MEETING OF MR R. J. DUNCAN'S CREDITORS.

Wairarapa Daily Times, Volume 2, Issue 149, 2 May 1879, Page 2

MEETING OF MR R. J. DUNCAN'S CREDITORS.

(From the New Zealand Times,) The adjourned meeting of Mr R, J, Duncan's creditors was held in the Grand Jury room, Supreme Court, on Thursday, Mr J. S. McDowell being voted to the Chair. The first business was the reading of the following report " Wellington, 30th April, 1879, To the chairman of the meeting of-the creditors of Mr R, J. Duncan.—Sir—ln submitting the report of the affairs of Mr B. J. Duncan, the committee would remark that the very short time intervening between tho twp meetings has not allowed much opportunity fonnvestigation of the accounts; they have, therefore, more particularly directed their attention to, ascertaining the probability ' of the unsecured creditors receiving some dividend on the amounts due them.; They have gone pretty closely into the amounts of the secured debts; whilst there does not seem to bo any chance of there being any' surplus from any of the items, there is : every probability that endeavors will be made to upset Mr Duncan's claim to have given liens on some of the securities, There are legal points on 'which the com- 1 mittee is unable to give any opinion beyond stating that if successful the amount of unsecured debts will be increased by some £3OOO or so, whilst the fund divisible will remain the same, 'They have also endeavored to divide the unsecured debts (£8192) into two, classes, the one (L 4215) being legitimate business debts, the other shows the amount of assistance (L3977)given to Mr Duncan by his friends. No profit or loss account having ever been made out, they are unable to form any reliable opinion as to whether the business has ever been in a sound state or not. From the general appearance of the assets (principally book debts, about L 900) the probability of much being obtained to divide among the creditors is very small; the claims on the estate will no doubt be considerably increased. The probable dividend seems to be about Is Gd in the £. The committee consider that each claim made on the estate should bo separately and thoroughly investigated, They regret that they are not able to report more favorably on the prospects of the estate. Signed, on behalf of the Committee,' Messrs Wallace, Kreeft, Harris, and Berry—W. Berry, Chairman." Mr Port moved, and Mr P. Moeller seconded, that the deed of assignment executed by Mr Duncan be assented toby the creditors, After a pause, Mr Arthur Baker said, being a small creditor, ho did not like to .be the first to raiso any objection to the motion, but as no one else seemed inclined to do so, lie would. His eyes had been opened considerably during the past fortnight as to the, mode in which business was conducted in' Wellington, and he thought it would, to say the least of it, be impolitic on the part of commercial men to assent to the deed as asked.. The vote was then taken, when it appeared that fifteen creditors, representing £2577 os 3d were in favor of the motion; and nine, representing £785 14s 7d, against it. The requisite majority in value and number was therefore obtained, and application will be made at next sitting of the Bankruptcy Court for the declaration of complete execution of tho deed.