MORTENSEN ESTATE.

New Zealand Herald, Volume LIX, Issue 18195, 14 September 1922, Page 5

MORTENSEN ESTATE.

THE OFFER TO CREDITORS. FULL SUM NOT AVAILABLE. A further meeting of creditors in the bankrupt estate of Hans Peter Mortensen (Mr. Anderson), farmer, was held yesterday, the official assignee, Mr. W. S. Fisher, presiding. Mr. Anderson said that at the last meeting bankrupt promised he would not ask for a further adjournment if he was able to make arrangements to make good an offer of 4s in the £ to creditors. He had not been able to raise sufficient, for in addition ho had had to meet back interest. All that was in hand was sufficient to meet all charges in respect of interest and to pay to creditors 2s 8d in the £. Mr. Inder, who appeared for the petitioning creditor, said this would not be satisfactory to his clienUMr. Anderson said that .bankrupt would be willing to pay the balance ot the 4s within six weeks, but he had recently been under great disability. People had found out that he was an undischarged bankrupt and some of those who had previously been willing to invest money in his property had "shied off." A creditor asked what would be the position with regard to the balance ot the 4s. Mr. Inder: We would have the right of action against Mortensen. Mr.. Anderson said that if bankrupt got another shareholder into the estate would be able to pay the 4s in full The Creditor : It seems to me we had better take this 2s 8d on the principle that half a loaf is better than no bread, and leave the balance as has been suggested The creditor moved that tho offer be accepted. Mr. Inder said he did not hold himself bound by any resolution carried- Ho would not vote on the question- The motion should read "2s 8d in the £ and also promissory notes for Is 4d in the £ to make up the offer of 4s in the £ within six weeks of the aiinul men t of tne bankruptcy." The motion was carried. It was decided that in the event of the petitioning creditor not agreeing to the proposal, the official assignee call another meeting of creditors with a view to deciding what action should be taken.