BANKRUPT LICENSEES.

New Zealand Herald, Volume LXVI, Issue 20257, 17 May 1929, Page 15

BANKRUPT LICENSEES.

RENT NOT REDUCED.

ESTATE TO BE WOUND UP. [BY TELEGRAPH. —PRESS ASSOCIATION.] DUNEDIN, Thursday. A further meeting was held to-day of the creditors in the bankrupt estate of Branson Brothers, lessees and licensees of the Crown Hotel. Mr. S. Solomon, for the landlord, said that at the last meeting a suggestion had been made that a reduction of the rent and premium from £2500 to £2OOO a year should be sought. His firm had cabled to the landlord, who was now in England, and he had replied that he would not agree to the reduction of £SOO.

He told the bankiupts that if they made an offer of over £2OOO it would be considered, but the bankrupts then reduced their offer to £IBOO, and as a result there was no offer before the meeting. Mr. Thomson, for bankrupts, said they had gone carefully into their position and had decided that £IBOO was their limit. Mr. Solomon: If the creditors agree to allow the . bankrupts to carry on at a rent of £IBOO we might communicate with the landlord again. Mr. C. J. Payne, who appeared for five of the principal creditors, said his clients would not consider a compromise. The official assignee, intimated that the winding-up of the estate would now be proceeded with.