COLONIAL BANK.

Lyttelton Times, Volume CV, Issue 12424, 13 February 1901, Page 5

COLONIAL BANK.

THE PROCESS OF LIQUIDATION. [Per Press Association.] DUNEDIN r Feb. 12. The total cost of liquidating the Colonial Bank up to date is £6633 6s Bd. Mr Justice Williams to-day granted Messrs Vige/S and Simpson an additional £l6O each. When they ask for the final order of dissd= lution the liquidators expect to return the shareholders about one shilling per share. [From Our Correspondent.] DUNED'TN, Feb. 12* Some surprise will be occasioned to tieshareholders of the Colonial ißank by fees paid to the official liquidators of that institution as disclosed en Chambers to-day in connection with a motion for. their, final re> miuneration. 'lt was stated by Mr Hosikirigj who appeared in support of the motion, thai Mr Vigers had so far received £2900, arid Mr Keith Ramsay and Mr W. h. Simpson £1866 each, making a total of £6632. This was exclusive of £650 paid to the provisional liquidators, Messrs Larnach, Vigeirs and Ramsay. Mr W. C. Macgregor. as representing the shareholders,, urged that thS time occupied in the liquidation had 'been enormous, and stood unexplained; also, that the liquidators had been pretty well paid already. His Honor held that, the facts which were before the Courts there was not any real foundation for Hhe sugge*. tion that the liquidators had unduly delayed the liquidation, ' At the same time, he was justified in tailing into consideration the fact that the remuneration hitherto rotid was on a, liberal" scale, and -that it was for worik of a much more arduous and responsible nature than the work that the liquidators have been engaged in during the past three years A fair remuneration for th& woj-k done would be that each liquidator should receive £l6O, That, fee would cover th« cost till the close of the liquidation.