MEETING OF CREDITORS

Otago Witness, Issue 3542, 31 January 1922, Page 44

MEETING OF CREDITORS

Iho adjourned meeting of creditors in th-* estate of R-oss Moore (deceased), taxi-driver, Kaikorai, was held on Friday morning. Mr Aslin represented the bankrupt and secured creditors, and Mr Moore represented Mrs Moore. Various creditors were present or represented. The Official Assignee first mentioned the reason of the meeting being called, bankrupt having been drowned since the previous meeting. The principal question was th© question of the furniture and also the empowering of the Official Assignee to ad minister the estate. There were insurance policies on the deceased’s life to the amount of £220. He had not had th© 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. The house could be valued at £750, the gar ago at £250. insurance policy £220, and car £2OO. Mr Moore said that bankrupt wanted more than £250 for the garage when he was alive. Mr Wimpenny said the car was worth more than £2OO, but in the present state of the motor car market it might not fetch more if it had to be realised. The Assignee said that there was another car, but there was £405 owing on it. It seemed a large amount. Mr Wimpenny said the car was worth tbs money. Mr Moore: Will it fetch it? Mr Wimpenny: It ought to, provided a market is available. It is a practical asset The principal creditor (Mr Weir) opposed the making of undue consideration to the widow in connection with the furniture. He had, himself, had to sell furniture in order to live, and that was chiefly owing to bank l'upt. Mr Hay moved —(1) That the Official Assignee be requested to proceed with the administration of the assets that have been passed to him under the creditors’ assignment, such administration to be carried out under the provisions of the Bankruptcy Act; (2) that as against the trustee under the assignment no question be raised as to moneys expended or acts done in purported pursuance of the assignment and no claim be made against the. trustee except for asset* still held by him; (3) that the costs of Moore, Moore, and Nichol and Aslin Bi-os. and Co. in relation to the preparation of the assignment be paid as preferential claims in the “bankruptcy. These motions were car l-ied. Mr Adams then moved that Mrs Moore bo permitted to keep all furniture belonging to bankrupt, upon condition that the mortgagee of the life insurance policies apply the whole of the insurance moneys towards their debts, and that Mrs Moore assents to this arrangement and withdraws any claims she may have to the insurance moneys in favour of the creditors. —Mr Weir strongly opposed this, and the motion was lost on a vote by value. It was then further moved that Mrs Mooorw be allowed to retain £75 worth of furniture on condition that she consents to the policy moneys being used as assets in the bants ruptoy. This was earned.