WARMINGTON AND CO.'S CREDITORS.

Evening Post, Volume XLI, Issue 32, 7 February 1891, Page 2

WARMINGTON AND CO.'S CREDITORS.

A special meeting of tbe orodttors in the bankrupt estate of Warraington and Co warehousemen, was held at the Official Assignee's office this morning. The Official Assignee, who presided, explained that he had oonvened the meetingfor the pnrpose.of giving consideration to a proposal made by Mr. Cleland, a member of the firm. Mr. Tread well, solicitor for Mr. Cleland, explained that it was proposed to offer the oreditora in the estate of Warmington & Co. a composition of Is in the JG oat of Mr. Cleland's private ebtate, in consideration of the latter being assigned into the hands of guarantors to be approved of by the Offioial Assignee and the creditors. Mr. J*.Gunn, representing Messrs. Stewart and M'Donald, of Glasgow, the principal creditors, said that he would aooopt no such arrangement, ac he considered that Warmington & Co. had treated his firm shamefully. Mr. Cleland had given them to understand that he intended putting .£5OOO into the. business. Mr. Cleland denied having evar made snob, a statement. Mr. Gnnn said he could produce proof. He was also aware that Mr. Cleland had promised to pay his other creditors 20s in the £ on condition that the firm of Stewart and M'Donald could be induced to accent 12s 6d in the £. Mr. Cleland did not deny this, bnt said that it was merely a suggestion and had never been oarried into effeot. Mr. Gnnn thought it wm an unfair prooeeding, and reiterated his determination not to budge an inoh from the position he had taken up. Mr. Treadwell eaid if this was co the remainder of tbe creditors were powerleßß fo move any further in the direction proposed. Mr. Haybittle (G. Thomas and Co.) thought Mr. Gnnn might relent a little, in consideration of the claims of other creditors. Mr. Gnnn did not wish to deprive any of the creditors of tbeir rigbti. The Ufflolal Assignee remarked that tho whole matter rested with Mr. Gnnn. Mr. Gnnn said that he was not prepared to touept the proposal made without consideration. It was suggested that the meeting should be adjourned until Monday at 10 o'olock fop this purpose, whioh was agreed to.