In Bankruptcy.

Southland Times, Issue 13789, 25 June 1897, Page 2

In Bankruptcy.

An adjourned meeting of creditors in the bankrupt estate of Wm. Sloan, of Invercargill, bootmaker, was held in the office of the Deputy Assignee, yesterday afternoon, Mr Rout presiding. There were present Messrs Smith (Bing, Harris and Co.), Soandrett, Trew, Crust, Gilmour, John Sloan, H. Macdonald, the debtor, and Mr Macalister. The purposes of the meeting were chiefly two : To receive a report as to the rebate of L 75 allowed by the trustees under the assignment to the purchaser by tender of the stock. After the report had been read, and a few questions answered by the Deputy Assignee, Mr Gilmour moved “ that the action of the trustees in the matter be approved, as it was evident that they had acted in the interest of the creditors, and would have injured the estate had they adopted any other course.” The motion having been duly seconded was adopted unanimously. The second purpose of the meeting was to ascertain what explanation the debtor could give as to the reason of the difference between the assets as set out in his balance of January, IS9G, and that of January, 1897, as discussed at a former meeting. Mr Macalister said it was simply impossible for the debtor to make up a statement of his position at any time, the records from which he could compile it having been destroyed, and he produced a note from the pet son who removed the rubbish after the shop had been cleared out, saying that among the debris he had noticed a large quantity of invoices, bill heads, and such like, which had all gone to the paper mill. Mr John Sloan questioned this explanation severely, and averred that the debtor might have had the documents referred to at any time while he was in charge of the shop. Debtor said he had been turned out and would nob go back ; and, in answer to pointed questions as to how the discrepancy occurred, said it must just have been a mistake, and in support of that drew attention co the fact that the stock sold to the tenderer was more in amount, considerably, than his statement of it at the time of the assignment. In reply to a question as to whether there were any other assets, the Deputy Assignee said there were eight trunks of boots in Whittingham Brothers and Instone’s bond, held under warrant in possession of someone else. He, however, considered he could claim them for the estate and would see into the matter.

At this point the discussion became somewhat warm and personal, and £o bring the meeting back to business Mr Soandrett moved, “ That the Deputy Assignee distribute the assets in the estate in the usual way.” Mr Smith seconded the proposal, which was carried without dissent. Mr Scandretb also moved that the debtor be recommended for discharge, but the proposal did not find a seconder. The meeting thereupon broke up.