IN BANKRUPTCY.

Wairarapa Daily Times, Volume XV, Issue 4427, 25 May 1893, Page 3

IN BANKRUPTCY.

Estate of Alexander Black. Second Meeting fif Creditors. The second meeting of creditors in tho eetateof Alexander Black, journa list, of Pahiatua, took. placo in tho Town, Hall, Pahintua; on, Tuesday evening, tlio Deputy Official Assignee (Mr, W, B, Chonnells) presiding, :; , , Mr Tosswill appeared for , the debtor, and .Mr .Hazlitt watched; the proceedings oii-behhlfof.MrF; \V. : li. ! ,Q f The Official Assignee said ho would go through the busiuess in accordance with ihe resolutions- passed at, last meeting, taking e ich resolution in tho order in. void 'and Stating whathad b,;en done in regard to each. ■ Mr, Gully'ii. opinion had been received iiv accordance with a resolution passed at the last meeting that a case should be stated for his opinion. Mr Gully's. opinion was that the Assignee was right iu declining to put tiio resolution for the reason given. If such resolution had been put aud carried it would have been futile ut'.d tho Assign*! would; not be entitled to act, upon it,. If the valuation made showed that the 'valuii

to the estntp ol the plant proposed io be given back to the debtor did not exceed £3O he could set upon if. It was a question wholly to lie decided by the Oflioial Assignee, ile did not think tho Assignee would have been

justified in acting upon a:special resaiutiou, as it would entail an unnecessary expense, 'ihe Act provided that the Assignee may sell by public auction or by public lender. It was only after failure in this manner that ho could sell by private contract, except in the case of peiishable goods. Ho must sell in tho manner indicated.

| Mr Tosswill said ho considered the case stated a most unfair one. If it had been fairly and properly put, tho answer would lnve been different,

T: (! Asiignee said lie was. Quito _ fatisticd with the way in which the . case had been stated. lie left Mr , To.-swill arid Mr Smith to agree upon the way the case' wa< ■to be staled. He thought that the enso ntate'd.clearly and exactly what the creditor* wanted to find out.,. When he received the 1 opinion lie immediately took steps to call tho.meeting of creditors in no. cord.rtii.co. with the rcavlation passed. He would noff report oil what had; been done with regard to tho other; matters. I*. was decided that valuations should he. made of the plant and stuck', and that had been done by Mr Hornbiow, of Master!on, with the following; resultTho property considered by tho debtor to belong to the guarantors ho valued at £95, and that portion of the plant considered to: belong to the estate lie valued at £36. If that- portion of the patatb.' wore:' separated it would depreciate the value of the whole as it would bring' opposition intothe diatrict. In accordance with tho resolution that hoshouki oiler, tho portion of tho plant to Mr Oreyjlie for £SO the offer had heen made but no direct reply had been mads hy Mr Greyi.l.le, Tho Official Assignee (Mr Graham) had, however, rtceivi'd an offer from big solicitor, Mr Edwards, of £3OO cash for tho asseia. as. they stood or £I.OO for certain plant. Then '.here had been trouble with the guarantors. He h»d received a letter iroriv Messrs Sains-' bnry.i.Lpgari, who acting for Mr F. Fulton, claimed the machinery and pLmt connected with the .newspaper,' Tiier were prepared to rewire any of!:T in connection with tho matter, This was a. fresh'difficulty.; His'po'si(ioii was to leabe for ib benefit of the; creditors, and to saw any un- . Kecesaarj expense, lie .liiid V ritten to Messrs Sainsbury i Logan stating that ho had called for tenders for tho whole as n going concert), and if they had any claim he was prepared to hold the money ovor until the Court ordered him to band it over to some other person. Ibey had 1 replied approving of tho coursa he had taken, and stating thoy would await the result of the sale, Ho had called .. for tenders lor the whole of the plant,; goodwill and book debts as a going concern. Two tenders had been received—one for £176 Is, and the other fer £225, and he proposed toaccept the tender for £225, Under the terms and conditions of the tender he would give possession to tho purchaser, and as ho. had noiico to quit the premises by a'certain, lime : bp only had two day A.to remain in possession, Then faro he would give possession to the highest tenderer and take Bteps to complete the purchase and give possession of the pre- ■ raises for t.w.o day's. '1 here was another : matter as regarded certain proofs of debt-some of the creditors would have received letters stating that their : claims had been rejected. The intention was not to deprive the creditors of a vote, but to protect tho estate, It was considered that. thejo creditors had proved for too large a * sum—aud ijiey, .were;Meßßrß Tpsswil.),. Crewe, Gault, Briggs and Mrs Black, Iln had been very cireful in this matter, and had taken tbe advice of ■ a solicitor and acted accordingly. The : idea, was not to debar those creditors from having a tote in the proceedings and he was therefore prepared to ail-; journ the meeting to give ths-m time to put .their accounts right or to show that they were correct. ' Mr Tosswill objected to any business being done, He had not received his notice yet, and had had no opportunity of putting himself right. Mr Birnie considered' it was very . unfair that the Assignee should be. brought bore timo after time without i being able to do any business. He ■ thought he should be protected in the position he was in. The Assignee said it. did not matter whether any resolution m passed or not; he had the power to ■ acceptlheoffer and wheth'or.tho creditors ■■ liked it or not he:' intended to ; realise the estate to tho. best advantage. The other ■assetsr.in, the: estate were the dwellinghouse and furniture; He was quite prepared to : adjourn 'the meeting, and in the mean- ' time call for tenders for the purchase of the house. That was the only way to get at the fair i alue. Suppose he got. an offer from an 'outsider of £56 over and. above,the amount owing on it what must ho do ? What ho intended to do and what lie thought they would'consider the fairest way was to call for tenders, Ho would adjourn the meeting and call for toml ers.for the purchase of tho equity of redemption of the house. Mr 1 Crewo said , lie thought that would be«the best thing to do.. He had not yet . received notice that his claim had been rejected. ;.

