DIFFICULTIES OF THE BATHGATE OIL COMPANY.
Their Lordships in the Second Division of the Court of Session to-day, had before them an application by the liquidators of the Bathgate Oil Company with reference to the sale of the oil works of the company, on the estate of Seafield, in connection with the winding-up of the concern. It was stated that two bonds for £3500 had been granted over the property by the Union Bank of Scotland and Messrs Anderson & Company, - founders, Musselburgh. It was proposed to sell the works not as a going concern, but for the purpose of being broken up and removed by the purchasers, the opinion of the liquidators being that in the present state of the oil trade the works would not see as a going concern. They proposed to sell them by public roup at an upset price of £3500. Objection was taken to the sale by Messrs Anderson who considered it would be inopportune and injudicious to sell the work, because boring operations had been going on, and favourable indications would in all probability enable the works to be commercially successful, or enable the liquidators to dispose of them as a going concern.
Mr John Pender, proprietor of the estate of Seafield and Blackburn, also objected. The company, he said, had never made any payment for surface damages, and they were owing him £1093 14s 1d for royalties, rent, and compensation for ground occupied. The building and machinery were fixed to the soil, and belonged to him at common law. In the beginning of the present month, Lord Fraser, sitting in the Bill Chamber, granted authority to sell the works as proposed by the liquidators, and if no sale was effected, to break and sell the works and effects by public roup or privated bargin. Their Lordships today, on appeal by Messrs Anderson and Pender, recalled this deliverance of Lord Fraser, and decided that the court had no authority to grant such a warrant of sale. The court suggested an arrangement, and granted expenses.
Edinburgh Evening News, 28th May 1887