RENEWAL OF LEASE

Poverty Bay Herald, Volume LX, Issue 18257, 28 November 1933, Page 8

RENEWAL OF LEASE

BANKRUPT ESTATE MEETING OF CREDITORS , At the requisition of a number of . creditors, a iurther meeting of creditors , in the bankrupt estate of George Henry Lysnar, of Gisborne, solicitor and sheepfarmer, was held yesterday afternoon. The ! Official Assignee, Mr. .1. N. Nalder, re- ( fused to accept a motion proposed by Mr. W. D. Lysnar, one of the creditors, however, and the meeting was adjourned until the beginning of next year. The matter was brought on as an eelio oi' a recent application to the Supreme Court, and the requisition was worded as follows i—“At the recent hearing of a summons! in the Supreme Court at Gisborne affect-! . ing the lease of Wliakaongapnga No. 1 j [ block (lease No. 433 d), at which tlicv ' National Bank was a party as mortgagee _ of the bankrupt’s interests (as lessee) in' this lease, counsel for the bank intimated to His Honor Mr. Justice Ostler that as

the bank was not prepared to accept the obligations and liabilities under a renewal of the lease, it had withdrawn its application to the Tairawhiti Maori Land Board for a renewal of same. “Consequently, therefore, as the bank lias given up its right to a renewal of the lease, it has given itp v its rights under the mortgage over same, and we, the undersigned creditors in this estate, now consider that a meeting of creditors should be called, and do now hereby request you to call as soon as possible a- meeting of the bankrupt’s'Creditors for the purpose of considering the position herein, and passing a resolution directing you as to what action, if any, you should take regarding the disposal of the right of renewal of this lease, which right of renewal vests in you as the Official Assignee in the said bankrupt’s estate. “As the National Bank has given up its right to renewal of the lease, and we understand that you do not wish to take renewal of same, as you are not prepared lo undertake the obligations and liabilities under a renewal which the renewal 1 would be subject to, we therefore con- [ aider that if is necessary to consult the j creditors, in this estate for file purpose 'of giving directions as to what they consider should, he done in llm matter.” ’ The requisition was signed by VV. D. lysnar, F. Hall and Sons, Limited, Campbell and Hall, and C. Aickin and I Son, Limited. The Official Assignee presided at j the meeting, and VV. I). Lysnar 1 appeared on his own behalf and represented several creditors by proxy; Mr. R. F. Gambri!l appeared for the native owners of the Whakaongaonga No. 1 block, Mr. K. G. Butters for the

National Bank of New Zealand, Mr. L. N. Harris for the Public Trustee, Mr. R. W. Stewart for the Gisborne Garage, and Mr. A. R. Gardner for Messrs. Common, Shelton and Company, Limited. Mr. Lysnar sought to put a motion directing the assignee to obtain certain information from the bank, but the assignee refused to accept the motion. Mr. Nalder said that the position as it appeared to him was that upon the bankruptcy there were, in addition to other property, two leafces, and the lease in question, which was never an asset, was immediately abandoned _to _ the mortgagees, and Intel been disclaimed. That Iniing the case, lie. failed to She how the creditors could pass any resolution. After Some argument, the assignee agreed to adjourn the meeting until January 15, and remarked that by then the bank might lie prepared to furnish some information ; the matter was entirely one for the bank itself, however, and it was under no obligation to state its position.