MEETING OF CREDITORS.

Poverty Bay Standard, Volume I, Issue 250, 2 October 1884, Page 2

MEETING OF CREDITORS.

A meeting of creditors in the estate of T. E. R. Bloomfield, convened by the Deputy Official Assignee, for the purpose of his explaining his reasons for not declaring a dividend, was held this morning. The Assignee explained that he had called the meeting together in conformity with the terms of the Bankruptcy Act, in order that he might give his reasons for not declaring a dividend. He had up to the present time realised £320 out of the estate, but that was all gone in the payment of preferential claims. The action against Common, Shelton and Co., would most probably come on this week, or if not this week, in about three weeks time. All claims for rents and wages had to be paid, the former by six months, the latter by three. There was another amount of rent of £lOO still due, and he was liable for the rents due to the Natives on the Reay station if they had proved their claims. Those mentioned were all the preferential claims.

Mr. Matthews asked if the present proceedings in the Common, Shelton & Co. case were not practically an appeal as to the jurisdiction of the Registrar.

The Assignee replied that he had gained the case against Common & Co. for £1,054, and they appealed on the ground that the Registrar had no jurisdiction to hear the case. Mr. Travers, of Wellington, argued on a technical point that they had not appealed in time, and the Judge thought such an argument was not worth entertaining, and to meet Mr. Travers, he extended the time for their appeal, giving them a fortnight longer, at the same time stating a very strong opinion that, as far as he could see, the Registrar had full power to give a decision in the case. That was not the Judge’s decision, only his opinion, but as he had to decide the case when it came on, the chances would be in their (the creditors’) favor. Mr. Matthews asked if, supposing the question of the Registrar’s jurisdiction was decided in favor of the Assignee, could Common & Co. then appeal against the Registrar’s decision.

The Assignee—No, the question of jurisdiction settles the matter.

Mr. Matthews wished to know what the Assignee’s opinion was in regard to the estate generally as it now stood. The Assignee thought a dividend of 6d. would be realized if he was beaten in the action against Common & Co., but if, on the other hand, he was successful, they would probably get 2s. 6d.

Much further conversation was indulged in on matters relevent to the estate, after which a resolution to the following effect was carried : —That the Assignee be authorised by the creditors to enter into negotiations on their behalf for the payment of a composition of such an amount, and upon such terms, as he may deem advisable.