MEETING OF CREDITORS.

Temuka Leader, Issue 2326, 5 March 1892, Page 3

MEETING OF CREDITORS.

Tho first meeting of creditors of Thomas Leonard, farmer, Kerrytown, was held on Wednesday. The statement showed unsecured creditors £SO secured creditors £4O (estimated value of security £50); total debts £139 Is 6d. The crop of wheat on bankrupt's farm was valued at £SO, and surplus from securities £10; total assets £6O, leaving a deficiency of £79 Is 6d. The unsecured creditors were—National Bank of New Zealand £32, Job Brown £32 13s, M. Connolly £l3, Priest and Holdgate £5, A. H. Anderson £6, Vallender and Watt | £2s 10s, M. Gray £3, J. Glasson £3 10s, [T. Foley £4, W. C. Roulston £2, J. Price 13s, Reid and Gray 16s, W. Philp £3, A. Gabites £3, Bradley £ll9s 6d, J. Hay £5, N.M. and A. Company £4, E. Lee £2O; secured creditors—Buckeye Harvester Company £SO (amount of debt £40.) 'I he debtor's preliminary examination on oath, showed that he occupies a farm of 20 acres at Kerrytown, which belongs to the children of his first wife by a settlement under which Mr E. Lee is trustee. He was to have the use of this farm, for keeping the children, and has kept them accordingly. His wife also ownod certain chattels which he agreed to buy from the trustee for £25, but he had not yet paid for them. He had occupied another farm on lease, but gave that up last year. There was nothing on the farm in the shape of stock or implements but what belonged to the children. (Inquiry as to his management showed that he had dealt with the stock as his own, and had purchased most of that now in his hands.) There were two stacks of wheat ou the farm, this year's crop. On the 19th February the bank took possession of these on a warrant of distraint. They were advertised for sale on the 25th, and sold before 8 a.m. on that day. There were present at the sale only Mr Kennedy, the bailiff, Mr Raymond, jr., and the man in possession. The amount due to the bank had been owing about two years ; it was for money used in paying the rent of the farm he had given up. The debts he owed were all old, and were for domestic expens9s ; very little had been spent on the present farm. He had not paid any rent for this farm, but Mr Lee had now put in a claim for one year's rent, £2O. At the meeting there were present Mr Raymond (for National Bank), Mr Salmond (for and with the bankrupt), Mr Hay (for the Assignee), and creditors, Messrs J. Brown, A. Gabites, W. Priest, and (not proved) E. Lee. The assignee had given notice to th bank's solicitor that the sale by the bailiff would be contested.

The meeting adjourned from 11 a.m. to 2 p.m. to allow the bank's solicitor time to consider and make a coimrqmise offer, and to allow the Deputy Assignee to take advice.

On resuming at '2 p.m. Mr Raymond, on hehalf the bank, offered to accept £2O for its claim in full without prejudice. It was resolved on the motion of Messrs Priest and Brown —"That the assignee settle with the bank for £2O, and proceed to realise the estate or the best offer obtainable," Mr Brown offered £SO for the estate—£2o cash and £3O in three months.

The assignee's estimate was £6o—crop £35, three horses £ls, cow £l, dray, plough, and harness £9, On meeting again at 4 o'clock the bankrupt offered £25 for the horses etc.; the assignee was empowered to realise the wheat and to pay the bank's claim of £2O; Mr Lee, the trustee, also agreed to withdraw all claims against the estate. The meeting then closed, the assignee to call creditors together again when necessary.