MEETING OF CREDITORS.

Otago Daily Times, Issue 11182, 3 August 1898, Page 3

MEETING OF CREDITORS.

Re W. H. Corrigan. A meeting ot creditors in the estate of William Henry Corrigan, printer and publisher, was held at the Official Assignee's office on Tiiesday afternoon. Mr Sim appeared on behalf of the bankrupt; ilr T. X,. Sidey for Mr I A. M. Sidey; Mr AY. C. MacGTegol- for Mr A. j Given; and Mr J. P. M. Fraser to advise the j assignee. There were also 13 creditors present, j The bankrupt's statement showed—Unsecured I creditors, £418 5s 2d; secured creditors, £1221 j 8s 4:1 (less estimated value of securities, £1298); I assets, £549 8s 7d; surplus, £131 3s 6d. ! The following are the principal unsecured creditors :—A. Given, £161 8s 8d ; C. Easta- • brook, £30; City Corporation, £3 16s sd; Armstrong nnd Greer, £2 7s 6d; A. Miller and Co., £14 12s lOd; Duthie Bros., £i 15s; P. Smith nnd Co., £9 Us; Schlaadt Bros., £12 7s; David Scott, £6; Whitcombe and Tombs, £8 8s 4d; A. and T. Hurt, £4 2s; Barr, Leary, and Co., £13 17s Gd; Evening Star C 6.,£9 2s 3d ; Scoullar and Chisholro, £6 Gs 2d; Fitzhardinge Jones, £30; tl. Elridge, £26. The following are the secured creditors: — Arthur M, Sidey (amount of debt, £263, estimated value of security, £1277); Thomas A. Hunter (amount of debt, £436 7s 4d,' secured by a bill of sale over plant up to JE2SO, balance by Mr Side'y's guarantee); Charles Eastabrook, j £102 12s; National Bank, £373 9s; John Clegg, | £25; A. Given, £21 (secured by assignment over good?, of which possession had been obtained ; before the bankruptcy). Messrs Eastabrook j and John Clegg and the National Bank are secured by Mr Sidey's guarantee. The following are the assets: —Stock-in-trade, I £160; plant, £172 16s lid; book debts, £152 12s j7d (estimated to produce £140); surplus from I securities in. the hands of secured creditors, £7G j llsSd; totp.l, £549 8s 7d. I The Bankrupt put in a written statement, in i which he said he commenced business in 1888 [ with Mr Payton, in George, trading then as Payton and Corrigan, the dissolution of the said I partnership' taking place in 1894. Prom that date he had been trading as Corrigan and Co. He attributed his bankruptcy to the following causes: —<1) Loss made in connection with the photo-engraving busines*;' (2) want of capital to carry on business tc advantage. The Assignee said it seemed that Mr Given had a lien over the photo-engraving plant. Mr Given advanced Mr Corrigan some £50 in order to enable him to purchase the plant, and the latter gave three bills of £21 each. Iwo of these bills had been met, but the other had not, and Mr Given, with the knowledge and concurrence of the bankrupt, took possession of the plant. In addition to that, he had also taken possession of; other goods. He (the assignee) had" given him to understand that he could not recognise his claim to the goods, and that he held that the property he had taken possession of belonged to the estate. He had asked Mr Given to give him full particulars of the account between him and the bankrupt, and Mr Given replied, stating that no payment or. settlement had been made for the photo-engraving and process-block .plant. This was a matter that he (the assignee)and Mr Praser would have to look into. He understood that Mr Sidey had got possession of two dynamo machines, not included in the bill of sale. These he would have to claim as i belonging to the estate. ■'.••-■■ j Mr T. K. Sidsy said the machines would be returned. • The Assignee proceeded to say that he had not had time to look, into the bankrupt's affairs, and he thought, the principal object of the meeting that day would be to consult asto what was the best mode of realising the estate. Other matters possibly could be allowed to stand over for a future meeting. Mr MacGregor stated that Mr Given had taken possession of the photo-engraving plant and about £25 worth of other goods, which lie intended to hold until his legal, position was ascertained. It was resolved that Mr Stone be appointed supervisor to act with the assignee in the disposal of the estate; that immediate steps be taken for the disposal of" the same by public tender, after arrangement with regard to the respective bills of sale over . the plant; and that the supervisor and the assignee be authorised to carry on.the business as a goino- concern until disposed of or until,next meeting of creditors. The meeting then, adjourned.

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