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Pelorus Guardian and Miners' Advocate., Volume 29, Issue 39, 22 May 1917, Page 8

A meeting of creditors and shareholders of the Marldorough Farmers’ Co-operative Bacon Company, Ltd., in liquidation, was held in the Blenheim Council Chamber last Wednesday (reports the “Express”) Mr A. J. Maclaine, the liquidator—who had convened the meeting—was elected to the chair. He asked for some definite direction from the creditors as to the disposal of the factory property at St. Andrews. Since the last meeting the interest on the bank overdraft, about £2,100, had accnmnlated to the extent of £4B. He made the following recommendation:—That the property bo handed over to the guarantors (numbering ten) on the understanding that they would fully satisfy the bank, and deal with any preferential claim that might be made by the firm which supplied the machinery. The guarantors agreed to this course. In the alternative they offered to give the creditors the property—all secured to the bank —and £SOO in addition if they wore released from all liability. It was remarked that, whatever course was adopted, all parties—guarantors, shareholders, and creditors—would lose; however it was handled the estate would return practically nothing to the creditors. The share capital called up and unpaid (amounting to £414) and the debts owing to the company were worth very little. There was some sharp criticism on the part of two creditors. An amendment was moved that the liquidator’s recommendation bo adopted and that the unpaid shares and the debts be dealt with in the- interests of the creditors. The guarantors intimated that they would not accept this arrangement. The amendment was lost by 13 to 4, and original motion was carried. Practically all present were declared to be creditors. ■