AN ENGINEER’S ESTATE.

Star (Christchurch), Issue 16845, 22 September 1922, Page 8

AN ENGINEER’S ESTATE.

MEETING OF CREDITORS. An adjourned meeting of creditors in the eatat-e of Walter Paton, engineer, was held this afternoon, Mr A. W. Watters (Official Assignee) presiding.. The Official Assignee reported that the trustee of the estate of the late Mr John Paton had declined definitely to advance money to pay premiums on debtor's life policy. The property in which debtor lived was held under an agreement for sale ami purchase, but the document did not contain a fixed date for completion ->f the agreement. The vendor would nor wait any longer for his money, and intended to apply to the Supreme Court for an order authorising the sale of the property. in order to retain for debtor’s estate any equity there might be in the property, the Official Assignee had arranged with Messrs Jones. M'Crostie Co. to submit the property for sal© by auction. It was proposed to arrange with debtor for the pale of articles of furniture he no longer required, the proceeds to be paid to the Official Assignee. After being informed that the trustee of the Oainaru estate would pay the premium, the Official Assignee arranged for the issuing of a policy for £2OOO on debtor’s life. The papers were prepared, but the premium was not forthcoming. Mrs Paton debtor's wife, had agreed to advance the first year’s pro mi uni at once if the creditors were satisfied with 20s in the pound from the estate n-nri relinquished claims for interest. Debtor's share in the late Air .T. estate was valued at £2502- Proved debts amounted to about £IBSO. (Proceeding.)