MEETING OF CREDITORS

Otago Daily Times, Issue 18465, 28 January 1922, Page 15

MEETING OF CREDITORS

The adjourned meeting of creditors in the estate of Ross Moore (deceased), taxi-driver, Kaikorai, was hold yesterday morning. Mr Aslin represented tho bankrupt and secured creditors, and Mr Moore represented Mia Moore. Various creditors wore present or represented. The Official Assignee first mentioned the reason of the meeting being called, bankrupt having been drowned since tho previous meeting. Tho principal question was the question of tho furniture and also the empowering of tho Official Assignee to administer the estate. There were insurance policies on the deceased’s life to the amount of £220. Ho had not had the furniture valued, but he bad bad an inventory taken. There was a lot of it and it would certainly be worth the £l5O set down, including the piano and a sideboard, which Mrs Moore claimed. In the course of the proceedings it was mentioned that mortgages totalled £1365. Tho house could bo valued at £750, the garage at £250, insurance policy £220, and oar £2OO. • - Mr Mooie said that bankrupt wanted more than £250 for the garage when ho waa alive. Mr Wimpermy said tho car woo worth more than £2OO, but in tho present efcato of tho motor car market it might not fetch more if it had to bo realised. Tho Assignee eukl that there was another car, but there waa £lO5 owing on it It Boomed a large amount. Mr Wirnpcnny eaid tho car woo worth tho money. Mr Moore: "Will it fetch it? Mr Wimponny: It ought to, provided a market is available. It is a practical asset. The principal creditor (Mr Weir) opposed tho making of undue consideration to the widow in connection with tho furniture. He hod, himself, had to sell furniture in order to live, and that was chiefly owing to bankrupt. ... Mr Hay moved—(l) That the Official Assignee be requested to proceed with tho administration oi tho asseis that have been passed to him under the creditors’ assignment, such administration to be carried out under tho provisions of the Bankruptcy Act; (2) that aa against tho trustee under the assignment no question bo roi&cd as to moneys expended or acts done in purported pursuance of tho assignment and no claim bo made against tho trustee except for asset's still held by him; (3) that tho coats of Moore, Moore, and Nichol and Aslin Bros, end Co. in relation to tho preparation of the assignment ho paid m preferential claims in the bankruptcy. Those motions were carried. Mr Adams then moved that Mrs Moore bo permitted to keep all furniture belonging to bankrupt upon condition that the mortgage© of the life insurance policies apply tho whole of tho insurance moneys towards their debts, and that Mra Moore assents to this arrangement and withdraws any claims elie may have to the insurance moneys in favour of the creditors.—Mr "Weir strongly opposed this, and tho motion was lost on a vote by value. It was then further moved that Mrs Moore be i- 11 owed to retain £75 worth cf furniture on" condition that sho consents to tho policy moneys being used as assets in tho bankruptcy. Thia was carried.