MEETING OF CREDITORS.

Wairarapa Daily Times, Volume XI, Issue 3780, 8 April 1891, Page 2

MEETING OF CREDITORS.

ESTATE OF BOSS & MCIR. A meeting of creditors in the estate of Messrs Ross <fc Muir, bankrupts, was beld in the Old Courthouse yesterday afternoon, the Deputy Official Assignee (Mr W. B. Chennells) presiding. About a dozen creditors were present. Mr A. P. Bunny appeared on behalf of the Official Assignee, and Mr C. A. Pownall to watch the proceedings for the debtors. The statement of assets and liabilities was read by the Official Assignee, which showed that there was a surplus in the estate of L6B ißs 3d, less Ll2O which had been filed since the state» uient. The surplus in the private estate of James Muir was LBS 13s, whilst the private liabilities of James Ross were L2OB, with assets nil. Mr Pownall, on behalf of the bankrupts, stated that Mr James Muir was prepared to offer a composition of 10s in the L sterling, 5s being cash down and the balance of 5s in promissory notes of twelve months, bearing interest at the rate of 8 per cent., the whole of the assets to be assigned as security for the payment, the estate, on payment of the offer, to be re-con-veyed to James Muir. Mr Muir was prepared to pay the wages bill. Although a surplus was shown on paper, he did cot think, when all the accounts were in, there would be a surplus at all.

Mr Biinnv : Does that offer affect the partnership estate and the private as well?

Mr Pownall: The partnership only. Mr Muir is prepared to pay his private debts. Mr Prangnell: Does the bankruptcy annul the partnership ? Mr Pownall replied that it did.

Mr Prangnell: Then Ross will have to fight his own private battles and have nothing to do with the estate-

Mr Pownall: The offer will deal with the partnership alone. Mr Bunny: But * ill Ross be a party to this offer 1 Mr Pownall: i'es, he is willing to sign the offer made by Muir. Mr Renall: Is there anything to be done with regard to the buildings standing od my property ? Mr Pownall: That * ill rest with the Official Assignee. The Assignee: If the offer is accepted I suppose the debtors will pay all expenses. Mr Pownall: Yes. Mr Bunny : That will mean ten shillings clear to the creditors. Mr Payton did not see why Ross should join with Muir in the offer. Mr Bunny explained that they were joining on account of the surplus. ! Mr Payton: But there is no j surplus !

Mr Pownall asked leave lo amend the offer so as to place the surplus to Muir's private estate. Mr Payton, as proxy for Mr Macara, stated he was quite prepared to accept the original offer, but not with the addition of the name of Mr Ross, as it complicated affairs.

Mr Pownall: The transfer of the surplus to Mr Muir will obviate the difficulty.

Mr Payton moved that the surplus to contra of £276 10s 4d be placed to the credit of the estate of James Muir. Mr J. Graham seconded.—Carried;

It wus resolved to pay the expenses of the bankruptcy and the rent owing out of the combined estate.

Mr Payton moved, " That the written offer of Mr James Muir be accepted, and that Mr W. B. Cbennells be appointed trustee of the creditors, with full power to sign all necessary documents."

Mr M. McKenzie seconded.—Car riel.

Mr Eenall: It seems rather anomalous to accept 10s in the £ when the estate shows a surplus. Mr Pownall: A surplus on paper.

The Official Assignee stated that the resolution would be confirmed at a meeting to be held on Friday, the 17th inst. Mr Ross was culled for examination upon his private estate, but as he did not put in an apnearance his examination was adjourned till to-day. The proceedings then terminated.