MEETING OF CREDITORS.

New Zealand Times, Volume XXXIV, Issue 5811, 13 November 1879, Page 2

MEETING OF CREDITORS.

The adjourned meeting of creditors of John Stacey, which was to have been held at 2 p.m. yesterday for the purpose of continuing the examination of Mrs. "Williams, did not take place, the witness, owing to gome misunderstanding, not being present. The meeting was adjourned to Monday next, at 3 p.m. A meeting of creditors in the estate of J. and H. R. Hollis was held in Manners-street yesterday afternoon. Mr. H. Barber, the trustee, made a statement to the effect that Mr. Hollis, senior, had agreed at the time the estate was assigned to carry on the business for a period of six months, at the end of which time he was of opinion that he would be able to pay 10s. in the £to the creditors. When he took over the business he had put £SO of his wife’s money into it, and had assigned the rental of some property belonging to his wife, amounting to over £SO per anuum, as security for the payment promised to the creditors. By that arrangement the trustee considered that the creditors had bettered their position. At the time of the assignment the liabilities amounted to £55 8 155., and the assets, consisting of book debts, plant, and valuation put upon the lease of the premises amounted to £BB6 Cs. od. Out of the book debts, only £3O 10s. 4d. had been collected, which, the debtor explained, had entirely put him out of his reckoning. From the remarks made by the collector, the trustee considered that £lO would be .the outside of what could now be collected, although the entries showed £284 in the books. Since Mr. Hollis, senior, had taken the business over, it had gradually got worse, and now the estate showed £44 on the wrong side of the ledger from the time he had taken it over. The debtor was 'asked if he could get an advance on the rental from Mrs. Hollis’s property, so that he might be able to make a definite offer to the creditors of some composition in the pound ; but Mr. Hollis did not think he would he able to get any person in the colony to make the advance. After some consultation amongst the creditors, it was unanimously agreed that the claim on Mrs. Hollis’s property should te released, and the estate should be around up; but it wag resolved to adjourn the meeting for a aveek, in order that the principal creditor might have an opportunity of being present.