ASSIGNEE AND CREDITORS

New Zealand Herald, Volume XLVIII, Issue 14648, 6 April 1911, Page 5

ASSIGNEE AND CREDITORS

COMPLAINT OP DELAY. 'AN AGENT'S GRIEVANCE. V [BT TELECHUIPH.—PRESS ASSOCIATION.] • : W;sixingtox, Wednesday. At a meeting of creditors in .the estate of Mrs, Ritson, cab proprietress, to-day, strong comment was made as to the alleged dilatory methods of the official assignee in winding up the estate, the first meeting in which, took place in July, 1909. Mr. Simpson, the- official assignee, stated . that the reason for the delay was partly accounted for by the difficulty of disposing of property .during the past two years and his desire to consider the condition of Mrs. Ritson, who was in poor health. Mr. F. Townsend said that several agents had made inquiries regarding a property in the estate in Cambridge Terrace, but they had been unablo to obtain any information from the assignee's office. He read the following letter, which had been addressed on March 25 last by Mr. Harry A. Shepherd to Messrs. S. Rowe and Sons, Ltd. (creditors in the estate) — Dear Sirs, — you please inform' me if the Cambridge Terrace property, in Mrs. Ritson's Estate is for sale? Having a very likely buyer, for this block I applied at the official assignee's office on last Thursday afternoon, but was told by the clerks on duty to go to Messrs. Kennedy, Macdonald and- Company, as they were sola agents for this property. Mr. Simpson, the clerks said, hid had several similar applications by- agents, and they had been referred to Macdonald's. It is strange, and I should say not, in the interests of the owner or creditors, for any one firm to have sole agency for more than one month, especially in a public matter such as this. I have the proprietors of an old established finn inquiring if this property can be purchased at £20 ' per foot on the Cambridge Terrace frontage. I shall be glad if you will let me have a sketch plan of the property with authority to sell, together with'the lowest price you will accept. It will probably be a cash transaction, as the firm inquiring intend to build immediately." Mr. Townsend said that there were five auctioneering firms interested in the estate, but yet the assignee went past them all and gave the sale to an outsider. Mr. Simpson said that it had never been the custom to place properties for sale with commission agents. He was only carrying &ut the practice of his predecessor in allowing one or two auctioneers to sell properties. The creditors would be paid in full. It would not be necessary to sell tide Cambridge Terrace property, and he would ' apply to the Supreme Court for directions as to its disposal. The creditors, being paid off, would have no say in. the matter, and he thought that Mrs. Riteon would * have a competency for life.