Store gets leeway

Press, 8 March 1978, Page 1

Store gets leeway

By ADRIAN BROKKING The unsecured creditors of Miller’s, Ltd. yesterday voted overwhelmingly in favour of the proposed scheme to bail out the firm.

This agreement means that their right of payment is deferred for six months. This will enable the group to trade normally during the period of respite.

It will allow the Miller’s companies to dispose of surplus assets, borrow moneys, and take other steps which may enable the group to pay existing debts at the end of the six months.

Only existing debts are affected. Goods supplied and services rendered after February 25 will be paid before the deferred debts. The creditors of Miller’s, Ltd, voted 23 in favour of the scheme, none against. Together they represented debts of $164,983. The creditors of Miller’s (Wholesale). Ltd. agreed 145 in favour, seven against — representing debts of 51.028,794, or 96 per cent of the total debts. Mr S. McLernon, of Bing. Harris and Company, was elected to the committee which will assist and advise the new manager of the group (Mr W N. Scotts). Other members of his committee are Mr P. L. Mortlock, a Christchurch solicitor, and Mr E. B. Allison. a partner in the accounting firm Barr. Burgess, and Stewart. Now that the new scheme has been agreed to, Mr R. B. Miller will resign as managing director of the company.

The meeting. which lasted two hours, was chaired by Mr H. Beattie, a senior partner of Barr. Burgess, and Stewart.