MEETING OF CREDITORS.

Otago Daily Times, Issue 20706, 2 May 1929, Page 7

MEETING OF CREDITORS.

ESTATE OF W. E. NEILSON. Another meeting of creditors in the estate- of William Ernest Neilson, fruiterer _ and confectioner, was held in the Official Assignee’s office yesterday afternoon. rhe first meeting which was held on April 17, was adjourned to give the bankrupt an opportunity of making an offer. The official assignee (Mr J. M. Adam) presided, and 10 creditors were present or represented. Mr J. P. G. Stark appeared for the bankrupt, Mr J. B. Thomson for Reilly’s Central Produce Mart, Mr W. Ward for the Cooperative Fruitgrowers of Otago, Mr R. H. Simpson for the Pacific Fruit Company, and Mr R. R. Aspiaall for Mr Lorden, to whom the bankrupt sold his business. The Official Assignee explained that the bankrupt would not *he present, stating that he had secured a job at Waipori two days previously, and that it. would be a pity to take him away from his work. Mr Stark stated that the bankrupt had received some assistance from his people, who were prepared to advance sufficient money to enable him, with the proceeds from the sale of his car, to pay the unsecured creditors " 6d in the £ after allowing for the payment of fees. In regard to Reilly’s Produce Mart (the secured. creditor) the bankrupt was prepared to offer the difference between the amount paid in tor the unsecured creditors and £IOO. That meant that the assistance was limited to £IOO After a somewhat lengthy discussion in flegard to details, Mr H. W. Allen said he was not satisfied with 7s 6d in the £. He wanted 10s. Mr Mayall moved that provided Reilly’s were agreeable to accept 5s in the £ in satisfaction of the debt of £ll4 11s 4d owing to them and abandoned their security in favour of the unsecured creditors, the latter would accept 7s. 6d in the the £. The motion was -econded by Mr R. Cuddie. Mr Aljeh moved as an amendment that unless the bankrupt could see his way clear to offer 10a in the £ action be taken to have the case brought before the Crown Solicitor for investigation. The amendment was seconded by Mr W. A. Thomson. Mr Stark stated that in the event of the amendment being carried the offer of 7s 6d would not be available. The amendment was lost, and the motion was carried. ' MINING VENTURE. A SCHEME THAT FAILED. (Pbb United Pbess Association.) HAMILTON, May 1. Declaring that he had lost over £13,000 in the Thames goldmining venture of Zeehan Consolidated, William Duncan, of Hamilton, farmer, met his creditors before the official assignee to-day. The bankrupt claimed that he had been misled by the promoters of a syndicate which was ostensibly acquiring the Zeehan mines in 1917. The company sold the property in 1925 to the New Zeehan Consolidated. . Duncan agreed/ that £25,000 debentures should be raised, and should take priority over his claims. In December, 1926, according to his statement, he agreed’ to undertake certain liabilities to the National Bank and Dominion Securities, Limited, in order to keep the mines working. However, the works closed down that mouth. £n June, 1927, the debenture-holders put in a receiver, who sold to Dominion Securities, Limited, for £II,OOO. Duncan stated that he was made bankrupt through his failure to pay a quarterly instalment in the shares he had agreed. to buy in Dominion Securities. His schedule showed that all his assets were fully mortgaged and his liabilities were £1077. Mr ' Fotheringham, formerly solicitor for Duncan, said the statement was incorrect in some particulars, and it was agreed that a supplementary statement should be prepared. No quorum was present. Mr White, who had come from Wellington to represent Dominion Securities, _ objected to any postponement. The creditors discussed the value of Duncan’s property at Frankton and the question of disposing of his shares. The assignee said he would call a further meeting if necessary.