BANKRUPT CONTRACTOR

Auckland Star, Volume LVII, Issue 103, 5 May 1926, Page 16

BANKRUPT CONTRACTOR

NO PROPER BOOKS. DISSATISFIED CREDITORS. (By Telegraph.—Own Correspondent.) HAMILTON, this day. (With his statement of accounts showing a deficiency of £1405, and the total assets i 96, a contractor of Hamilton, William Percival Bullen, who has filed ■his petition in bankruptcy, attributes ■his position to labour troubles, bad weather and losses made during the season 1924-25. He was examined at a large meeting of creditors at Hamilton, yesterday, the Deputy-Official Assignee, Mr. V. H. Samson, presiding. The statement showed that £1285 was owing to 62 unsecured creditors. To secured creditors there was owing £341 3/5, the securities held being valued at £216 3/5. The debts totalled £1501 3/5, while the assets were £96, consisting , of . book debts, estimated to produce £30, cash in hand £6, and furniture £60. Under : cross-examination bankrupt , admitted that dummy wages claims ;•: were put into the Kawhia County Coun- ': i cil by: some of his employees. This was , I Ais food supply had been I j stopped by tie/ storekeeper at Oparau. LI The men had to live, the amount in- , volved was about £10. He did not get ; the money himself. He admitted that he knew he was bankrupt at the end of . February this- year, yet offered some , trucks for sale to pay off some of his [ creditors. He had not kept proper . books. Mr. Johnson moved that the bankrupt be asked to prepare and"supply a clear , and full statement of all" moneys due by him for wages since the commence- | ment of the Kawhia contract, showing individual wage-earners and amounts earned by each man. '. ■ 'i This resolution was carried. , j Mr. Johnson said it seemed as though bankrupt had committed three offences — failing to keep proper books, incurring , debt when insolvent, and giving prefer- ! ences. ', The examination was adjourned till Monday next.