MEETING OF CREDITORS.

Wairarapa Daily Times, Volume XV, Issue 4812, 30 August 1894, Page 2

MEETING OF CREDITORS.

Estate of E. </. Searl. (From Our Own Correspondent). Wednesday. A meeting of creditors in the above estate was held at the Oddfellows' Hall, Feathei'Bton, yesterday, before the D.0.A., Mr W. 13, Chonnells. Thofollowing members of the legal profession were present; Mr W. G. Beard, acting on behalf of Messrs Dixon Bros, and others; MrR. A. Acheson, acting for Mr W. Cundy; and Mr 0. A. Pownall, who was present as a creditor,

The following debts were proved i R. A. Acheson, L 3 3s; Dixon Bros., L10719s 7d; Brown, Campbell and Co., LOG Is; W. Gilpin, L5718s lOd; A, Bale, L 57 7s 7d; M. Caselberg, L 33 (repudiated); C. A Pownall, £B3los lOd; W. Toogood, L 29 16s lid; Dwan Bros., L10410s; J. Eea, L2O; W. Butement, LB7; if, 0. Cargill, L 7 7s9d; A. P. Smitli, I Lllßs 7d; S. Danks, LI 18s lOd; Dr. Butement, Ll7 8s 6d; W. Woolcott, Ll3 10s (repudiated); W. Cundy, L2714s 9d, The following written statement from Mr Searl was then read bv the D.O.A:— '

"At tho time of my leaving the Star Hotel, Masterton,l was free of debt and had £250 and £2OO furniture, I borrowed £2OO more from P. Johansen, and went into the Victoria Hotel, PeatherstonJon which lease, furniture, antl slock cost me about £SOO for which I paid cash. I spent £2OO immediately in improving the premises, the greater part of which I borrowed from Mr Pownall, Subsequently I mortgaged the furniture and lease to T. and W, Young for £250, proceeds of which (less their account) went to refund loan to Mr Pownall and a part to Johansen. Tho other part of Johansen's debt I have paid out of the hotel business at intervals, I further improved tho hotel and furniture and fittings in order to get a how lease and to ensure a license at a further cost of £2OO. Just as these matters wore completed and paid for, the hotel was burnt down on June Ist, 1894, I received £199 for iusuranees after the mortgagees had deducted tho greater part" of their money. It cost me £BO law costs over the insurances, The amount of insurance I received I disbursed among my creditors and servants as per my books, This loft me nothing, My wife received £l3O insurance, which I borrowed, and also £SO from Mr Pownall, giving security over ray livery stable, plant, and furniture. This I oxpended by further paying dobts and also £4o'liceuso fee. I got a permit to cany on under the license for about a mouth, but in the meantimo disputes arose between tho owner (Mr Caselberg) and Mr Hamilton, the original lessee of the Hotel, as to who should re-build. As matters were so complicated, and I had not tho money to re-build or re-furnish, and was financially in a bad position, my solioitor advised mo to get what I could from Staples & Co. and Mr W, Buckeridge for allowing the Hotel license to lapse, so that I should have a further fund for liquidation of my debts. This I did, accepting £3OO from them and £2O from Mr Caselberg. There was a lot of delay about getting the raon'oy and. eventually Staples & Co. deduced their account of £BO and placed tho balance in their solicitor's hands. I had placed the stable plant for sale in Messrs Dwan Bros' hands and Mr Pownall purchased tho same for them at LIOO, taking over the liability to my wifo of £IOO also. I only got LlOoutof this after Mr Pownall's account had been deducted with Dwan Bros' commission. Then as I found I could not get the LIBO from Mr Skerrett, as Messrs T, nnd>W, Young had lodged a charging order against it, and Messrs Dixon Bros were pressing me, I decided to file so that this amount should be equally disbursed. 1 lmd previously offered some of my largest creditors 10s in £, and if they had taken it I could have arranged with other creditors to wait. My position is totally due to the fire, as before that I was in a sound position, and had been offered and had refused L9OO for the lease and furniture, with stock at valuation. My stock destroyed was over L3OO in value, and the furniture worth L6OO, and the improvements to tho Hotel and out-buildings cost me L4OO. I lost about Ll5O also of good debts by destruction of the books."

The D.O.A, appointed Mr TV, G, Beard to examine the bankrupt, who was examined at great length, and cross-examined by Mr Acheson, and also by MrDwan, Ultimately Mr Divan said that he had known Mr Searl fora longtime, and that lie had always acted fair and square with liini, and that ho believed the present proceedings were his misfortune, and he would like to see the business settled at once. He proposed the following resolution, seconded by Mr Eae" That the debtor s offer of 5s in the clear of all costs of bankruptcy, be accepted if paid by cash within a month." Ihe D.O.A. said that from what he has seen so far, he thought that it would be better for the creditors to take the 5s in the £., for should it go into bankruptcy, they might only get 2s in the £., and it would involve a deal of legal expense. He pointed out that the resolution would have to be canied by a majority of the creditors, and three-fourths of the value proved, Also that ho would have to report on various matters at another meeting to be held in a fortnight, if the resolution was earned. On putting the resolution to the meeting it was earned. Mr Beard said as he represented several creditors he would not vote either way at this meeting, but reserve his right to yote at tho next meeting until the D.O. Assignee has made his report. Tho D.O.A. informed the meeting that they would be advised of the time and place of the next meeting, and the meeting terminated.