MEETINGS OF CREDITORS.

New Zealand Times, Volume XLVII, Issue 7947, 2 December 1886, Page 6

MEETINGS OF CREDITORS.

DONALD CHISHOLM. A meeting of the creditors in tho estate of Donald Chisholm, storekeeper, was hold in the Official Assignee’s office on Monday afternoon. Mr C. C. Graham, Official Assignee, presided, and there were eight creditors present, representing £G42 18s Id, Mr Jelliooe appeared for the debtor. The assets were set down at £724 4s 3d, made up as follows :—Stock in trade, £483 11s 3d ; book debts, £232 10s (estimated to produce £200); cash in hand, £1 8s ; furniture, etc., £25; property, £l7 ss. Tho unsecured creditors were set down at £1434 14s 2d, The Assignee read a statement made by the bankrupt to the effect that he was served with a writ of the Union Bank of Australia as holder of a promissory note for £94 18s 2d, which for value he had paid to Mr W. K. Waters. He consulted his solicitor, and acting under his advice convened a private meeting of his trade creditors. At the meeting a statement was submitted of affairs showing unsecured liabilities amounting to £I4OB 9s and assets valued at £730, 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 the creditors, they resolved that unless the composition arrangement was forthwith carried into effect that ha should file his petition in bankruptcy. The Union Bank fell in with the proposed scheme of arrangement, and the debtor succeeded in obtaining an approved surety for the last two instalments covering 3s 4d in the pound. The Pacific Loan Co., Messrs Nelson, Moate and Co., and Mrs Oollins, of Christchurch, creditors representing in the aggregate £143 6s 6d, declined to assent to the composition, and as bis 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 his deficiency to 'the loss 6f £3OO in gold mining shares, severe sickness and death in bis household, and debts extending over six years’ trading. Mr Jellicoe, on behalf of the debtor, said that he was unable to make 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 ihoyed that tenders be called for the business,'including book debts. He thought they would get"6s, instead of 3s, by ' this means. This was seconded by Mr H. Levy, and carried. It was decided that the Assignee should open the tenders at 11 a.ra. on Tuesday,' the 7th. Mr W. Nathan moved that thV creditors offer no obstacle to the debtor getting his immediate discharge. He had a %ife and children to look after, and they should give' him the chance of getting t<> work again. 'Mr Auld seconded the tn'otiQn.VjuQh was parried. An abeyance of £3 per \yeek the estate closed was granted the debtor, <p‘ the motion "of Mr W, Gale (Ghapman'and Co.), seconded by Captain Thomas, This closed the nesting.