MEETING OF CREDITORS.

Gisborne Times, Volume XLV, Issue 3996, 31 July 1915, Page 2

MEETING OF CREDITORS.

EBT.ViE OK Cl I AS. PHILIP WHITE. The creditors ol Charles Pxi nip White, who was adjudged bankrupt on July 29, held an adjourned meeting in tlm"office of the Oii'u iu! Assignee vesti rdav afternoon. There were present- Messrs. Nolan (Dalgoty and Co. and Murray, Roberts), liarvoy (Parnell's, Ltd.'). Baghurst, and M. Prime. The bankrupt”; statement and the list of creditors (already published) were read. The bankrupt, in answer to questions bv his creditors, told: a story ol hard luck. He said be luul leased a prop* riy for two years Irom Hr. Brosnalniu, and about six months before the lease was up the property was sold over his head. J he lease had been arranged between bankrujit aiul Brosjialiaiq and ho had not taken any legal advice at the time. When the property was sold, however, lie took the lease to a solicitor, who told him the lease gave him absolutely no right to the property. Bankrujit received about £32 a’ltogether for his crops and fencing, lie had been owing most of Hie accounts for about two years, and had made every effort to reduce thorn. He liadi reduced about six' or seven.

I n reply to the Assignee (Mr Deere), bankrujit’said be could make an offer of about 7s (id or 10s in the £, but he would require about IS or 20 months' in which to pay. Air. Bnghurst suggested that the debtor should be given a. clean sheet, but Mr. Harvey, for Parnell’s, Ltd., said it would do him more goodi to pay the money, or at least part of it. The general feeling of the meeting appeared' to be in favor of giving the bankrujit a clean .sheet-, but it was finally decided, on Mr. Nolan’s suggestion. to allow him to pay £3 per month for 12 months—«in all, £36. This arrangement was entered as a recommendation for consideration at a further meeting of creditors, which is to be held.