BANKRUPTCY MEETING.

Waikato Times, Volume XXXII, Issue 2619, 25 April 1889, Page 2

BANKRUPTCY MEETING.

The statutory first meeting of creditors of Thomas Niland, a bankrupt, was held yesterday at the office of Messrs W. Souter and Co.. Cambridge. Present: Messrs Souter, Wells. l)avies, Fngarty, and the New Zealand Loan and Mercantile Agency Company, (Limited.) Mr W. M. Hay appeared for the bankrupt.—Mr Wells was called to the chair, and tho bankrupt was examined at great length a-i to his affairs. He stated that about three years ago lie had taken a farm at Richmond from Mr Rich. He spent money in grass seeds, farming material and labour. He bought about 40 sheep and oO cattle. The grass seed, which he got from Messrs Souter and Co., Cambridge, did not grow ; in consequence his cattie strayed away and he lost 2'3 of them. His sheep were worried by dogs. When he found himself in difficulties hu went to Mr Hay, solicitor, who advised him to offer his creditors a composition. This he did, offering to pay 3s in the £. The composition could not be carried out. In consequence of Souter and Co., refusing to compromise unless they got 10s in the £. Ho attributed his bankruptcy to the bad seed supplied by Souter ana Co., and the consequent loss of his cattle. Tho immediate cuuso was pressure by Souter and Co., a warrant being out for his apprehension.—Mr Hay, proxy for the New Zealand Loan and Mercantile Agency Compauy (Limited), proposed that the bankrupt's statement be forwarded to the Official Assignee with instructions to act as he thought best.—No seconder was found for the motion, and the chairman ruled that it was informal for want of a seconder. The mover said he could find no authority for a motion of this kind being seconded.—Mr Souter proposed a motion to the cffect that, as the debtor had kept no books, and had distributed his estate unequally before filing, the Assignee be recommended to examine the bankrupt, and to oppose his discharge.—A discussion ensued about who would pay tho exponses of the Assignee, as there was not hing in the estate. The creditors did not feel disposed to do so. The motion was then put: For the motion, Messrs Souter, Davies and Wells ; against, The New Zealand Loan and Mercantile Agency Company (Limited). The Chairman was about to declare the motion carried, when Mr Hay pointed out that it was an ordinary rusolution, and was to be ( decided by value, not by numbers. The Company's debt was i.'oO, and the debts of the three creditors together amounted to a little more than £20.—'The jChairinan then declared the motion lost. Acting on the advice of Mr Hay, tho bankrupt declined to sign the statement.—Tho proceedings terminated with a vote of thanks to the chairman.