Bankruptcy.

Manawatu Herald, 19 June 1900, Page 2

Bankruptcy.

A largely-attended meeting of the creditors of Joe Tos, storekeeper, pfc, Foxton, was held yesterday. Tfle Official Assignee, after explaining a number of matters in connection with the estate, and pointing out that certain intricate transactions would have to he inquired into, suggested that a supervisor should be appointed. Several creditors in the room were asked if they would undertake the supervision, but none could see their wav to do so. It was evidently decided to leave the administration of the estate in the hands of the Official Assignee, with the assistance of Mr Gerald. The question was raised as to whether Messrs Farmer and Harris were legally right in expending certain; amounts as trustees of the creditors to keep one of the bankrupt's flaxmills going. After debate, it was decided

to adjourn consideration of the matter until the facts surrounding the disbusements could be properly ascertained. Messrs Farmer and Harris both explained that they had paid a certain sum in back wages to prevent a strike of the mill-hands and a consequent waste of raw material. The tender of Messrs Patterson and Co. (£io 2s (hi per ton) for 31 bales of dressed flax was accepted. In addition to the liabilities in the estate already published. Messrs Murray Roberts and Co claimed £480 damages for non-delivery of 160 tons of flax contracted to be supplied by the bankrupt The Assignee stated that he was^ advised that this was a legitimate claim. The firm undertook, however, to lessen the claim by £3 per ton for each bale delivered to them. Mr Harris made a similar offer on behalf on bis firm under similar circumstances. The Assignee was empowered to deal with the matter. The bankrupt was shortly examined by Messrs Skerrett (appearing for creditors) and Myers (acting for the Official Assignee). The meetadjourned sine die.— H.Z. Times. |