DISTRICT COURT.

West Coast Times, Issue 2326, 11 September 1876, Page 2

DISTRICT COURT.

Saturday, September 9, 1876.

(Before His Honor Judge Weston.)

IN CHAMBERS.

IN BE THE EAINT CREEK QUAETZ MINING COMPANY (eEGISTEBED). This was an applicatiou under Section 64 of " The Mining Companies Act, 1872," for an order adjourning the hearing of winding up petition, upon terms of the company paying in moneys collected, pending the hearing, as the Court might think fit. Mr Purkissr, instructed by Mr W. Pitt, appeared for the petitioning creditors, Messrs Graham and Allen. It appeared that a petition for winding up the said company was filed in the District Coart, holden at Reefton, by Messrs Graham and Allen, who are very large creditors of the company, that tbe ground of such petition was that the said company was unable to pay its debts, and that upon such petition being heard before the Court on the 25th August last, its further hearing was postponed until the October sittings of the Court unconditionally. It was now sought to vary the said order to the effect, that pending the further hearing, the said company pay all moneys received by it, either to the Clerk of the Court, Reefton, or into the Bank of New Zealand, there to abide the final order of the Court. A lengthy affidavit of Mr John Bates Allen, one of the petitioners, was -filed in support of tbe present motion, from which it appeared that the said company was insolvent ; that since the 25th of August the said company had suffered judgment in the Resident Magistrate's Court Reefton, for various sums in favor of several creditors, and that the same had in part been satisfied ; that the said company was hastily realising all its capital, and had issued a large number of summonses against various shareholders for calls due to the company, such summonses representing in the aggregate the sum of £1525; that it \va9 feared that all moneys collected or received by virtue of such said judgment would be paid to the National Bank of New Zealand (a large creditor of the said company) to the exclusion of and in preference to the petitioners, and in diminution of the assets of the company to be administered under the. Court, and that unless the order adjourning the hearing of the petition to the October sitting ot the Court be varied by imposing terms upon the said company, great and irreparable .injury to the interests of the petitioners as specially creditors of the company would ensue, by enabling the company to collect its assets, and thereout to pay favored creditors of a lower degree. After argument, his Honor decided that the said order should be varied to the effect that the company pay into the Bank of New Zealand at Reefton, to the credit of the Clerk of the District Court, all moneys belonging and coming to tbe said company, there to abide the final order ot the Court.