CREDITORS' MEETING.

Otago Witness, Issue 1880, 2 December 1887, Page 12

CREDITORS' MEETING.

Re T. H. Russell. A meeting of creditors in the estate ef T. H. Russell, farmer, of Inch-Clutha, was called for on Friday afternoon, but lapsed for want of a quorum. Mr D. Stewart (Balclutha) was present on behalf of the debtor. The statement of tho bankrupt showed: — Unsecured creditors : Mutual Agency Company of New Zealand, £191 ; Smith, Chapman, Sinclair, and White, £8 13s 6d ; Robert Allan, £4 10s; Hugh Nelson, £2; A. E. Farquhar, £4;— total, £210 3s 6d. Assets: Furniture, £27; property, £54 15s ;— total, £81 17s. Deficiency, £128 8s 6d. Bankrupt, being examined, stated that he had been four years at Inch-Clutha. He had £1300 when he went there. He bought a half-share with H. Cameron in 712 acres freehold at an average of about £7 10s an acre, paying £800 on account of the land and putting £500 into the farm to carry on with. The land was mortgaged, part to M. Muir for £1825 and part to Smith's trustees for £3500. Debtor and his partner got into debt with the Mutual Agency Company to the extent of £1700. The company took over the land for their debt after he had paid £500 to Smith's trustees. He then leased a part of the land — 222 acres — from his brother with the consent of the company, whom he guaranteed. The sum of £111 was now due under the agreement then executed. Debtor ploughed 60 acres and got some stock on a grazing agreement. He had no stock of his own. Debtor found that he could not carry on ; the rent was too high, and his friends would not back him while he was liable for rent and held shares which were liable to calls. Mr Matheson (representing the Mutual Agency Company) and Mr R. Allan, the only creditors present, expressed the opinion that the bankrupt should get his discharge, but no formal resolution could be passed, there being no quorum, and the meeting was adjourned till to-day.

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