MEETING OF CREDITORS.

New Zealand Times, Volume XXXIV, Issue 5732, 13 August 1879, Page 3

MEETING OF CREDITORS.

A meeting of creditors in the estate of John Haggie, publican, was called for yesterday, but there was no attendance. At the adjourned meeting of Mr. Taukersley's creditors, held at the office of Messrs. Skipper and Parker, Masterton, it was unanimously agreed to accept the debtor’s offer of 10s. in the £, secured by approved bills at four and eight months. At a meeting of the creditors of Mr. R. W. Murphy held last week at the Institute, Greytowo, Mr. S. Haigh in the chair, an application for the debtor’s discharge made by Mr. Skipper, his solicitor, was agreed to. An offer from the debtor to purchase the book debts in the estate for £SO was accepted. MEETING OF CARL PETERS’ CREDITORS. A meeting of creditors in the estate of Carl • Peters was held yesterday afternoon, at the office of Messrs. Conolly and Pitf. There were about a dozen creditors present, including Mr. Stafford, who appeared on behalf of the Bank of New Zealand, and Mr. Pitt, who appeared for Mr. Peters. Mr. James Smith was voted to the chair. Mr. B. Gardner stated that he and Mr. Smith had, as requested at the previous meeting, paid a visit to Mr. Peters’ place, and had found the stock to be a very valuable one. They would, therefore, recommend that the debtor should be given eight months to liquidate his estate —20 per cent, to be paid every two months. Mr. Stafford said the bank which he represented would have to get some satisfactory explanation why Mr. Peters went to lawbefore their consent would be given to the arrangement recommended. Mr. Peters said that in consequence of the bank having dishonored his bills, he felt that some wrong had been done him. He, therefore, went to Mr. Ollivier and asked whether he had good grounds for bringing an action against the bank, and that gentleman told him that he had. He had but seldom seen Mr. Ollivier, and when he saw him he could get very little out of him. He did not give Mr. Ollivier any positive instructions to bring the two actions against the bank. Mr. Ollivier did not tell him the bank offered to compromise the actions, by each having to pay their own costs ; but after the first ('action had been lost, Mr. Ollivier then informed him that the bank’s solicitor had made a proposal that both parties should pay their own costs. A Creditor : Did Mr. Ollivier tell you that in consequence of the depressed times, and the bad odour in which the bank stood, you would be sure to gain your case. Mr. Peters : No ; but he spoke about the way in which the bank had acted towards me. A Creditor : Did Mr. Ollivier tell you how much damages you were likely to get 2 Mr. Peters ; Yes ; he thought I would get about £SOO as special damages. A Creditor ; Was anything said about bringing an action in a District Court ? Mr. Peters : No. A Creditor : Don’t you think you made a mistake in going to law 2 Mr. Peters ; Of course, I know I made a mistake. That was the reason I asked for advice. A Creditor : Did you ever give any reason why you entered into those actions at law to bankers or to business men ? Mr. Peters : I might have spoken to some people, because I felt very strongly upon the matter. A Creditor : Did you ever tell anybody that it was in consequence of the depressed times prevailing, and the fact that the Bank of New Zealand was in disfavor with the public, that you brought the actions ? Mr. Peters : I did hear that the Bank of New Zealand was pressing very heavily on a good many people. A Creditor ; Did you expect to get a verdict because the Bank of New Zealand was in bad odour, with the public 2 Mr. Peters : I was told that I had a good chance in consequence. I did not hear if from Mr. Ollivier ; hut I might have heard it in his office from his clerk. As things have gone so far, I might explain why I lost confidence in Mr. Ollivier. The day after I lost the case I went to him and asked what I was to do. My assets were over £IOOO, and my liabilities under £2OO. As I had lost the action against the bank, I was afraid that it would press me, and as I wished to' keep my estate for the whole of my creditors, I asked Mr. Ollivier, as he was the largest creditor, whether I would assign my estate to him for the benefit of my creditors. Mr. Ollivier asked me to give him a bill of sale, and he would satisfy the bank. . Mr. Pitt said that, as these things were confidential, and happened between Mr. Ollivier and Mr. Peters when the latter was a client of the former, he would put it to Mr. Stafford and the other creditors whether it was fair to ask Mr. Peters to make a statement of what had passed in a confidential manner between the solicitor and bis client. Mr. Stafford said he had no wish to force Mr. Peters to tell anything that might be considered of a private nature; but he was anxious to ascertain, on behalf of the bank, how it was that Mr. Peters decided to go to law, because the bank had been a sufferer to the extent of about £3OO by what had taken place. Mr. Peters said he had been advised to make a full statement to the meeting of all that had happened, and that if he did so, he would be fairly dealt with. The debtor then Said that, after his interview with Mr. Ollivier, he met another of his creditors, and had asked whether he ought to give a hilt of sale, and he was advised not’to do so. After some further questions of an unimportant nature had been put and answered, Mr. Pitt said he thought the creditors knew as much as they were likely to know, as it all depended upon what course the bank would pursue. Mr. Stafford would not pledge the bank to anything. It was necessary for all parties that the estate should be assigned, and he would suggest that Messrs. James Smith and Robert Gardner should act as trustees.

Mr. Pitt asked whether it would be a deed of assignment f J Mr. Stafford replied that it would, with power to carry on the business, and to employ Mr. Peters until such time as the estate was liquidated. A creditor asked whether £l5O was the lowest amount that Mr. Ollivier would take t Mr. Pitf said that Mr. Ollivier did not state any amount in his letter, but he thought the amount would be about £l5O.

One or two of the creditors, at this stage, suggested that Mr. Peters should get a longer time te pay off. Mr. Stafford objected, although he said the Bank of New Zealand had no wish to do anything wrong to Mr. Peters, or to act harshly towards him.

The Chairman and Mr., Gardner both stated that, after visiting the stock, they wondered why Mr. Peters had ever gone to law. The stock was a really valuable one. Mr. Stafford proposed a vote of thanks to those who had investigated into the matter, which was carried.

After a good deal of pressure, Messrs. Smith and Gardner consented to act as trustees, it being generally understood that no undue pressure would be brought to bear upon Mr. Peters, if anything like a satisfactory state of things could be shown in the meantime. The meeting then dispersed.