"NOT A FARTHING."

Auckland Star, Volume LIV, Issue 130, 2 June 1923, Page 11

"NOT A FARTHING."

FOR ORDINARY CREDITORS. THE BANKRUPT BUILDER. RESULT <'!■' INQUIRY. "As far a.- T can .••.•. gent lemon, there js not a bras- far: ',;,■_. ~„• the ordinary creditors. it will ~•-„!.,. itsolt into t ],e lien holders lighting it om among themselves." This was ulml the Official Assignee. Mr. U". S. l-'ishcr. had to tell the large number of creditors in the bankrupt estate of George Morris, the Auckland builder, tlie meeting taking place yesterday afternoon. Many of the creditors present smiled when Mr. Fisher said that no doubt they were aware that Morris had been adjudicated a bankrupt on the petition of a creditor on May IS. and that bankrupt mysteriously disappeared on or about May d, and had so far been successful in evading arrest. The Assignee further stated that he did not have the usual information to place before creditors, there being no schedule setting out the causes of bankruptcy. However, a few days after the matter came into his hands Mr. Fisher called several of the principal creditors together at an informal meet ing. in an endeavour to obtaiii something to place before the first meeting of creditors. The minutes of the meeting were rend as follows: — "The Official Assignee intimated that since the bankrupt had disappeared there was no schedule to read to them and no statement. but he had ondeavourcd to ascertain tlie position of the three contracts upon which the bankrupt had been engaged up to the time of his disappearance. The figures supplied showed there was no surplus in any of these contracts available for the ordinary creditors. The Assignee had further ascertained that there was a property belonging to the bankrupt at IS, Finch Street, Morningside, with a five-roomed house thereon and it was let at £2 a week. It was intimated there was a first mortgage of £500 and n second mortgage of £572 upon it. The house was estimated to be worth £1250. "The Assignee also reported that there was between £50 and £(10 worth of material nt tlie yard rented by Morris at the corner of New North and Onsiow Roads, but the bailitt was in for rent, of which about £12 was owing. The bailiff had been put in possession on May 17. ' Several creditors complained of' the > delay which had occurred in the Police Department over the issue of the warrant. The Assignee promised to make inquiries concerning this. It was decided to have tho property in Finch Street submitted for auction at an early date. The Assignee stated he would endeavour to ascertain the position regarding two contracts recently carried out by the bankrupt." In reply to a question by a creditor. Mr.-Fisher answered that from inquiries he had made lie found that the delay in the issuing of the warrant did not take place in the Police Department. In the case of one contract, the Assignee said, the claims of lien exceeded the sum they had in band by a considerable amounf. In the case of another contract of £1244, the position was: Paid on account £370, liens received £453, and amount in hand £374. A creditor: That was a cheap house. Three hundred and eleven pounds out .of the £374 had been paid into court, the balance being retained under the' terms of the contract. A creditor: Are there any other contracts! Jlr. Fisher: There are five altogether, nnd they are all in the same position. There is nothing in them for the ordinary creditors as far as I can see. A creditor remarked that bankrupt had a contract at Takapuna. and that bankrupt had been seeu. on the job there on the day of his disappearance. The Assignee "told creditors that he would endeavour to ascertain the position of this contract.

From the particulars given of one contract it was shown that the amount was £3961, total withdrawals £1795. hens £1070, while the completion of the job was estimated to cost about £2800. There was a considerable amount owing to workmen for wages, and this was among the liens. It was the general feeling of those present that as the whereabouts of -Morris were not known the meeting should be adjourned sine die, to give the police more time.

A creditor: It seems to mc that •Morris must have done some cheap work, or else there is some money somewhere.

The meeting was then adjourned Sine die on the understanding that if bankrupt is arrested a meeting should be immediately convened.