MEETINGS OF CREDITORS.

Wairarapa Daily Times, Volume 6, Issue 1684, 13 May 1884, Page 2

MEETINGS OF CREDITORS.

Amebtinq of creditors was held at the Coarthouse yesterday afternoon, in the estate of King and Toomath, to consider an application for the discharge of the debtors, Ml; F. Gray, the trustee, presided; and Mr Skipper appeared as counsel; for M? James Toomath. The.proceedings commenced by Mr Skippe asking the creditors to recommend t]e discharge of his client. Mr foliar, at tho request of the Chairmai, read a statement of accounts, which sliowed that- £B2 18s 7d had been collated in the estate, and an amount eqial to twelve shillings in the pound pail to the wages creditors (only). Ab\ufc £3O more might ba expected to te collected, which wouid enable a secortl dividend of 6s in the £to be paid V tho wages creditors. He called atteition to an amount of £2 which had b\eh collected by Mr J. Toomath from |ilr Cooper and not handed in to the {state. The debtor expained that the;£2 was lent by his faOjcr to Mr Cooper, who gave an 1.0.1 J. for i 6, which was was payable to him « agent for his father. Tho £2 belonged to E. Toomath ; it had nothing t\ do with-Kint? and Toomath. V s ' v The Chairman: Was advanced on account of wages. The Debtor; No. Mr Burnett: You had jour father collecting money prior to jour bankruptcy. It was hard to tell vliat Was your money and what was your father's. I move that the meeting adjouln for "a fuller attendance of the creditors. I can hardly see the force of giving 1 ), man his discharge who gets his father to collect his debts and leaves nothing to his creditors. The debtor said Mr Burnett w\s speaking at random, and he ,(th\ debtor) could explain everything., MrJßuruett: You had better explain about the £2 paid by Cooper before we do anything rash. Mr Skipper slated that Mr Burnett had had amplo timo to find out all about Cooper's money had he desired information. Mr Burnett: I wish him also - to explain why he made a preference creditor of his father, ' ' \ The debtor stated that when his firm were in difficulties, his father-gave.a bond to the bank to secure them an overdraft, and collected, as lie had right to, sufficient of their debts to cover tho bond, • | f Mr Burnett : He had no-better right to liis money than I had to mine! . : i : The Chairman (to debtor) Have you not used Mr Burnett's money ?. i Debtor: There wasra trade account

between us. When my father's bond was made up I did not expect to become a bankrupt, Mr Burnett • Did you not replace a good deal of the machinery in the mill, and spend money iu fittings before going to work? What did all that cost!

. The debtor: About £7Ol What has that to do withiU

■ The Chairman i.'TVlose .money wiib spent on the plant? Tk debtor; E Toomath's, Mr Burnett: Did E. Toomath pay for the repairs to plant? • The debtor : He backed the bill that paid for them.;

.Mrßurnett:.Were these improvements taken away by you or handed into the estate ?

Thsdebtor; No! My father had a bill of sale over the plant. Mr Skipper: Could you have carried on without your father's assistance ? The debtor: No.

Mr Burnett: Were the fittings you bought m Wellington under the bill of sale?

The debtor: The billof sale included all additions and substitutions. Mr Gawith pointed out that Mr E. Toomath had proved in the estate as a creditor for an amount of about £l2O outside of his secured claim. Mi Burnett: What did your father get for the use of the plant from Kin« and Toomath ? ' 0

The debtor: Nothing, Mr Burnett: Do you call £7O or M°c.i. m P lovevßmen 's nothing? Mr Skipper considered that Mr Burnett should have had Mr E. Toomath called and examined if lie wanted all tluse particulars. Ho complained of such questions being raised after the lapse of a twelvemonth. Mr Burnett thought such questions should be raised, as Mr James Toomath had favored his father at tho expense of his creditors.

The debtor asked Mr Burnett to state what the debts were that his father had collected, as he seemed to know so much about it! 1 Air Burnett: That is a questioner* one to put lo you! Mr Gawith asked the Trustee if he had anything to report, The Trustee replied in the negative. But expressed a desire to hear more about the £2, Perhaps the debtor wight settle that point by paying the £2 over.

Mr Gawith did not see that it had been shown that the £2 belonged to the estate.

The deotor said that when his father lent the £2 to Cooper, the firm of King and Toomatli was not in existence, sivl he himstilf was walking about Mastertoil as "Inspector of public buildings!" Mr Gawith said that if anyone would pay bis expenses for attending another meeting ho would not object to Mr Burnett's motion to adjourn—(a laugh) —but under the circumstances he preferred recommending the discharge of the debtor at the present one, and moved that it bo granted. Ml Burnett! Is there any prospect of the outside creditors getting anything? Mr Sellar: None 1

Mr Sinclair seconded Mr Gawith's motion, which was put and carried. Mr Burnett opposing it to the last.

At the conclusion of the meeting of Messrs King and Toomath's creditors, a meeting in A. J. Hnlhaway's estate was held to consider the debtor's application for' his discharge from bankThis meeting occupied about ono minute, it being immediately proposed, seconded, and carried, that tho debtor's application be granted/ The meeting then adjourned.