BANKRUPTCY.
Aba meeting of the creditors of Harpeft and Co., hold at Chriatchurch on July sbh, it was resolved: "That legafi opinion be obtained as to the claim of tiie Official Assignee or separate credi* tors in reßpecb of tbe trust funds alleged to have been transferred from the firm to the Union Bank." A letter frotn this manager of the bank to the Official Assignee contains the following :—"1. In ISB6 the firm kept four current accounts with the bank, viz., Harper and Co., No. 1 account d Harper and Co., No. 2 account; Harper aiuK Co., No. 3 account: Harper and Co., investment account. Some of these accounts were overdrawn, others were in credit. 2. The following was the position of the re» epective accounts on the morning of No* vembor 17th, 188G, the day on which a cheque for £31,095 Sa Sd was drawn :— Overdrafts : ho. 2 account, debtor £24,46T 93 2d ; investment account, debtor, £1,670 Is 4d : total, £26,137 10s 6d. Credife balances : No. 1 account, credit £1,577 14s lOd ; No. 3 account, credit £11,153 4s 3d* total, £12,730 19a Id • balance, £13,406 11» sd. 3. Ib will be observed that excluding the investment account the firm's indebted* ness to the bank on November 17th« 18S6, was £11,736 10s 7d. The bank did not demand payment of this amount or any other sum ; on the contrary, Messrs Harper and Co. were informed that they mighfr continue to overdraw up to the limit of £15,000. They did co, and continued to da so, and their indebtedness on the account) in question ab the date of their bankruptcy in 1893 was £18,383 3s 2cl. 4. The investment; account. On the date on whicfa Messrs Harper and Co. closed it by drawing a cheque for £31.095 183 Bd, was overdrawn, £1,670<1a 4d. Messrs Harper and Co. paid in fixed deposit tor £20,000, also a cheque for £12,866 on their No. 2 account, tha debtor one. This was obviously a croso entry. At the samo time they drew a. cheque for tho balance, £51,095 ISs^ Sd. winch they paid to the credit of No. IS account."
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Bibliographic details
Auckland Star, Volume XXV, Issue 165, 12 July 1894, Page 6
Word Count
356BANKRUPTCY. Auckland Star, Volume XXV, Issue 165, 12 July 1894, Page 6
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