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Lyttelton Times, Volume LVII, Issue 6536, 7 February 1882, Page 5

[raoK oua own oobbbsfoitdbnt.]

DUNEDIN, Fix, 6. At the meeting of creditors in the estate of Coombs and Son to-day, to assent to the deed of assignment, the trustees* report stated that the “ preliminary advertisements had appeared of the sale or the estate. The National Bank having objected to the proposed arrangement, nothing further has been done. The Bank then asked the trustees to concur in selling the estate as a going concern on the following conditions :—That the trustees should guarantee a minimum sum of £9OOO to the Bank for the premises and plant, and that in the event of a sale of the estate as a going concern being effected the trustees should pay the Bank the sum of £10,600 in lien of £9000." The report further states: —"ln the meantime the trustees have to report that an offer has been received from Mr Charles Coombs, junr., of Christchurch, of £9860, which has subsequently been amended by him to £II,OOO, but upon

condition that the Bank accept, an offer he hei made to them of £BOOO tor the premieee and plant. The trtuteee here intimated to Mr Coomb* that they are willing to acoept an unconditional offer of »uoh a *nm u will Sire the creditor! a dividend of 8* in the £ on their claim*, but tWj intimation has not yet been agreed to by him. Should the estate not be sold to Mr Coombs, or otherwiie bo diipoeed of a* a going concern, the truiteei hope tbwork up and dUpoie of the bulk of the «took within about two month*, and have accordingly made arrangement* with the bank to oooupv the premiwe to March 20, at a weekly rental of £2B ” In the diiouision which followed it wa* mentioned that Mr Coomb*’ offer would not.par 8* in the £. or even 4* 6d, and that the bank ere bound bj the proof to take the value at £9600. A deed of assignment was agreed to, and the matter Of the iale of the eitate left to the trnatee*.