Bankruptcy.

Gisborne Standard and Cook County Gazette, Volume IV, Issue 538, 29 November 1890, Page 2

Bankruptcy.

A meeting of creditors in the bankrupt estate of Pitt and Bennett was held on Thursday afternoon, at the offioe of Mr Coleman, Deputy Official Assignee. Tuere were present: Ths debtor Mr Bennett, and Messrs Shelton, Matthews, Forsyth, Sievwrigh’, Dunlop, Boutke, Butt, and Messrs Bkeet and Chrisp, solicitors for bankrupts. The Assignee made a report, in which he stated that owing to tbe time occupied in going into matters he was not then prepared to continue the examination of debtors, but would like to do so at some future period, The supervisors and ha bed met that morning to open tenders, and had derided to recommend that Otte trona Mr Fotsytb, on behalf of Mr T. McKenzie, of Balolutha, bo accepted. It was the only tender tor thfi whole ct 'he stock, being 10s 6d in the pound. The best of the other tenders for part, when totalled, did not amount to that. The book deb's were not included.—Messrs Shelton and Matthews considered the offer a vary satisfactory one. Mr Matthews saying he thought the transaction would be cash—Mr Forsyth said it could be either cash or bills; that wat immaterial tn them. He moved, Mr Siev. Wright seconded, and it was resolved, the tender ba accepted. Mr Forsyth said ha ntd not think they oottld have got a belter offer. The trustees—Messrs Butt, Parker, and Forsyth made a report, and were relea«e4 from further responsibility. They bad received cash to the amount ot £1484 qn behalf of the estate, and gave particulars as t»disbursements, There was a discussion in reference to a claim of £42 made by Mr Foreyth, for expenses dining the time he had been attending to the interests of the creditors. He had not accepted £l5 voted to him as one of the trustees. It had been proposed to allow him £2 a week for expenses, but he considered that an insult to his class. After some discussion Mr Shelton said ho would move the same sb had been done before, that £3 a week be allowed. Mr Forsyth wbb here in the interests ot the firm he represented, but they might allow him £2 a week expenses, an amount which fao considered ample. Thera was too much ot this sort ot thing in connection with thase unfortunate estates, aud it should not be permitted.—Mr Forsyth said be belonged to the commercial traveller class, and it was preposterous to offer him £2 a week. He could not live in an hotel in Gisborne for less than he had put down, £1 a day ; he was sure it had cost him more than that. How could they expect any man to set to work from 11 pm. till 2 a.m., looking after the hands, and kesping them primed up, so as to get the work done . There was no pecuniar? gain to himself at all—he was a perfectly free agent in the matter. It commercial travellers had to come to Gisborne, and to live in an hotel at £2 a week, it would be an insult to them.—Mr Dunlop: You have your remedy.—Mr Coleman explained that Mr Forsyth had not yet drawn the £l5 allowed aa a trustee.—Mr Forsvth : I don t intend to.—Mr Sievwright thought the claim should ba acknowledged; if af'er a man had done service for them and ■ employed his skill in their interests, they refused to pay his expenses, it would bs a bad thing for such es'ates. —Mr Shelton said it did not require seven weeks to find o'ut the position of an estate; far more had been found out at the first meeting than there had been since. It would be quite as reasonable for the trustees to make a similar claim.—Mr Matthews asked whether the claim for £42 was plus tbe £l5 ?—Mr Forsyth said it did not matter about the £l5; if be received that it would be banded to the firm. If he bad claimed for services rendered it would have come to far more than that; he had done much more than either Mr Butt or Mr Parker.— Mr Matthews favored the claim being paid. He was satisfied that if they had to bring a man from Wellington it would cost more, His only objection was to tbe irregular way in which the claim was made out. It should be for services rendered.—After further discussion Mr Sievwright proposed, and Mr Matthews seconded, that the amount be paid, Messrs Sievwright, Matthews, and Forsyth (numbering nine, with proxies) voted lot the smount being paid. Against: Messrs Bourke and Shelton. Mt Butt said be, as a trusfeS, would prefer not to vote, but he was in favor ot the payment, which was passed. The Assignee said there were about £1,552 debts yet to collect — that did not include what had previously been written off as bad. It was decided to allow the Assignee for collection 3J per cent, on the first £5OO, 7 j on the second £6OO, and 12| on the remainder.

Mr Skeet, on behalf of Major Pitt, applied for allowance, and Mr Chrisp made a similar application on behalf of Mr Bennett, who, he said, had given up everything, and could not possibly do anything for himself while he was kept waiting about ia connection with tne estate. —Mr Chrisp said if the creditors would not make tbe allowance he would apply to the Court, which be blieved would grant it—Mr Skeet said Major Pitt left it to rhe creditors; he would make no application to the Court, but it would be vary hard if he was kept there, when by going elsewhere he might get a position, and not. have to remain idle, earning nothing.—Mr Matthews said the difficulty was that it was not the fault of the creditors that the bankrupts wero in that position.—in reply to Mr Matthews, as to what the bankrupts had personally drawn, Mr Coleman said that in eight years from June, 1882, Mr Bennett had drawn £O3lO, irrespective of capital account. Major Pitt had drawn £8615, and had put £383 9i 101 into the business. Mr Bennett, not reckoning the money of C. and E. Dunlop, had put a net amount ot £650 into capital account.—Mr Sievwright said that his Instructions wero that he must oppose any allowance. In reply to Mr Matthews the Assignee saitl he did not think he would want th? assistance of the debtors. In reply to Mr Forsyth, the Assignee said he would require the debtors when they were agiin wanted for examination. Mr Matthews thought it would be better to let ths Court deride. Mr Forsyth favored an allowance being made to Major Pitt, whose case ho distinguished frem 'hat of Mr Bennett, A: Mujoi Pitt was not living iu an hotel (like commercial travellers did), and w’’>S thrifty, h» thought 7« 6d a day would be suffirimt. Mr Matthews opposed any exception being made, but would not object to Major Pitt being informed that be was not wanted after a week. It was different with lM[p Bennett. He had his wife's property here, and was not so likely to leave Gisborne. It was pointed out that if the bankrupts wero allowed to leave the district, the creditors would have to pay the expenses of their . returu. Mr ishelton favored Mr Matthews’ suggestion with regard to Major Pitt, and it whs lidoptcd.