MEETINGS OF CREDITORS.

New Zealand Times, Volume XXXIV, Issue 5735, 16 August 1879, Page 3

MEETINGS OF CREDITORS.

Meetings of creditors of Messrs. Dunn, Bond, and'Quin were appointed for yesterday,' but lapsed for want]'of quorums, Mr. Bond’s standing adjourned till to-day;.;;/ ’ MEETING OF CREDITORS IN THE" ESTATE OF I). EVEREST.' : • A first meeting of the creditors in the estate of David Everest was held at the. Supreme Court at 2-o’clock yesterday afternoon.' There ■ was a fair attendance of creditors, and Mr. : Dadd was voted to the chair. .Mr., Fitz-; herbert appeared for the bankrupt.' ','■/ ] The Chairman .explained the liabilities were : £99 i, and that' the asset's had been put down' at" £I6OO, which siitn was subject to certain; mortgages. He then read over a list of the debts and of the assets. He'stated that the' whole of the property put' down among the ] latter was leasehold, and was subject to a; mortgage to the late Government of Wellington for £2OO, anil the balance to the Colonial Bank of New Zealand- The ] stock and furniture had been put down as being valued at £IOO, but there was a bill of sale over them. The chairman concluded his remarks by saying that there did not seem: to be much for the unsecured creditors,. It was -suggested'by one of the creditors -that the debtor should make a statement. > The Deputy-Registrar (Mr. : Wilmer) said if he did so it was rather important that the, statement should be made before, the trustee. I The debtor was then asked whether he had: any proposition to make—was he prepared to ■ make any offer to the creditors ? • The Bankrupt replied they saw the condition of the. estate. He thought he saw his way.to pay 3s. in the £l.. . . The Chairman asked if this would be in cash T"''"" The Bankrupt replied in the affirmative. Mr. Fitzherbert said that Mr. Everest would inform his creditors how it was that he had got into difficulties. Such a statement might be an Inducement to his creditors to accept his offer. ' The bankrupt , then .proceeded to inake his statement. He said that his -first difficulty ■was through getting into a Supreme Court case through not having paid his rent. He went to law over the case, and lost it. After that he had to give a mortgage over his property for £2OO, and his creditors said they would be - satisfied. He- gave the deeds for that. Everything was then Bold up, and he was, left with two empty places. Even the : bed was sold from under his wife. Captain Thomas and the.present Mayor of Wellington '.said they“ would give him a start again. When he started again he was £SOO in debt. He put £IOO worth of stock into the. store, 'At this time: bills were, running that .were backed by the present Mayor. Captain Thomas then cut him'off, and he could hot obtain sufficient stock for his customers. Bad times came, and he had to keep his bills floating -which bad brought him into the present position. One of the bills which he bad given to Mr. Isaacs that gentleman, had sold to Mr. Samuels, . who threatened that ha ,would sue him,, Mr. Fitzherbert: About the bills for £3OO 1

are these the bills that are endorsed by the Mayor ?

Bankrupt: To the extent of about £3OO odd. The other bills belong to Mr. Isaacs. Mr. Fitzherbert : What consideration did yon give the Mayor for endorsing those bills ? Did yon give him any 1 Bankrupt : Yes. Mr. Fitzherbert : I mean in cash.

Bankrupt -. No ; I gave him no consideration in cash. I think there was a mortgage deed that I gave him for endorsing the bills for me. That deed is now in the bank. I gave him a mortgage over a new lea°e I had from a native. That deed of mortgage was for £2OO. I never endorsed any bills for the Mayor ; I am quite sure of that. I have had to pay for the renewals of all these bills, and that is what has brought mo here. These renewals have been going on for three years. Q.; What did you give a mortgage to the Mayor for ? A.: I suppose he took it for security, but he never paid the interest of any of the bills. Q.: And you had to pay the interest ? A.: Yes, I had to pay the interest. Q.: Then, as a matter of fact, you got nothing out of the Mayor, and he got a mortgage ? A.: Yes, that’s it. Q, : Had your having to pay this interest anything to do with your filing your schedule ? A.: Yes ; I had to pay £2O, £3O, and as much as £4O a mouth, which comes pretty stiff on a man.

Q.: I quite agree with you there. And you have a large family to keep 1

A.; Yes. The Chairman said the question before the meeting now was whether they would accept a composition of 3s. in the £. Mr. Cleland moved that the offer bo accepted if it was paid in cash. He felt sure if they did not take that they would get nothing at all.

Mr. Baker seconded the motion, which was agreed to ; and after a few observations the meeting was adjourned for a week, in order to give the bankrupt time to make the arrangements for paying his creditors as proposed.