CREDITORS' MEETING.

Mataura Ensign, Volume 7, Issue 42, 30 December 1884, Page 6

CREDITORS' MEETING.

ESTATE OF WILLIAM WILL WHITE. 4l meeting of creditors in the estate of f William Will White was held at Gore Courthouse yesterday, the deputy assignee (Mr-R Macleod) presiding. The debtor, had filed a s-tatement showing his unsecured debts to be LB7 10s, and those secured L 482 12s 6d ; his assets consisted of a 20-acre section near Gore valued at L7OO. There was thus an apparent surplus of L 222, but the deputy assignee expressed a fear that the debtor was over sanguine. Mr Henderson made a. statement showing why debtor had filed. In reply to question by Mr Fletcher the debtor said: The only parties who pressed me hardly were the holders of the mortgage over the land, "who wanted their interest. I had no option but to file in justice to my other creditors, some of whom had judgment summonses out. I have about 19 acres of oats in, on which there is no lien ; the mortgagees would not take that in satisfaction of the interest. Ido not value my furniture at more than LlO. I recollect having a transaction with Hansen and Hood about

adraylnotlongago. Ipromised.to pay them I as soon as the dray was sold, but I have ' not redeemed that promise because I did not get the money in consequence of the sale of the dray and team not realising sufficient to pay off the bill of sale. I think the property is worth my estimate. IpaidLls per acre for it, and hare con' siderably improved it. I now consider it worth L 35. To Mr Henderson : The team and ■ dray brought much iess than I anticipated, *md this prevented me from clearing up everything after the sale. To the Deputy Assignee : I am paying 10 per cent interest. [Mr Macleod : Then it's no wonder you had to file.] I. could' not get the money for less. The Assignee: It appears to me this estate is merely for the benefit of the mortgagees. The heavy rate of interest is a bar to a successful sale unless the property is exceptionally good. Af fee* a long conversational discussion it. was resolved that the Deputy Assignee should be entrusted with the administration of the estate, it being understood that i£ considered wise almost immediate steps would be taken to realise the growing crop and the property.