MEETING OF CREDITORS.

Poverty Bay Standard, Volume I, Issue 274, 31 October 1884, Page 2

MEETING OF CREDITORS.

A meeting of creditors in the estate of Mr, Dj McNab took place this morning, Mr. Nolan appeared for the debtor. The Deputy-official Assignee explained that a resolution was passed at the last meeting to the effect that the opinion of Messrs Hesketh & Richmond rthould be obtained in regard to certain mattete as stated by the debtor in his examination. He (the Assignee) had received that opinion and would read it, It was a follows “We have to acknowledge your letter of the IHth instant, and have perused the documents accompanying it. We see no reason to alter the opinion we orally expressed to you on your recent visit to No doubt the questions involved are more questions of fact than law, and the statement of Mr. McNab is at direct variance with that given by Mr. Suiter. We confess that, taking all the circumstances'into consideration, to our minds the probability goes strongly in favor of Mr. Suitor’s statement, and that being so we cannot see our way to advise you to institute proceedings on the almost uncorroborated statement of Mr. McNab. It must also be borne in mind that Mr. Suiter’s position here is not a very flourishing one, and we have reason to fear that, even if you were successful in obtaining a judgment against Mr. Suiter, it would be very difficult to gather the fruits of it. We note that Mr. McNab has not in any way transferred his interest in the lease, but as the lease is included in Sutton’s mortgage, the property may be dealt with by Sutton and a title conferred without the necessity of calling upon Mr. McNab or you to join in the sale. If it should hereafter appear that an advantageous sale has be made of the property it may then be possible for you to call the mortgagee to account as to the disposal of the proceeds. Wo are inclined to hold the view that the *** mortgagee may charge against the property the increased advances, which as we understand have been made since Mr. McNab’s retirement. We feel strangely inclined to think that if the transaction were investigated, it would be found that Mr. McNab did in June 1883 retire from the business, and although the property may not have been legally transferred, yet Suiter had to all intents and purposes become the owner of the property, and had in equity full right to charge it with the further monies that Sutton may have advanced. We can only add that taking all the circumstances into consideration we cannot advise the trustee to take proceedings to enforce Mr. McNab’s alleged claim to the £1,400 mentioned in your letter,” A resolution was carried to the effect that a composition of 2a Gd in the pound, payable within one month from date, in full satis faction of all claims be accepted.