Company News REID MURRAY ACCEPT.

Press, Volume CII, Issue 30092, 28 March 1963, Page 19

Company News REID MURRAY ACCEPT.

Statement By Receivers (NZ-PA.-Reuter—Copyright) MELBOURNE. Mar. 27. It would be “some considerable time” before any finality could be reached in the affairs of Reid Murray Acceptance, Ltd., the joint receivers, Mr E. H. Niemann and Mr C. J. Waugh, said in a joint statement today. This was because of the complexity and size of the Reid Murray Group and the very large advances made by Reid Murray Acceptance, Ltd., to other companies in the group

The statement, issued today, points out steps taken with regard to debenture stock and unsecured notes. It says that, as the company had defaulted under the trustee deed all the debenture stock was now due and payable regardless of its original due date. No Interest Unless it became clear that the principal would be repaid in full no interest payments would be made. The receivers, for the purpose of protecting the interest of Reid Murray Acceptance. Ltd., and other companies in the Reid Murray Group, may make secured advances to such companies to enable them to carry on normal trading. Debts owed by any person to any other company in the Reid Murray Group may not be set off against the amount owing by Reid Murray Acceptance, Ltd., to that person. The receivers also point out that debts in the form of a hire purchase agreement, mortgage, or any form of term sale may not be set off against debentures held by that person. Special treatment cannot be considered in cases of hardship as all debenture holders must be treated alike, they say.