; Mr Vile moved, That the whole of the furniture be handed back to. Mr Black, ■•V':*.. Mr Hazlitt eaid this seorned informal. He was instructed that the furniture.was worth considerably more than £IOO. Mr Greville was prepared to make an offer of considerably more | than £25 at all events, ,

Mr Vile said the amount set forth in the schedule was £lO. He pro* posed to give Mr Black baok tho amount set down. He thought there was not a creditor who would not agree to that. Hr Hnzlitt said ho would mako an offer of £65 on behalf of Mr Greville, . Mr Tosswill: But that is Mrs Black's furnitme. Mr F; \V. B. Grevillc: Tho furniture m the bouse I It's all Black's. Mr Tosswill: It belongs to Mrs Black.

1 'Mr F. W. B. Groville: Bah I •' Mr i.Tosawill:; Tiiis sort of thin; ■ shows tlio class of man ,we have ti \ deal withiJi. \ 3 , , Mr, liirnio said ho was prepared ti f prove that the iuruituro belonged ti 1 Mrs Black. Mrs Black's brother hat ', bought the'furniture- imd'given.it. t< 1 her. • He knew that, because some c 'it had bee::'bought from him,]'C;;: > Mr Gregory' said lit) ;knew it to be I, perfectly cori ect. Mrs Black's, bro--1 ther had been inhis.imp'.oy, Mid Ik knew tlioit lie had.bought a piano atui i some.furniture. , T '.:' Tlie Asajgriee SHid there seemed a ■ difference of opinion, lie bad ju,t received an oiler from .Mr Greville oi £65. "... : . Mr Greville: There is more than £IOO worth of furniture in ihe house. ■ The Assignee said the li.'st plan would tie to leave the rnatt-r for him to find out really what Airs Bluck'e i claim was, and what her title was. . The Assignee, said th t in ihe meantime bo would he would oil for . ■ lcnder3.fur.the equity of redemption of the ;hpuse and sulunit them to a sub? sequent eetiiig. Mr Hazlitt': What about ihe ens'ccly of the furniture in tlm meantime ? y . The Assignee: I will take precautions that thera will ie no.limg removed. Mr, Black: I dim't think there ,is any occasion, Mr Assignee. lam us honest as soul!' Oilier people. ' ■ Mr Gregory proteiled against tenders being called for the fmniuire. It would look as though they jvit.ii a very, mean lot indeed. There was only one creditor in the whole estate who oppesi-d the furnituri- being «iven to .Mr Black. Mr Hazlitt: If the rest of the creditors, want Mr Bl.wk toiiavo the furniture they had better subscribe the monevfor it. -

M rliirni Rflslie d wh e the r t h eA a nign ee was going to accept the highost'tender for the plant, The Assignee said he intended to accept tha tender for i! 225. He considered it was a very good offer for the estate, Mr Tcf.swill asked the Assigneo to take a note of t lie protest of the.■ creditors against the tenderer getting ally portion of the amonn 1 received, since tho date of the baiikr ,, P tc y> The Assignee tiiok tho llote desired and the nieei.in'g adjourned.