ESTATE OF CHARLES WILTON.

Wairarapa Daily Times, Volume 2, Issue 250, 28 August 1879, Page 2

ESTATE OF CHARLES WILTON.

(From the N.Z. Times.) _ A meeting of creditors of Charles Wilton ironmonger, Maaterton, was held at the Court House yesterday; Mr Dawson in the chair. Mr. Travers, jun., explained that the meeting had been called in pursuance of an advertisement in the New Zealand Time, to assent to a deed of assignment of the estate to. Mr A. P, Stuart, for the benefit of the creditors. The debtor by deed proposed to pay off a\\3 debts' by six months instaiments of mid in the pound each, due in month offlovermber 1879, Feburary, May, August, Novembei 1880, and Feburary, 1881. The assets , were set down at £2IOO, and liabilities '£1649 03 3d.

In reply to Mr Nathan, the debtor said he estimated his property at £IOOO. He had, however, only put it down at £7OO, as there was a mortgage upon it for £3OO.

Mr Nathan proposed that the deed bo not assented to. He thought thaiwhere there was a large number of they should appoint the trustees, not the debtor, and in all these cases it was as well to let debtors understand that it was the creditors' property that was to be deposed of, and the creditors should have the right of appointing the trustee. The estate showed 30s in the pound, and the debtors should not make capital out of the creditors by having such a long time. Mr Wilton had got goods from him after his credit was stopped elsewhere, and he felt sore about it.

Mr Capper seconded the motion. He thought the asserts could bo realised upon to much better advantage.

In reply to Mr Gardner, Mr Travers said the alternative would be that the debtor would file hitachedule.

Mr Wilton explained that his present position was the result of money being so tight in Masterton. He had hitherto paid every body honorably. He stiil desired to do so, and would do so if lie had sufficient time. He asked for eighiteeh months, because money was so difficult to get in.

After some further consideration, the motion was carried. The meeting then closed.

Another meeting in the same estate was at once held, Mr. 11. Gardner in the chair, After considerable discussion the following motion, proposed by Mr Nathan, arid seconded by Mr Dawson, was crried;That the debtor be requested to make an unconditional deed of assignment to Messrs. Stuart and Capper, and that a clause be inserted in that deed compelling the trustees to call a meeting of creditors .when requested to do so by a majority in number and value of the creditors, and that any resolution carried at such meeting shall be binding on the trustees. The remuneration to the trustees was fixed at 5 per cent., and the meeting then broke up.