MEETING OF CREDITORS.

Wairarapa Daily Times, Volume XVI, Issue 5144, 1 October 1895, Page 3

MEETING OF CREDITORS.

ESTATE OF W. NEILL,

The lirst meeting in the estate of W. Neill, of Masterton, bankrupt, was held at Masterton yesterday afternoon, the D.O.A. (Mr W. B. CJhcniiclls) presiding. Mr C. A. Pownall appeared tor debtor and Mr W. G. Beard for certain creditors. A written statement was put in by the debtor as follows:—"I wns adjudicated bankrupt in the petition of' Mrs P. Wagg. I did not desite the protection of the Bankruptcy Court, and would have paid my debts directly I got into work to enable me to do so. At the time of the petition 1 was unable to pay my debts and I attribute them to the sale of the stables to Weller Bros. When I mado this sale I was solvent, but through Weller Bros, failing to meet their engagements, I " had to mortgage their security and eventually to take the stables back at a loss. A let of the custom had then gone, and 1 could not make the business pay."

Mr l'ownall said' that beforo examining his client, lie wished a note taken of the fact that they appeared under protest, and no ordor of adjudication hud been made as required by tho Bankruptcy Act. The notice served was informal.

Under examination by Mr Beard, tho debtor stated that he objected to Mr W. Hawke's claim for £3OO. He admitted £6O of Mr T. Wage's claim for £OS. Mrs Wang's claim was correct. Objected to Mr Hawke's claim, as ho considered it had been settled when lie made a composition with his creditors about two years ago. All except Mrsj Wagg accepted bo thought, Mr Lowes said he never got a clianco to accept, as tho first ho heard of the composition, was that morning. Examination continued: Some of his creditors took what they could get. He fulfilled the part he under- i took in the deed of composition, which was arranged by Mr Gawith, Most of tho debts were incurred during the last tivo years, except Mrs Wagg's and Mr Lowes'. Mr A. McKenzie's claim was for £l3O incurred by Mr McKenzie guaranteeing £2OO at the Bank for him. Mr A. Burling, by an arrangement over an old contra account, also guaranteed £l5O for debtor. His interest in the Prince of Wales' stables about two years ago, at the timo of the composition, was about £4OO. Debtor then held a second mortgage over Messrs Weller Bros.' plant, etc. Gave a lien to Mr Vallauce for £'2so on the £-150. Mr Vallauce still held the security. At the time, as far as he was awaro, he owed Mr Vallance nothing but the £250 borrowed. Mr Vallance held a security over the furniture but not over the house. The furniture w»s valued at about £SO. Mrs Neill now had it; it belonged to her. He had mortgaged it with her verbal consent. The furniture was bought by Mrs Neill iu her own name. She paid for it as she got it. Would swear it was her own money, and ho could not say where she got it from. Tho furniture was obtained from different people; Mr Wliitt and Mr Jago amongst others. His wife had sold her piano to Messrs Simms and Mowlem to pay off a claim against Keeble and Co. A distress warrant was issued, and the debt paid with Mrs Neill's piano. It was bought from Hood and Co. on the time-payment system. His wife always had money, Was on perfectly friendly terms with his wife, but seldom talked business with lief. He supposed his wife had worked for the money she had; she also kept two or three youug lady boarders and obtained money to pay for the pianoin this way. No other distress liad been levied except Mrs Wagg's, Had no other property except his interest in his houso, The house was valued at £400; lmd offered it for sale for £350. When he went into partnership with W. Keeble he possessed his house and the second mortgage over the stables, Mr Vallanco closed, and debtor did not know what snm Mr Vallance obtained. He had not asked Mr Vallance, but understood it was about £SOO. This left nothing to satisfy his second mortgage. IJia book debts wore : £l7O, but as far as debtor knew nono of amounts bad been collected. The £l7O represented Keeble & Go's and his own private business, The documents relating to the second time ho took over tho stables wore with Mr Gawith. Ho was out of employment but had two engagements under offer; ouo with Mr Kelloher and one at Poverty Bay. Ho thought he should accept the latter,

Dy the Assignee : Gave Mr j Gawith £250 to distribute as best! he could amongst bis creditors. Tbe Assignee thought this would not satisfy the Court. Particulars of tbe composition would have to bo laid before tho Court, i

MrPownall said particulars would be Iftid b.efore the Court at the proper time. Ho would remind tho Assignee that they wore appearing under protest. Tho debtor, examined by Mr Pownall, said his sale to Woller Bros, turned out to be a bad ono. Accounts wore handed to Mr Beard to sue for. His own books got burnt in Mr D'Arcy's fire, and also tbe books in Minifie's business, which ropreaonted about £7OO, Ho reekoued' tho loss of these books meant a loss of £I,OOO . to Mm. Considered ho was solvent till just about the time he sold out to Weller Bros, at £1,050 of which sum he got £l5O, and all afterwards was tbe £250 from Mr VallanceJ This was tho £250 handed to Mr Gawith for distribution aniongst his creditors. Mr Vullaiioe l\ad V) step

into his (debtor's) shoes as second mortgageo and|pay off a first mortgage u{ £3OO. This £3OO from Dr, Beard was raised by Wellor Bros, towards satisfying a mortgage duo to Mr Macara, Mrßetird said the original arrangemoat wns that Weller Bros, should pay £1,050 cash, but subsequently other amiugeinonts were made, as the money was not forthcoming. By Mr Beard Did not remember whether or not he owed £1,200 in 1893. Mr Beard said ho would liko to say a word about the book debts placed in his hands to recover, Out of tho fifteen accounts ijiven hint to sue for, twelve were found to liavo been paid, and not credited in tho books, or elso there were contras. The remaining throe were also disputed. The Assignee said there was nothing to do but adjourn the meet-1 ing. In tho meantime it would be i well to dispose of the house property, I He was of opinion that it was a case for public examination. Mr Beard thought the notice should be given for public examination and the meeting adjourned next l'Yidiiy, or Monday next. Mr Poivuall objected to any unreasonable adjournment. All the information required could be obtained iu a quarter of an hour. Mr Neill did not wish to be kopt hanging about, and, in fact, intended to leave Mastorton by the morning train, J Mr Beard thought an ad journment I most necessary in the interests of the creditors. The Official Assignee | ought to have (liefuliestopportiinity j of investigating the truth of the | ! debtor's statements regarding tho furnitnre and other things, ! The D.O.A. said the house property should be disposed of at once. He proposed to submit tho equity of: redemption by auction. He did not think it would realize a great deal. [ On the motion of Mr A. W. j Ileuall it was resolved to instruct Messrs Lowes & loins to sell the j equity of redemption. I Mr T. Wagg moved that the meet-, ing stand adjourned until Friday, no\t, at 2 p.m. j Mr Kenall seconded and the; motion was carried. I