MEETING OF CREDITORS.

Globe, Volume XXIV, Issue 2626, 6 September 1882, Page 4

MEETING OF CREDITORS.

The creditor* in the estate of Silbnrn end Go., flax dreaiers, of Woolston, wa* held at the Supreme Court yesterday at 2p m. Mr Alfred Thompson, the defaulting solicitor, was the partner of Mr Bilbarn in the business, and had the control and management of the finance department. As is well known, he dragged several of his private friends into lending large sums to the firm, and obtained advances right and left on produce, &o. The meeting yesterday was the largest ever held -jn a bankrupt estate here, over sixty creditors the majority of whom were wages men. xhe.object of the meeting was for confirmation of a deed of assignment executed by Silbnrn and Thompson in favor of Messrs George Hart and H. Like, for the benefit of the creditors of the flax business.

Ur H. Slater appeared for the trustees; the other legal gentlemen present on behalf of clients were Messrs Deacon, Bamford, and Oowlishaw.

Mr Geo. Hart was voted chairman, and called upon Mr Slater to explain the nature of the trust deed, and what had taken place subsequent to the date thereof. Oh this considerable discussion took place, Mr Cowlisbaw contending that by assenting to the deed as drawn, Thompson would be exonerated, and might return shortly, and quite unfettered. He wished elso to ascertain what particulars were in the bands of trustees j respecting Thompson's personal estate.

Mr Slater replied that go far aa Thomp. son’s personal estate was concerned, they had no reliable Information, could get none, and did not see how snob could be obtained, as no books of account could be found. Respecting the partnership estate, Mr Lake, who had been superintending the working thereof subsequent to the assignment, would tell them that the business appeared a profitable one. Under the circumstances, he would pat it to the meeting whether it was not preferable to keep on the business under interested trustees th«n to throw the estate into bankruptcy. When the time should come to apply for an order of Court declaring the due execution of the deed, he wonld, as desired by the meeting, ask the Judge to make such on order as would leave Thompson to be dealt with should be return.

A etatemer'j 0 f M |,ete and liabilities w»'s j than read, lowing the liabilities as £sj23 and the ’ £26B*. leaving a deficiency of £4246.

A further lengthened argument ensued counsel present and several of tho creditors, which resulted in the chairman taking the votes present as to the affirma lion of tho deed, which was agreed to on the part of the creditors of the joint estate (Silhurn and Co.), but refused by the separate creditors.