MEETING OF MR T. O’SULLIVAN’S CREDITORS.

Marlborough Daily Times, Volume II, Issue 143, 3 August 1880, Page 3

MEETING OF MR T. O’SULLIVAN’S CREDITORS.

A meeting of creditors in the estate of Thos. O’Sullivan, auctioneer, etc., was held on Saturday, at the Court-house. Mr Joseph Ward was unanimously voted to the chair, and said lie was sorry to he in the position, but he accepted it with the view of doing the best he could for all parties concerned. The first busines would be for them to hand in a proof of debt, and then proceed to elect a trustee. The liabilities were stated to be in round numbers £IOOO, and assets £I3OO. The following list of liabilities was filed :

Several proofs of debt were handed in, and Mr. Lawrence then moved that Mr Stenhouse he elected Trustee. Mr Sinclair, who appeared for Messrs Sclanders & C'o., proposed that Mr Joseph Ward, Mr Cook, of the National Bank, and Mr C. J. W. Griffiths should he appointed Trustees. Mr C. Redwood seconded the amendment. ’/ i '■ M ; t ? : i ; ■ / i • Mr Earll said he should support the proposal that Mr Stenhouse he appointed Trustee, on account of the steady and judicious mannen in which he had realised several bankrupt estates. It was quite a new" thing to have them so well managed here. With all due respect to the other gentlemen named, he did not think they had the time to spare to devote to the estate, whereas it was Mr Sitenhouse’s regular business. Mr Lawrence concurred, and said he did not think Mr Griffiths was a fit and proper

person to have the management of the estate. In those he had in his hands tire creditors were kept out of their money foils months, and when he was compelled by him (Mr L.) to declare a dividend in one case they got a whole- threepence in the pound. Mr J. O'Sullivan said lie did not think it was advisable to wind up estates too hastily. Mr Lawrence said as a rule the sooner an estate was wound up the better it was for the creditors. Mr Griffiths said it would save the time of the meeting if creditors confined themselves to making only one speech on each motion. He was not there to defend himself againt anything that Mr Lawrence might say about him. People generally paid very little attention to what Mr Lawrence said, and he (Mr Griffiths) should take no notice of it. Mr Griffiths went on to say that the 44tli section of the Bankruptcy Act provided for the creditors electingsome person to be Trustee; was it strictly correct to appoint more than one person ? The Chairman and Mr Sinclair said by a subsequent Amendment Act power was given to appoint one or more trustees. Mr Griffiths suggested that the best plan would be to appoint a trustee and two supervisors.

Mr Sinclair said his motion to appoint the three gentlemen named was the result of a compromise arrived at in consultation. Some of the creditors wanted Mr Griffiths appointed, and others Mr Ward, and others again somebody else. He would have been glad to have had Mr Stenhouse’s services as trustee, knowing how well lie had managed several estates, but a number of the creditors wished to have others appointed. The creditors then proceeded to record their votes. The following voted for Mr Stenhouse :—Messrs Earll, Draper, Lawrence, and Stenhouse. These with the proxies they held equalled S votes. The following voted for Messrs Ward, Cook, and Griffiths —Messrs Robinson, McCall, Dempsey, J. O’Sullivan, Lloyd, G. S. Budge, Ward, J. Redwood, Cook, C. Redwood, and Griffiths, 12 votes. Messrs Ward, Cook, and Griffiths were declared elected by 12 to S votes. Mr T. O’Sullivan said his books and papers were rather deranged and he wished for an adjournment for about 3 weeks so as to give him time to get them in order, and to show clearly to the creditors how the estate stood, when they would find that things were not so gloomy as they might appear to be. There were a good many matters to look into and the time asked for was required in order to enable him to place a statement of his affairs in a full and proper form before them. Mr Lawrence said the books and papers should be at once placed in the trustees’ hands. Mr T. O’Sullivan said the hooks and papers were there on the table. He would ask for an adjournment until such time as the trustees thought fit to call the meeting together again. Mr Griffiths said it was rather against the principle of realising an estate as quickly aa possible to move at the first meeting to adjourn for three weeks, but be thought; it was not an unreasonable request for the debtor to aJc for time to go through the books with the trustees.

Mr Earll moved that the meeting adjourn for three weeks. He said in his experience it was difficult at meetings of Committees of Boards to get a quorum together unless they agreed that the Committee should consist of two persons, one to form a quorum. Mr Ward said he begged to assure the meeting that having consented to act as a trustee in this estate he intended to work, and that not a day should be lost unneces sarily in the matter. Mr O’Sullivan said there was £4OO worth of book debts which Mr Griffiths could at once proceed to collect. Mr Eaill’s motion was put and carried and the meeting adjourned accordingly.

£ s. d. E W Mills, Wellington, merchant 25 0 0 M. L. Marks, ditto, ditto, 1ST. Z. Times Company, do, 46 0 0 0 10 0 Guthrie andLaruach, Dunedin ...19S 0 0 Mathesou Brothers, Dunedin, ... 21 0 0 Kerr & Bassett, nurserymen Clich 20 0 0 D. O'Sullivan, merchant, do. ... Lucas & Sons, printers, Nelson,... 70 0 0 1 15 0 0 Sclanders & Co., merchants, do. 30 0 (This firm proved old debts £2000) John Tait, printer, Blenheim ... 1 10 0 Furness and Boundy, do, do, ... 10 0 0 H. Budden, nurseryman, Nelson 20 0 0

A. Card; printer, Picton ... 2 0 0 W. Sinclair, solicitor, Blenheim 2 0 0 W. Blick, gentleman, do. ... 15 0 0 S. L. Muller, do., do. ... 10 0 0 Jos. Ward and others, Blithfield S50 0 0 0-Sullivan and Craig, Picton Rd. timber merchants, ... ... 2 5 0 National Bank, Blenheim ... 50 0 0

J. Cann, tailor Nelson 7 0 0 Cundy’s estate, Blenheim 45 0 0 Eccles’ estate (W. Blick.T. and Redwood, exors.) ... 54 0 0 G. Lloyd, clerk, Blenheim S 3 6 W. Clark, hotelkeeper, do. 1 7 0 Ren wick Volunteers ... 120 0 0 The following list of assets were also filed :— Auction Mart, on leasehold, estimated value 250 0 0 Yard, on leasehold 60 0 0 Stock, etc., 50 0 0 Mortgage securities 90 0 0 Book debts 050 0 0 Interest in acre of land, including 0 improvements 150 0 Cow 1 _ r ~ f J _ 1. 12 0 ~ A 0