BANKRUPTCY CASE.

Star (Christchurch), Issue 5022, 7 June 1884, Page 3

BANKRUPTCY CASE.

[Per Presb Association.] INVEECAEGILL, June 6. At the adjourned meeting of Henry Pinkiert's creditors to-night, Mr Carr, for the Bank of Australasia, said, with reference to P. Hayman and Co.'s offer to pay a composition if their bill of sale were not ! disturbed, that the Bank Inspector had left the matter to him, and ho was prepared to fall in with the views of the creditors, and accept Messrs Hayman's offer. Theoieetingproceeded toeonfirinthe resolution, but had great difficulty in getting throe-fourths in value of the creditors to vote, owing to proxies being informal, j mostly by want of signatures to the proxies. The difficulty was got over by deducting the claims of foreign creditors. The resolution was then confirrned. It was stated that in all probability this was the first case of composition under the new Act. After business was finished, the debtor's solicitor said that Mr Carr's statement at the previous meeting that the Bank Inspector was of opinion that the debtor's conduct had been ba-d and they desired a full investigation, had been wired to all the papers in the Colony, and was calculated to injure his client in business. He tasked Mr Carr if he had any explanation to make, but that official adhered to his former statement, as, in the interval, he had not had any opportunity to communicate on that matter with the Inspector. The solicitor said that the Bank, and also all the papers publishing the statement, were liable toactionsfor damages. MrUrquhart's, the bank manager, deposition was read to the meeting. Ho denied Pinkiert's allega tion of partnership between them, and explained his transactions with him. He had been asked by interested parties to get a relative to come over from Australia to join Pinkiert in a sawmill speculation, but did not advise him to do so. The only arrangement with Pinkiert wa* to buy 250 acres of bush land at the mill for him, for . wliieh Mr Urquhart was to get a profit of j j£l per acre at the end of seven years, and ! interest on the money in the interval. He had all along advised the debtor not to go nto the mill. Mr Palgleish was also

examined on oath, and corroborated Mr Urquhart's statements so far as known to him, and asserted Pinkiert's were not correct.