MEETING OF CREDITORS.

Otago Witness, Issue 2087, 22 February 1894, Page 8

MEETING OF CREDITORS.

Re Wiluam Aitken.

The flrst meeting of creditors in the estato oE William Aitken, carpenter, of Outram, washeld in the official assignee's office on Thursday afternoon. Mr J. M. Gallaway appeared for the debtor, Mr B. C. Haggitt to advise the assignee, and Messrs Solomon, Hosking, and Finch for various creditors. There were half a dozen other creditors present, only three of whom had proved.

Bankrupt's statement showed his liabilities to be : — Unsecured creditors, £117 18s 6d ; secured creditors, £285 8s Id (surplus from securities, £51 18s 2d) ; assets, £84 8s 2d.

The following are the unsecured creditors : — - Murdoch and Findlay, £51 0s 6d ; W. Snow, £48 2s 9d ; Thomson, Bridger, and Co., £3 18s Id ; W. Johnston, £2 10s 8d ; J. A. Duff, £6 18s ; Calcutta and Foochow Tea Company, £2 8s 6d; A. Alexander, £1. The secured creditors are :— Bank of New Zealand, £36 19s lOd (value of securities, £40) ; W. Hunter, £17 8s 9d (value of securities, £17 8s 9d); Alexander Aitken, £14 19s 6d (value of securities, £1419s 6d) ; National Insurance Company, £200 (value of security £250). The Bank of New Zealand is secured by an order on the officers, of the Church of England at Outram ; Messrs. Gibb, Hunter, and Aitken are secured under the Contractors and Workmen's Lien Act by orders served, and the National Insurance Com' pany are secured by mortgage on property. The assets consist of stock-in-trade at Outram, £9 ; book-debts, £18 8s lOd (estimated to produce £13) ; furniture, £10 ; property, £11 5s ; surplus from securities, £51 0s 26. The property comprises dwelling house and carpenter's shop, valued at £200 ; 10 shares in the Outram Hall, £10 ; and one pig valued at £1 5s ; — total, £211 ss. The property is mortgaged for £200 to the National Insurance Company.

A lengthy discussion took place amongst the legal gentlemen as to the position occupied by the secured creditors, the question being who were secured. It was suggested that the best plan would be to state a case and get the opinion of his Honor the Judge on the matter.

Mr Snow thought that if bankrupt could oiler 10s in the pound the creditors should accept that and be done with it. If the matter were brought to the Supreme Court the dividend would soon be frittered away in law costa.

Mr Solomon : Don't say that. — (Laughter.) Mr Snow : It certainly will with five lawyers here. — (Laughter.)

Eventually Mr Snow put his suggestion in the form of a motion, which was carried.

It was further agreed that the matter in dispute be settled by means of a summons for direction on the statement of a case to be mutually agreed upon.

Ib was al3o resolved — " That the money in the hands of the church be handed over to the assignee, who undertakes to bold it pending instructions from tha judge."