MEETING OF CREDITORS.

Gisborne Times, Volume XXVII, Issue 2498, 11 May 1909, Page 3

MEETING OF CREDITORS.

THE ESTATE OF CHARLES

TAYLOR

The first meeting of creditors in the insolvent estate of Charles Taylor, cabinet-maker and furniture dealer,, of Gisborne, was: held at tho office of the Depty-Official Assignee (Air. J. Coleman) yesterday . . There were a large number of creditors present. Air. J._ R. Kirk represented Mr. J. C. Alac'ky, All. V. Barker, the Alpha Sawmilling Company; and Mr. AY. L. Rocs appealed for the debtor. . Air. Rees said he wished to make an offer' to the creditors. The value of the property had been under estimated, The debtor was not insolvent;' but was merely unable to puy * IIS creditors in cash in full at the present time. Mr. J. C. Alacky had guaranteed his account, but the debtor had been suddenly compelled to assign through that guarantee being withdrawn. He had subsequently been advised to put Mr. Coleman in possession and intended to make an offei oi los in the £ cash, but had been unable to find the money at He* now offered to pay 20s m the £. os at once, ssi in six months’ time, os m twelve months’ time, and 5s m 18. roontiis time bearing interest. In the meantime it was possible that Air. laylor be able to meet his creditors in fun, and to take the estate out of 1 1 hands' of tho Assignee. Suclv aiv arrangement would safe-guard the creditor from loss. . The creditors were an asters of the situation, and it w. for them to rejedt of accept the offer. Air Kirk said the creditors might think' Air.. Alacky had forced tire position, but that was not so._ Air. iajlor had offered Air. Alacky los m the;£, but had been unable to keep the otter. The position had arisen through the stringency of the money market. All the creditors had agreed to the deed of assignment, and he (Air. Kirk) di not know why proceedings ruptcy had been taken. He would also like to know wliat guarantee the creditors had for the payments. Air Rees: The assignment of the debtor’s property to the creditors, Air Coleman said lie had called tor tenders for the business as a going concern. • Air. Barker suggested that the tune for receiving tenders mi gut be extended to allow the debtor to try and find finance for the business." Air Rees agreed with the suggestion, and reminded the creditors that the debtor not insolvent, but mcieiy unable to raise cash. . Mr. Kirk moved that the/ meeting stand adjourned for six weeks. The creditors desired to help the debtoi a. Mr. Barker thought the time for re-, ceiving tenders should also be extended for six weeks. . , ~ , Authority was given to the trustees to pay all debts incurred since the assignment, and it was decided not to claim on Hie debtor’s furniture and personal effects. Mr. Kirk’s motion was carried. Mr. Barker’s suggestion that the time for receiving tenders should be extended six week.? wns adopted ami meeting adjourned. . .. , .