MEETING OF CREDITORS.

Wairarapa Daily Times, Volume 6, Issue 1701, 3 June 1884, Page 2

MEETING OF CREDITORS.

(From the Post.) ' An adjourned meeting of tho creditors of Daniel f. McCarthy, of Masterton, storekeeper, wsb held at the Supreme Court Buildings, at 11 o'clock yesterday morning, the Official Assignqe presiding, Mr Gully was present on behalf of the bankrupt, and Mr Bell representing, several creditors, The Assignee reported Ihatiri consequence of an advertisement in the Wairarapa papers, announcing the sale by auotton of the "entire stock'i! of the. bankrupt, Messrs Aitken, Wilson' &" C 6 . :, who had : expressed,their willingness to guarantee a composition of 12b 6d in the & on certain conditions,; had withdrawn that offer, they not having been'con. i suited .with regard, Assignee said, in bis opinion, this was a most extraordinary aotion for the I

bankrupt to have taken, but it was , pointed out that the : advertisement notified the Bale to be under instructions from the Aseignee. Mr Graham said the Dept.ty Assignee had not consulted him at all in regard to the sale, whicb, however, he presumed, was announced with the deputy's oonsent.. The bankrupt explained that tho only articles which were sold consisted of ' a lot of odds and enda of drapery, realtsine about' ;find; the sa,]e' was pursuant to a mutual understanding, between himself-and Mr Sellar,' deputy assignee. -Sir-Bell expressed himself very, strongly in reference to the aolion that had been taken. The deputy, he said, had completely ignored, the .reaolution-passed. at the previous meet ins,'and 'hid.ohoßon to take a step which directly interfered with thVamngeirierits arrived at 'between the 'bankrupt," the,' creditors, and Messrs Anton, Wilson, 'and 00. The Official Assignee, it appeared, received-nptice of the intended sale an hoik before- it was • tocomepff and instead,of telegraphing to Mr Jiellar as'he ,dia, asking for an explanation, he should 'have -telegraphed to■ atoD* the sale at. oncei His having failed to do this had, had the effect of depriving the creditors of the benefit of the composition which,had been offered, and the deputy's, action had been; most improper. The deputy, in' fact,'! had made more than a mistake; he had aoted in gross: violation of his duty,,and some B'ep ought to -bo taken to. iriafk tho creditors' and the Assignee's'disapprobation of hisaotion, without acquitting the Assignee himself of all blame in the matter.- In justice to the deputy assignee 'Mr Graham .referred ( to the resolution adopted by the creditors at the .previous meetinn as follows—" That the bankrupt be authorised to resume business under "the-.- supervision of the deputy assignee at Maßterton;" but the meeting pointed out that this did. not give the deputy authority to.do anything calculated to dißtmb the foundation of the agreement between Messrs Aitken, Wilson, and Co. and the creditors. In answer to Mr Bell, Mr Graham said' be did not give the deputy any authority to offer the stock,at a'uotion, and the bankrupt stated • that the' announcement .of had appeared id the local papers'fur nearly a week.- ,-Mr .E. Gardner .said that the question now, was how to make the best of what had been done. Mr J. Duthie remarked that the Offioid Assignee did not seem to appreciate the blunder that had been committed, and it was for the creditors; to corißider whether the matter ought not to be brought before the notice of the Court Mr Graham said hofully'appreciated the position, and in doing- what,he did he thought he was acting for the best—he had'not much time in wbioh to make up his mind, Mr Duthie hoped there would ,he .belter --w management in future. Mr MTavidi thought Mr Graham's explanation unsatisfactory; he should have'stopped the tale the moment he heard of. it without 1 wailing; for .any _ explanation,) Mr Whittem enquired if the' Assignee or i his deputy was. responsible for the loss , the creditors had suataiued ? Mr Bell was not clear on the point, and would/not like to say at a moment's notice. 'After con* siderable discussiou, it was resolved, on '■ the motion of Mr Gardner, seconded by ' Mr Whittem, that the resolution passed [ at the last meeting authorising the banki rupt to resume business under the i supervision of the Deputy Assignee bo rescinded, and the estate was left in the hands of the OfHoial