IN BANKRUPTCY.

Gisborne Times, Volume XXIII, Issue 1821, 30 July 1906, Page 2

IN BANKRUPTCY.

. The first meeting of oreditors ia the , bankrupt estate of John Drummond, saw* miller, was held on Saturday, and was 1 attended by Beveral local creditors and Mr Page, as representing (he Eketahuna ored tors. The Deputy Assignee said the unsecured liabilities were £282 and the assets pro* perty to the value of £l3 and 500 fully paid-up shares of £1 in the Tapuihikitea Milling Company, the value of the latter not being yet determined. Debtor said that when he came to Gisborne in 1904 be had no capital or property and owed about £l5O. He furnished details to the meeting of transactions with his brother in regard to the establishment of timber mills He was at present earning about £2 15s a week, but he oould not keep his family ft id pay off the money he owed. Jamos Drummond, brother of debtor, was examined at some length ia regard to , partnership transactions. He could nißks ] no offer to the oreditors. ,

It was decided to leave matters in the hands of the Deputy Assignee, and the meeting adjourned sine die. The adjourned meeting of oreditors in the estate of William Drummond was held on Saturday afternoon, there beiDg several creditors present. Mr Page, representing Eketahuna creditors, was also p:esent. The Assignee said the only matter to settle was the question of the share in the timber oompany. The oompany was prac tically a private one, and the value of the shares was hard to determine. After the debtor had been examined in regard to his earnings, the meeting de* cided that the Assignee should make inquiries as to the value of the shares in the timber oompany. Mr Page thought the oreditors should request the JAssignee not to rcoommend the debtor’s disoharge until something was paid.

Oa the motion of Mr Hawkins, seconded by Mr W. Pettie, it was agreed that the Assignoe be requested not to recommend bankrupt’s discharge until he had paid 5s in the pound.