MEETINGS OF CREDITORS.

New Zealand Times, Volume XXXIV, Issue 5824, 28 November 1879, Page 2

MEETINGS OF CREDITORS.

A meeting of creditors in the estate of S. H. Russell, Marton, was held at the Court House, Wanganui, on Monday, Mr R. E. Beckett in the chair. The statement of accounts showed liabilities £2032, as against assets £2070, £I7OO worth of the assets being mortgaged to the Bank of Australasia to cover overdraft of £998. The bankrupt made the following proposal :—“ Provided the Bank of Australasia will agree to extend the period of their mortgage to nine months from this date, I propose to offer 10s. in the £ in two payments of ss. each at six and nine months ; in the meantime my property to be assigned in trust for the creditors as collateral security for payment of such bills; the assignee to assist in the disposal of the property, and to retain any monies from any sale for the purpose of paying the composition as it comes due.” Mr. Beckett was appointed trustee. A meeting of creditors in the estate of J. W. Logan was held at the Court House, Wanganui, on Monday, Mr. W. D. Shaw in the chair. The statement of accounts showed liabilities £l7s', including preferential claims forw -_ - . .ting to £B9. The assets, consisting - .-k-in-trade, machinery, book debts, >x.c., were valued at £I7OO. Among the assets appeared the item of £906, value of lease and building. A first mortgage on this of £4OO secured a bank overdraft for that

amount, and a second mortgage to cover £330 was due two of the creditors. A number of preferential creditors attended this meeting. The bankrupt bad made a deed of assignm-nt to Mr, A. Barns, auctioneer. This deed was assented to, ovly one creditor opposing. The bankrupt then made a proposition to pay 10s. in the £, with bills at three and six months. After some consideration, a motion was Carrie i that the meeting be adjourned for one week to enable the bankrupt to make a guaranteed offer.