IN BANKRUPTCY

Gisborne Times, Volume XXVII, Issue 2535, 23 June 1909, Page 3

IN BANKRUPTCY

ESTATE OF CHARLES TAYLOR. A meeting of creditors in the insolvent estate of Charles lay lor. cabinetmaker, which was adjourned from Monday. was held at tlio office of the de-piity-Officin! Assignee, Air J. Coleman, yesterday. The committee set up to report upon the value* of the property held under mortgage recommended as follows: That the. offer of the bankrupt to take over the timber, joinery, and woodware in the stock lists as £46/ 14s 2d, and the machinery and plant as £364 Ss 6d, at the rate of 15s in the £, and the goodwill of the lease and buildings at the sum of £SO, on the terms and conditions set forth in.the draft agreement submitted, be accepted; that the creditors by resolution recommend the Assignee to retain the lease and inoit<Ta<Te, and that the balance ol stock-in-trade not dealt with be removed to Lowe Street, and the business there carried on as at present; that the tenders for the purchase of stock, machinery and plant be declined ; that tlie Assignee .take the . advice or the present committee in any important matters affecting the realisation of the estate, especially as to the length or time the business shall be carried on, and as to the sale of properties. The Assignee said that the bankrupt had arranged with Mrs. Anderson, a creditor in the estate, to finance him in the purchase, the bankrupt undertakincr to pay the estate within about nine months, and. a draft agreement had boon prepared to that effect.. - 111 : arrangement was a favorab.e •.one aiu creditors ..might decide to accept R* . Air. Roes said the wood-working business was of more value to the bankrupt as a. going concern than if it was sold. Mr. Kirk said that.it had been a - ranged that if Air. Taylor carried out the agreement that the bankruptcy would he annulled, ami lie would get a good ’ start again. He recommended . that the report be adopted Air. Barker said that the best thanks of the creditors were clue to A.rs. Anderson. and Messrs Clayton ami lost-., cr in helping towards a settlement. Air AV. Uhrisp moved that the iecommendations bo adopted and tlic • motion was carried. The Assignee asked that a un mal motion might he. passed indemnifying

him from any personal liability in holding the mortgages belonging to the estate. Mr, H. C. Towsley moved “That the creditors in the estate indemnify the Assignee against any personal liability on account of retaining the lease and mortgages shown in the bankrupt’s filed statement.” Mr. T?o<n thanked the creditors on behalf of Mr. Taylor .and said his client, through, their assistance, would not have to make a new start but could go right on. The meeting then closed.