MEETINGS OF CREDITORS.

New Zealand Times, Volume XXXIV, Issue 5847, 25 December 1879, Page 2

MEETINGS OF CREDITORS.

A meeting of creditors of Carl Peters was held yesterday at the Supreme Court, Mr. Jas. Smith in the chair. The chairman explained that a few mouths ago there was on the premises of the debtor a quantity 'of stock not made up, which would form a valuable asset if manufactured, and Mr. Peters had been allowed to carry on in consequence. The debtor had in prospect certain orders, which if he had got as he expected the trustees would not have had any difficulty in paying the dividend. He did not however do so, and the dividend had not been paid. The meeting hail therefore been called to consider the subject, and enable the creditors to advise the trustees. Mr. Gardner, co-trustee with Mr. Smith, said that at the last meeting, three mouths ago, Mr. Peters showed a surplus, and 3,6, and 9 months had been given him to pay off his liabilities. He had been allowed to carry on, and all receipts were paid into an account which could only be operated upon by the trustees. Mr. Peters had expressed every confidence that he would be able to meet the bill for the first dividend, as the orders he expected would enable him to do so, but this not having turned out as was expected, a man had been put in possession by the trustees, although they were perfectly satisfied that Mr. Peters had acted straight. The estate now showed the assets to be £ll7l 12s. 9d., and liabilities £902 18s. Id., leaving a surplus balance of £268 18s. Bd. The sum required to pay the first dividend was £2OO, and some of the book debts could have been got in had not the trustees trusted to Mr. Peters being able to meet the bill, which he had appeared very sanguine of being able to do. The business had been carried on at a loss, during the last six months of about £SO. Mr, Peter’s stated that business was very dull just now, and he had only made 38s. during the last nine days. After consideration, it was resolved that the trustees invite tenders for the purchase of the estate.