MEETING OF CREDITORS IN THE ESTATE OF J. H. CORBETT

Wairarapa Daily Times, Volume 6, Issue 1801, 30 September 1884, Page 2

MEETING OF CREDITORS IN THE ESTATE OF J. H. CORBETT

Tiieke was a fair attendance of creditors at the first meeting in the estate of J, H. G'orbett at the old Court room to-day. Mr Sellar the Deputy Official Assignee presided, and read the following list of assets and liabilities : AssETs-Timber at Pahiatua,' L3O ; book debts, L3O; furniture, 110; mill plant, LSO; sundries, LH; surplus from securities in hands of secured creditors, L 1754 ; total, £IBBS. Liabilities— Unsecured creditors, L 717 3s 4dj secured creditoos, LISGO (value of securities held, L 3314), surplus of assets over liabilities, L 1167 26s Bd. The principal creditors are as follows :-Unsecured-Cheymol, L 6 9; Lockhart, L 75; Rapp and Hare, L 100; W. Perry, L 76; and Izard and Ball, L3l 10s. Seeured-G. H. Luxford, L 1250; W.R. Waters, L 250; and A, Baruett, L6O. He explained that the debtor had borrowed £I6OO from Messrs Waters and Luxford at P2| per cent on the security of bills for the sale of the Empire Hotel. Mr Eenall inquired whether Mr Waters held a mortgage over die ■ Pahiatua property, i The debtor replied that the land had been issued by the Board in Mr Waters' name, Mr Dalrymple enquired what bei came of an acceptance of LBO received , by the debtor from McGrath. The debtor said it was given to Mr Luxford and dishonored. Mr Rapp inquired whother posses- ■ sion of the bills could be obtained. The Deputy Assignee said it could by paying off Luxford's claim of LII9S and interest on same, Mr Rapp: What was the amount of i the bills you received for the Empire . Hotel? , Debtor: L 39341 Mr Rapp; What did yon get on them? ' " Debtor: A thousand pounds! There , were 24 bills in all. Mr Luxford . agreed to give the money on ten of i them, but ultimately he obtained possession of the remainder as a contingent security, and on his promising to make a further advance of LSOO. Mr Rapp: What money did you take at the Star Hotel? i Debtor: I have lost my bankbook and cannot say, but I lost money there, Mr Rapp: What did you do with the £6OO you received from Luxford ? Debtor: It went to pay fur the Pahiatua land. Mr Rapp : It would have been better to have paid your creditors with it. Debtor: The money never came into my hands, Mr Rapp: \m you prepared to ' make an olfer ? Debtor: I Lhink I could get »00, l endorsed lulls lor payiiur ton "shilling in the pound, perhaps cash ,' i, (! |iev<; £SOO might be raised on the Pahiauia property. Mr R.ipp thought the equity of redemption of the bills might be sold. The debtor said thov would not fetch threepence. He had air sidy tried every man in Wellington with I hem. Mr Renall asked the iva.uu why Mr Corhett could not sell them. The debtor replied that they were, too long dated,. Mi'Paytoninoved-That the Deputy Assignee invite lenders for the pur elm e of the equity of redemption ofihe bills. If thess bills would only realize three penceihey might assume i ha' this was the market value uf them. Tli.s whole all'iir seemed a muddle and this step might clear it up a little. Mr Dalrymple seconded ihe imimn Mr Bunny thought that it would be better for the Assignee to Ij.st obtain all information as to the position of the bills. Mr Payton pointed out that this would have tu bo done under his resolution before particulars could be supplisd to tenderers. Mr (Jorbett protested against any such course being taken. If the estate were to be sacrificed his wifo had a lien over the Bills which alio would enfoivu. Mr Rapp; You know your wife's security is valueless Mr Corbctl! Mr Payton objected to Mr Corbett controlling the meeting, lie thought, his resolution was already bearing fruit by eliciting information useful to the creditors, The motion after some further discussion was carried unanimously. Mr Eapp moved that the bankrupt be allowed out of the estate a weekly sum of £2los. Mr Corbett suggested that this stand over till the next meeting to see what arrangements he could come to, Mr Corbett offered to rent the Pahiatua mill from thu estate at 5s per Week tor two months, The offer was aocepted, Tho meeting then adjourned till Wednasday, Ooiobor Bth, to allow the Deputy Assignee to brin« up a further report on the position of the esto, Weils' ''iiaiwii o.v i™ | lief, complete, perminent cure. Coriw wart, bunions,'. »,&DrogOo«