Meeting of Creditors.

Poverty Bay Herald, Volume XXI, Issue 7030, 17 July 1894, Page 3

Meeting of Creditors.

The adjourned meeting of creditors in the estate of J. W. Mackrell was held at the Assignee's office this afternoon.

The Assignee stated that since last meeting the bankrupt had not made any effort to carry out the promise made at the first meeting of creditors of paying so much in the pound, but just prior to this meeting bankrupt stated he was prepared to make an offer to the creditors.

The debtor stated that l\c had not been in a position to make an offer before now, as he had been unable to raise any money. He was now, however, prepared to offer the creditors i'loo, on condition that further proceedings be not taken in the matter of his bankruptcy.

The Assignee pointed out to the meeting that the offer was really one of 2s in the £, the total claims amounting to £1070. By the sale of the stock of timber at the work* shop £.30 had been realised, and there was also a small balance to come from the contract for building Father Kehoe's house. This would make an oSer roughly speaking of 2s in the £.

Mr VV. H. Clayton thought it advisable to take the 2s rather than get nothing, and proposed that the offer of £100 cash be accepted, and that the bankruptcy be annulled, the bankrupt pay the cost of all proceedings out of the amount realised from the hale of the timber.

Mr W. O. Skeet seconded the motion, which was declared carried, four creditors representing £600, voting for the motion, and the same number representing £200 voting against.