On May 16 last the first meeting of creditors under the winding up order by the Court in England was held in Manchester and reports of this meeting have now reached Shanghai. At this meeting considerable uncertainty seems to have been expressed by the Official Receiver at Home as to the steps to be taken by the company out here, and as to whether the winding up out here would be a winding up ancillary to the winding up at Home or whether it would be treated as separate from the winding up_ at Home and the assets realized and payment of the creditors here made out of such assets regardless of creditors at Home. The Court here has up to the present made no ruling on this point at all, but as I have already pointed out the order made here is a_ restricted order and nothing will be done with any of the assets of the company to the prejudice of the creditors in England except with the sanction of the Court here.
Telegraphic advice has been received that a new company named Reiss Brothers (1923) has been formed in England, and this company has purchased from_ the liquidator in England of Reiss Brothers, Ld., the trade marks, goodwill, name, connexion, hong name and all other forms of goodwill of the liquidated company, and I further understand that Reiss Brothers, Ld. (1923) have arranged that Holyoak, Massey Ca., Ld. have sole use of trade marks, chops, hong name (Tai-Wo) and goodwill in China. I have no information as to the price payable by Reiss Brothers (1923), Ld. for the trade marks goodwill, etc.
On a liquidation of this magnitude and complexity with branches and connexions throughout the world, the preparation of a statement of affairs must necessarily take considerable time. To show the estimated deficiency and return to creditors, such a statement must include assets and liabilities at home and abroad, and the. necessary information for such @ statement is not available
Text read from the printed page and cleaned; old type leaves the occasional error.