Wood, Shand, and Co.'s. Bankruptcy.
(Per Press Association.) Christchurch, This Day. At a meeting of the creditors of Wood, Shand, and Co. the statement •„ ' was made that the bankruptcy had \ been brought about by the firm having gone in with other persons for a lease of a large property near Gisborne. In : order to carry out improvements the firm had been obliged to get large large advances from the Union Bank. The Bank required these to be paid up, and. as the firm was unable to pay, the estate, including 17,000 sheep and everything on it, had been sold and . bought in by the Bank for £8,500. The meeting was adjourned to enable the Official Assignee to obtain a legal opinion as to whether the Bank should be allowed to give credit only for that sum and prove for the balance of its claim, or whether it should give credit for the securrity on a valuation. It was staged if the Bank took over the property at the value set down in the statement the other creditors probably would get 20s in the £, but if it took it only for the price at which it had been bought, there would be but a small dividend.
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Bibliographic details
Feilding Star, Volume XVII, Issue 292, 16 June 1896, Page 2
Word Count
205Wood, Shand, and Co.'s. Bankruptcy. Feilding Star, Volume XVII, Issue 292, 16 June 1896, Page 2
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