CREDITORS' MEETING.

Taranaki Daily News, Volume LII, Issue 109, 7 June 1909, Page 4

CREDITORS' MEETING.

ESTATE OF J. J. PATTERSON. A special meeting', convened at the request of one-fourth in value of those j creditors who have proved their claims in the estate of J. J. Patterson, was held at the District Official Assignee's ollice at Danncvirkc on Tuesday last. The Assignee reported that "the application of the bankrupt for confirmation liy the Supreme Court of the proposed ' composition was delinitely dismissed by t-li'c Court on .March 4th last, and it is'only since that date, therefore, that the Assignee has heen in a position to take definite steps toward the realisation of the assets. The state of the hooks kept I>y the bankrupt lias heen previously referred to. As soon as the task began of examining the business dealings of the bankrupt,, the insufficiency of the books became so obvious that the Assignee deemed it liis duty to lay informations against the bankrupt under the penal clauses of the Act, for not keeping proper boobs of account. As these charges are now pending, it would not be proper to do more at present than to refer to the facts as an indication of the difficulties the Assignee has to contend with. The difficulties have been increased by the fact that certain books of the bankrupt which had not "been handed over to the Assignee were destroyed by a lire ill the bankrupt's ollice in the month of January last. The services of an cxpcit fcountant had been necessary to elucidate the particulars appearing in the remaining books. In eases where it seemed probalile that definite amounts ■were owing to the estate the Assignee was now in a position to take steps for their recovery. Very few of the amounts shown as debtor, ledger balances in the schedules filed by the bankrupt proved to be debts which there was any reasonable prospect of recovering. The accountant's report was not yet available, and until it was it was impossible for the Assignee to indicate [what action should be taken.

The debtor disputed the accuracy of the statement that Hie Court had' decided against the composition on March 4th. As a matter of fact, lie had not proceeded with his application. .Mr. Bamford said .Mrs. Patterson would even go to the Privy Council to contest any action of the Deputy Official Assignee regarding her property. After a lengthy discussion .Mr. Clark moved that the stock be taken, and tint a .balance-sheet be s nbmitted to a meeting in or within three weeks, stocksheets to be appended, and that a copy of the ■balance-sheet lie posted to diviant creditor,;.

Mr. Druiniuond seconded the motion, which was carried.

The meeting was .adjourned for three