stated at £243, including £l4O in book debts, the apparent deficiency being £291. It appeared that the assets had been made over to the Messrs Meek by bill of sale. The debtor explained to the meeting that the bill of sale included all the assets, and the bill was given last December. Mr Palmer ; You have made over all your property to one creditor, and yet you went on contracting fresh debts after that. Debtor : I contracted very few after that. Mr Morrah : The debtor was led to expect assistance from the Messrs Meek.

Mr Palmer : How much d ! d. you owe to Meek and Co when you gave that bill of sale ?

Debtor : Over £9O ; but I was indebted to other peop'e. Mr Palmer : And you gave Messrs Meek the opportunity of sweeping off the lot, while owing debts to other people ! You ought to have had sense enough to know that you were giving to ore creditor a claim over all your property at the expense of the other creditors. What about the rent ? Debtor : The landlord has the bailiff in for rent, about £2O. Mr Palmer : Is there a sixpence available ? Debtor : I don’t think there will be. Mr Palmer ; Then I think you ought to be thoroughly ashamed of yourself. Debtor: You have no right t-> insult me, and I throw it back in your face. Your paltry amount is only £3. I never asked credit from you. Mr Palmer : I say it is wrong for a man to give other persons’ property away as you have done. Debtor : Is it wrong in me, or in the man who led me on to give this bill of sale, and then turned round on me ? Perhaps if you knew the rights of it you would not throw insults in my face. Chairman : I think it is due to the meeting to explain how yon were led into making over all your property to one creditor. Debtor : I was in business in Taranakiatreet four years ago, until a rival set up near me and sold at a halfpenny a loaf cheaper than I was selling. That led me into debt. Then I was advised to remove to Lambton-quay, but found the change a bad one, the rent being twice as much. The manager for Messrs Meek persuaded me that if I gave a bill of sale to their firm, they would protect me, and I could snap my fingers at any creditor who tried to levy an execution. After a deal of persuasion, I gave him the bill. Mr Palmer : Did they give you further credit 1 Debtor : No ; I had to pay cash for every sack of flour I got after that. If I had not given that bill of sale I could have paid every one in full; but after giving the bill other creditors pressed me, until I was obliged to tile. Messrs Meek’s manager said at last that hia orders from head-quarters were to close on me at once.

Mr Palmer : Your assets are £243, and your liabilities are over £SOO. How were you going to pay 20s in tho ,£ ? Debtor : Bread might have gone up a halfpenny a leaf any week, which would have made a difference of £4 to £5 a week in my favor, and I could soon have paid everybody. I can sec now I did wrong in giving that bill, but I was led to believe that Mr Booth would call my creditors together and arrange with them. Chairman : Was the bill of sale for £9O and further advances ? Mr Morrah : Yes, I have seen the bill. Mr Palmer : I don’t see how the trustee is going to work this estate upon nothing, as the bill includes all assets. Chairman ; I intend to take advice as to whether the validity of that bill can be contested, and of course I should call another meeting of creditors before contesting it, if so advised. Mr Baker : What about the Messrs Meek collecting the book debts ? Mr Morrah : They will be responsible for them. The meeting then stood adjourned, to enable the tmatee to inquire into the validity of the bill of sale.