CREDITORS' MEETING

Otago Daily Times, Issue 7653, 28 August 1886, Page 3

CREDITORS' MEETING

RF FRANK M'CALLUM.

A. meeting of creditors in the estato of Frank M'C.ilhim, contractor, of Millmrn, was hold iv the Official Assignee's oflico yesterday. Mr Reid appeared on behalf of tho bankrupt, Mr Duncan for Messrs Reid and Gray, and Mr Webb for lim Assiguoe.

The A-.sii;ueo said he had endeavoured to find out what it would cost to finish the harrowing at Wmigiilon, but had not been able to ascertain exiicl.lv. Tho first bill of sale to Mr D. Reid (Milton) for £100 waa not registered and was therefore void, and with regard to tho second one tho only contemporaneous advanco made was £-12. In answer to this it was said by tho holder of the bill of salo that the money was advanced two or three times under nn arrangement that thero should be a bill of sale. The court must decide that point. Mr Georgo Miicdonaltl, of Stirling, had agreed to give up tho bills if thoy gave up tho land at Inch Clutha, which was purchased by tho bankrupt for £1320, but upon which no payment had been made. He said tho meeting represented the bulk of tho creditors, and they should arrive at somo decision. There were three courses open to them. Thoy could sell the horses and settle afterwards according to law who was to get tho money; they could arrange with Mr Reid to keep the horses to finish the contract; or they could arrange with Mr Stephenson to finish the harrowing under some guarantee.

Mr Reid said if his proposal was not accoptei he must exorcise his powers under tho bill ol sale and sell what he had security over.

It was agreed that tbo Assignee should take steps to test Mr D. Reid's bill of sale.