MEETING OF CREDITORS.

Otago Witness, Issue 1894, 9 March 1888, Page 22

MEETING OF CREDITORS.

HE A. It. LIVINGSTON.

A meeting of creditors in the estate of Alexander Robert Livingston, of Dunedin, stationer, •was held at the Official Assignee's office on Saturday morning. The creditors present or represented were: — Messrs PVgusson and Mitchell, Coulls and Culling, H. S. Fieh and Son, Brown, Ewing, and Co., Evening Star, City Corporation, Wise, Oaffin, and Co., J. Wilkie and Co., Stone, Son, aud Co., and B. Sievwright.

Mr P. Duncan appeared for the bankrupt ; Mr F. R. Chapman for Mrs Liviugston. The bankrupt's statement set forth that his liabilities are, to unsecured creditors, £3481 4s sd ; and to secured creditors, £1450 ; making a total of £4,931 4s sd. The assets are as follows:— Stock-iu-trade in Princes street shop, d£1751 2s 8d; do in Crawford street premises, £671 10s 9d; book debts, £390; cash in hand, £13 8s ; furniture, £130; total, £3156 Is sd. The unsecured creditors are as follows: — Bands and M'Dougall (Melbourne), £12 9s 7d; Cowan and Co. (Edinburgh, £1021; Collins, Bros, and Co. (Auckland), £12 ; J. Walker and Co. (London), £13 14s 7J ; Mrs J. Brown, £70 ; Coulls and Culling, £6 6s 3d ; Smith and Smith, 10s 4d; T. George, £5 Its; Fergusson and Mitchell, £28 10s ; G. H. Marsden, £3 16s 9J ; J. Wilkie and Co., £3 16s 9d ; Caxton Printing Co , £5 8s 6d ; P. Haynian and Co., £12 7s lOd ; Evening Star, £26 2s 9d ; do (rent), £03,'; Mackay, Risk and Munro, £21 10s 4d ; J. Couston, 4s 9d ; City Corporation (rent), £18 ; do (rates), £16 18s ; G. Latimer, £11 19s 6d ; G, R. Smith, £44 18s lOd ; Wise, Caflin, and Co., £124 4s 8d; Lyon and Blair (Wellington), £2 7s 4d ; Stone, Son, and Co., £3 ; J. Bdmond, 6s ; Dunedin Iron and Woodware Campany, 19s ; J. Wain, £320; J. Reid, £12; B. Bagley, £1 2s; Brown, Ewing, and Co., £79 7s 2d ; Colonial Bank £522; Mercer Brothers, £90; Campbell and Livingston, £6 ; H. S. Fish and Son, £18 ; S. G. Smith, £2.

The secured creditors are the Standard ProInvestment Society, £1450, and the security— consisting of a mortgage over freehold property in Cargill street — is set down as worth £1650. The assignee Baid that the statement was somewhat imperfect, as the stock had been taken hurriedly, it being of a very varied nature. There seemed to him to be only two or three courses to .adopt. Tho first was to hold a cheap sale, which might bo hard on othur people in tho trade ; the second was to call a s ;ih' by auction, which he thought would bj disastrous; aud the third was to call fOl tenders- The prin cipal creditors, Messrs Cowan end Co., were not represented at the meeting; for although Mr Pyke, of Messrs Gibbs, Bright, and Co., w-is present as their representative, he was not in a position to hand iv a proof owing to the principal representative of the firm, Mr Given, being absent at Wanganui. It seemed to him (the assiguee) that Mr Given ought to have a say in the disposition of the property, and therefore, while quite rtady to examine the bankrupt at once, he would say that he was willing to postpone the examination uutil a fuller investigation of the < -'tate could ba marie and Mr Given should return to Dunedin. Ho would suggest that the meeting should do nothiug more than grant tho bankrupt an allowance, doiil with the quosLion of his furniture, authorise him (tho speaker) to carry on the business iv the meantime, aud then adjourn for a fortnight. He might then be empowered to call for tenders for the estate, the tenders to receivab'o on the day i j ■which the meeting should ba adjourned. Ho might say that he had seen Mr Wain, who h>.d distrainee! for the £320 duo to him as rent, and was entitled to that amount, p<id Mr Wa ; n bad met him in a very fair spirit, prouii-f-ing to reduce the rent to £3 pei week while the estate was bring wound up, and atao to let the premises (loss a small portion at the back) for £<i per week if the business was sold as a going concern. The estate should, according to present rough calculations, realise about 6s 8d in the pouuei. but that depended greatly on contingencies. With reference to the secured creditor, tha Standard Society, he/might say that they estimated the security they hvld at only £^00, and had consequent ly proved on tho estate for £650.

Mr Pyke said tint hi; bad communicated by wiro with Mr Given, a.skinghitn for a suggestion in connection with the matter, aud also recommending that he should return to town in order

to look after it. He believed that Mr Given would make an offer for the business, but was of course not in a position to state so authoritatively. Mr Fish moved that the bankrupt be granted his furniture, and in doing so said that from the long time he had known the bankrupt he felt it a matter of extreme regret that he should be compelled to be under the necessity of placing his estate in the hands of his creditors, He (Mr Fish) felt satisfied that it was not through carelessness or inatf 3ntion to business that this state of things had come about. Mr Caffin seconded the motion.

Me Chapman asked if Mr Fish would amend his proposal by granting the furniture to Mrs Livingston. Mr Fish assented to that, and the motion, as amended, was carried unanimously. On the motion of Mr Caffin it was resolved to grant the bankrupt £4 per week for five weeks, and also to retain, at the assignee's discretion, the services of Mr William Livingston at £3 per week.

The action of the assignee, in incurring expenses in taking stock, was approved, and the assignee was authorised to continue the business till next meeting, tenders in the meantime to be called for the business.

The meeting then adjourned till the 19th inst.