IN BANKRUPTCY

Gisborne Times, Volume VI, Issue 257, 7 November 1901, Page 1

IN BANKRUPTCY

ESTATE OF MORRISON BROTHERS

A CREDITOR'S GENEROUS OFFER,

• A .MKKTiM, of creditors in the estate of Morrison Bros, was held in the Deputy ' Assignee’s office yesterday afternoon. Present: Messrs C. F. Lewis, L. T. Syrues, 0. IJ. Hubble, A. Parnell, Gibson (for Stewart and Co.), F. Oatridge, E. J. Chrisp, A. T. Hookey, H. T. Jones, and the debtors(for whom Mr Chrisp appeared). The Assignee said that there were really three separate estates, and ho read tho statements as already published. He had had stock taken, the value being £B2O 18s od ; there were also seven bales of paperhangings in the hands of the Bank of Australasia, which would bo given up for LSI; ,£8 duty had been paid on them by the debtors. A tender had been received from North and Co., Napier, .£4O, for the stock and plant, estimated to produce over •£o2o. (Laughter). Mr F. Hall tendered for tho stock and plant in two lots, 12s in the •£ for the first and I7s for the second. Mr Hall’s tender for the stock and plant would come to £IS9. Ho (Mr Coleman) estimated tkaf with the acceptance of Mr Hall's tender, and reckoning the book debts at .£7O, and paying preferential wages claim and rent that must he paid, there would bo a dividend of 5s in the £ for tho creditors. The lessor had tho right of terminating the lease on bankruptcy ; a verbal offer for it had been made, but would bo subjoct to the lessor’s consent. Mr Chrisp, on bohalf of tho debtors, said that ho had an oiler to make. As the creditors knew Messrs Morrison Bros, bad filed through no fault of their own, and he felt sure that others would feel as he himself as a creditor felt, that they would dti what they could to help the debtors out of

the unfortunate position in which they had been placed. He would make an offer that would bo equal to 5s in the .£ clear to the creditors. The Assignee : Is it a cashfoffer 2 Mr Chrisp : It is tantamount to that.

The Assignee : It really means a cash offer annulling the bankruptcy—a composition ?

Mr Chrisp said that it practically amounted to that, but the formalities would have to be gone through. He moved:—“That the debtors offer 5s in the £, clear of all expenses. That, upon payment thereof, the whole of the assets be transferred by proper kind of composition to the debtors. That proper steps be taken to carry this proposition under tho Act at tho expense of the debtors. Preferential claims under the Act to be paid in full." Mr Hubble seconded the motion. 'He said he sympathised with the debtors, and ho added that bo considered they had been “ lambed down." It was a ease of misfortune, and the debtors should have thenconsideration.

Mr Symos said it would be better to have a guarantee; it would be inconvenient if, after a lapse of timo, the debtors came back and said that they were unable to fulfil the proposal. The Assignee: Ail we have is their statement; here we have an offer that is substantial. Mr Symes : That will be withdrawn if the other goes on. The Assignee : It is for the creditors to consider ; they run the risk of losing the other offer. In reply to Mr Symes and the Assignee Mr Chrisp said that ho could say almost positively that the offer he made would be fulfilled. He would bo prepared himself to find some of the money, and the Messrs Morrison wero much respected and had many friends who he was sure would willingly help to get thorn out of the unfortunate position in which they were placed.

(At this stage Mr Hubble wkispored to Mr Chrisp.] Mr Chrisp : After the offer mado by Mr Hubble, I can say with still greater confidence that the money will bo paid. Mr Hubble, who is sorry to seethe position of Morrison Brothers, has offered £SO as a start to help them out -of it.

Mr Hookey said his firm had left him a free hand in the matter. They were sorry to see the position in which Messrs Morrison Bros, were placed.

The motion was carried unanimously. Mr Symes abstained from voting, saying ho must first consult his principals.