MEETING OF CREDITORS.

Nelson Evening Mail, Volume IX, Issue 125, 27 May 1874, Page 2

MEETING OF CREDITORS.

.* ' A meeting of creditors in the estate of W. Stavert & Co. was held ia the Court-house, yesterday afternoon. The meeting Was numerously attended, and Mr Lightbakd having been voted to the chair, •' Mr frHABP, one of the' trustees under the Deed of Assignment, submitted a statement made-up- roughly trom the books of the bankrupt,;showing the liabilities to be about .£25,000, and the assets about £15,000; deficiency, £10,000. The statement having been read, Mr Sharp called npon the creditors to dtcide whether they would agree to wind up tht estate under the Deed of Assignment, and \f not, to settle upon the course to be adupted. Alter some very pointed questions from Mr Cooks et with rtference to the absence of ihe bankrupt, and also with respect to some trust ttionejs that had been misappropriated by (him— which quest'ons however did not elict .much, if any information — it was moved by Mt Joseph ;Wabd, and carried unanimously, ,*hafc the estate should be put into the Bankruptcy Court. <t i ';. . . ,-.' '£hQ motion was seconded by Mr Habtmahn, who said it was his indention to enleavor to upset the assignment of the book debtß to Mr Selanders. With reference to this assign -

ment it wa* explained that prior to his assigning to. Messrs Sharp and Buckeridge, Stavert, under, pressure, hafi assigned the book debts to Mr Selanders in order to secure to the Union Bank of Australia and to the trustees of Fißher'B Estate ascertain amount of money realise! from the sale of Dartnall's stock at Bichmond, and which they had arranged should be paid, immediately after the sale to Mr £ danders, to hold, pending the settlement of a dispute between them with reference to it. This Stavert did not do, but paid it into bis own account instead, and the parties intirestel had secured themselves in the manner indicated. Alter some desultory conversation the meetiog broke up. Although there is only a deficiency of £ 1 0,000 shown iv the statement submitted, we understand that as a large portion of the assets is secured to the National Bank and others, and as there are likely to be considerable contingent liabilities wbich are not alluded to in the statement, the estate is likely to be a most unsatisfactory one for the general body of creditors, and the dividend a mere nothing.