VALUE OF A LICENSE.

New Zealand Herald, Volume XLIX, Issue 14928, 28 February 1912, Page 8

VALUE OF A LICENSE.

A BANKRUPT LIQUOR DEALER. A meeting of creditors in the bankrupt estate of Henry Bramwell Hollick, wine and spirit dealer, of Rotorua, was held at the office of the official assignee yesterday afternoon. The assignee (Mr. W. S. Fisher) presided. Mr. Brown appeared for the principal creditor (Mr. P. B. Ross), -who has -a claim for £512 13s against the estate. The assignee said that the previous meeting had been adjourned, for the purpose of ascertaining the position of the estate in regard to the. debtor's wholesale license. He had received an opinion from the Crown Solicitor to the effect that the matter at issue raised,an extremely doubtful position, which could bo settled only by a. Supreme Court action. The litigation, however, would be costly, and out of all proportion to the value of the asset, and neither side would gain by it. It was therefore considered by the Crown solicitor that tho matter should bo settled without recourse to legal proceedings. It bad been suggested that the best thing would be to sell the license and to divide the proceeds equally between Mr. Ross and the general _ body of creditors. After some discussion, it was decided to authorise the Assignee to compromise with Mr. Ross in respect to his claim for the wholesale license to the extent of dividing tho proceeds of the sale of the license, half to be received by Mr. Ross, whoso claim against tho estate will thou bo reduced to the extent of the sum so received, Air. Ross to afterwards rank with other creditors in regard to all dividends payable from the estate. It was decided that the assignee call for tenders for the license and the assets and also that the bankrupt be prosecuted on a charge of a breach of the Bankruptcy Act by failing to keep proper books.