MEETING OF CREDITORS.

Wairarapa Daily Times, Volume XV, Issue 4785, 28 July 1894, Page 3

MEETING OF CREDITORS.

Estate of Patrick Can.

A meeting of the creditors in the above estate was held in the Masterton Courthouse nt 11 n.m, to-day, Mr W. B. Ohennells, D.0.A., prcsitting, The Deputy Official Assignee stated that he had received a statement from Mr Pownall of the amount that had been paid to him for a composition with Cavr's creditors. This stated that he (Mr Pownall) had received from debtor a sum of £65. This had been paid to certain creditors, who had released the debtor in consequences of this payment,

Debtor stated that he had intended tho money to be pnitl to all ln's creditors pro rata,

Tho Official Assignee stated that he had caused a valuation of tho property mortgaged to Mr Bunny and to Mr JlcKillop. The property had been valued nt £206. The amount of the debt which this covered was £ll4 He understood that Mr Bunny's security was not in order. At first Mr McKillop was willing to have a sale cffccted,but subsequently objected to the sale, without his having first received the amount of his debt with interest. This put the creditors in a difficulty. If it were put up toauctionMrMcKillopmight turn round and demand his full payment. If tho creditors would guarantee him the reasonablo costs ho must of necessity incur, he would bo willing to move in the matter and test whether or not his money could he obtained.

Mr Kcnall moved ami Mr Jiarrison seconded, that tho expenses incurred in connection with having debtor adjudicated a bankrupt bo n first charge in the estate, In roply to Mr Casolberg the debtor stated that he bad received £lO for two stacks of oats, which he had sold, He used the money to buy iron for the roof of his house and to pay wages, Mr Casolberg stated that ho had given debtor wire and grass-seed, and that the fences for which tho wire was intended had not beon repaired,

The Assignee stated that if the' creditors would guarantee tho costs of testing the validity of the securities of Jlr McKillop and Mr Bunny, be would have tho matter tested, and in the meantime- seize the property. With reference to tlio wages claims, ho remarked that these wero a first claim on tho estates, and although the ordinary creditors might guarantee the costs, they would probably get nothing out of the estate, Ho I was not prepared to accept a gnaranI tee- from the wages creditors, as from his knowledge, their position did not justify their giving a guarantee, After considerable discussion, the Official Assignee decided to prepare a circular setting fort]) the stntc of tho case, and asking the creditors to guarantee the costs of testing the matter, aud to attach a fly-leaf requesting an answer.

The meeting then adjourned,