Meeting of Creditors.

Taranaki Daily News, Volume XLVII, Issue 7760, 11 March 1905, Page 2

Meeting of Creditors.

RE CLELAND AND KENDALL. A meeting of creditors in the'bankrupt estate of Majbel Cleland and Edwin John Kendall, jminlers, was held at the ollice of the Deputy Ofticial Assignee on Friday morning. There were present : Messrs J. s. .Medley, D.O.A. (in tile chair), W. F.. , Harris. George (Mutton and Co.). and AicArtliur. Mr Weston appeared for file bankrupts, who were also present. '1 lie statement ol atVairs showed that the 'debtors owed the sum oi 1:2*1 Os Id, none of (la: creditors j Ije.ng secured. The assets consisted 'nf stuck-in-tr;..le. ' i . pro- 1 i dure .eiol', book d lits >■-, ,ii .el to 1 ut-■ and ens , i < hm,. 1-1s Oil. The deliciei.cv u.i.s jl. ! ,5s lUd. ! ICdw-in John Kendall, .swora. slat- I | ed that the bankrup'.s start* d in j butiness on I-'eb. 21 last. The.v hail no capital, but about ToO or LlO ! worth oi stock ami plant. A lfawera contract, turne-: out badly, they losing albout £■!() or ASs'> on the jab. On being pressed for payment by J. W. llirst, n Hiuvera creditor, they made an offer, which he refuse,l. They were, therefore, forced to lile their schedule. The opening of a slioi; had turned out a bad speculation, as tlioy took very little work in it, and in fact would have been bettor without it. They could not make any offer to the creditors othr than relinquishing the stock, etc. Air (Harris made the suggestion that the debtors should take over the stock and pay*l so much per month to the creditors, but this was declined f<Cr the reason that the debtors would require further credit, and were evidently unable to make the business pay its way. It was remarked in discussion that the umount of wages hud killed the contracts. On the motion of Mr McArthur it was resolved that the stock be sold by tender. The meeting then adjourned.