MEETING OF CREDITORS

Dominion, Volume 8, Issue 2375, 3 February 1915, Page 5

MEETING OF CREDITORS

A COUNTRY BANKRUPT. A meeting of creditors in the estate of J. S.' JPNico], bankrupt, lately in business as a storekeeper at Mangar mutu, near PaMatua railway, was held oil Monday afternoon. The principal business was to consider the report of the Assignee dealing with a claim of £204 2s. 4d. that had been made against the estate foT money lent. The bankrupt did not disclose this liability in hi 6 statement and the claim was not made till three months after the bankruptcy; also a olaim of £30 made which was stated to be the value of a horse borrowed and accidentally killed whilst in bankrupt's possession. The Deputy-Official Assignee said that after duo consideration he had disallowed both claims, and his action was unanimously supported by the creditors present. In regard to the loan of £200, it appeared that the money was advanced by Mr. T. P. Girdwood, who had been informed by M'Nicol when the money was borrowed that a Crown section which' the latter owned on the Mangar tainoka Block would not and could not be sold. The section, however, was afterwards sold for" £300 by the Assignee on behalf of the estate. At the first meeting of creditors Mr. Girdwood did not put in a claim, and bankrupt did not mention anything at all about the loan. In his statement he had sot that section down as an asset, although there was at that time, it is alleged, a collateral agreement concerning it between bankrupt and another monoylender.