MEETING OF CREDITORS.

Wanganui Herald, Volume XXVI, Issue 8065, 14 December 1892, Page 3

MEETING OF CREDITORS.

The first meeting of creditors in tho estate of Flyger ond Remington was held at the D.O.A.'a office this (Wednesday) morniDg. Present — Mo«ir» Notman (chair}, T. E. Thompson, Cook (Joseph Nathan and Co.), T. Mitchell, Tripp (A. Clark and CO.l Maokay, T-ogan Bteen and Co., and Maoarthur and Co.), P. Bell, James Watt, 'VY, H. Barnicoat, and Dodshun ; also the debtors and their solicitor, Mr Lloyd. The D.O.A. explained that this bankrnptoy was somewhat different from ordinary bankruptcies, in that the debtors ■were adjudged bankrupts on a creditor's petition and not voluntarily. Prior to this , an assignment had been tnado to Messrs Cook and Mackay, of Wellington, who had the books and papers of the firm. He (Mr Notman) immediately wrote for them, and they were returned, but ho had not vet hod time to investigate thorn. Three statements had been prepared, one by the firm showing debts as £1168 13s and assets amounting to £1797, or a surplus of £628 17s. The principal creditors are :— lfacky, Logan, Steen, and Co., £560; T. Mitchell, £129 i Dodshun and Co , £160 17s 8d j A. Clark and Son, £60 19s lOd, and Bank of New South Wales (secured), £400: Assets, stock-in-trade, £1150 ; book debts estimated to produce £360; furniture and fittings, £75 ; lease of shop, £200 ; and cash in hand, £200. Mr Remington's private account shoved a surplus of £64 4s lid, and Mr Flyger't, £305 4s 8d: Messrs Cook, Mftokie, and Gray had realised on the eitsto to the extent of £1001, and made various disbursements, leaving a balance of £96 12s 7d.

Mr Tripp moved thai it would bo more convenient that the bankruptcy proceedings of this estate should be transferred from this Court to the Supreme Court at Wellington. Mr Barmcoat, for Mr Mitchell, objected to the resolution being cut without notice, and contended that the estate could be more conveniently administered here than in Wellington. Mr Not- ' man said he would not put the resolution at this meeting. He would adjourn tho meeting and give notice of it to every creditor. He did cot think that Mr Tripp' s argument m to the inconvenience of the transfer was weighty, and thought it was unusual that suoh a motion should be put without notice. Mr Watt said he wished to say in connection with the value of the ,lea3e set down by debtors ns worth £200 that there was a clause in the deed determining the lease on bakruptcy. The meeting was then oijonrned to 2&th January.

A full Cabinet meeting will be held early next week to consider proposals made by the Midland Railway Company. As we go to press a thoroughly representative meeting is being held at the Council Chambers of those interested in the establishment of the butter industry in this district on the factory ani creamery system.