APPEAL CASE

Grey River Argus, 7 October 1941, Page 8

APPEAL CASE

LAWYER’S 11 DAY ADDRESS. WELLINGTON, October 2. Yesterday the second week of the hearing in the Court of Appeal of the case of Hall and Others v. The Guardian Trqst and Executors Company of New Zealand Limited and Others was completed with Mr. Lvsnar, Counsel for the Appellants still addressing the Court in his opening address. The actual time occupied by this address so far is eleven days, and it is anticipated that Mr. Lysnav will not finish for some time yet. During the past week Mr. Lysnar has admitted that the entry into possession by the two banks, The Bank of New Zealand and The Union Bank, of their securities in the year 1935 was effected legally and that the proofs of debt filed by those banks with the Administrator were properly made. He has contended however, that the banks' are bound by a compromise which was effected in 1936 between the Administrator and the unsecured creditors for the liquidation of the unsecured debts ot the Estate at the rate of l/7d in the £ and that therefore the banks must accept payment of their substantial unsecured balances at this rate of l/7d in the £ and that the Administrator, after having paid the banks at this rate, must release the balance of the assets in his hands to the beneficiaries,