CREDITORS SATISFIED.

Auckland Star, Volume LVII, Issue 179, 30 July 1926, Page 9

CREDITORS SATISFIED.

I BANKRUPT BUS PROPRIETOR. ACCOUNTANT'S REPORT RECEIVED. A special meeting of the creditors o1 George Peter Olesen. bus proprietoi. was held in the office of the Official Assignee (Mr. W. S. Fisher) tin.morning to receive the report of Mr. A. M. Seaman, public accountant, who had been appointed to inquire into the bank rupt's affairs. The bankrupt was represented by Mr. D. L. Bone. At the first meeting of creditors held on April 28. the following resolution was passed: — "That the Official Assignee be empowered to employ an accountant to investigate the bankrupt's affairs and furnish a report on his financial position for the last two years.'"

This morning Mr. S-eaman presente-' his report, in which he said: "That the books submitted appear to contain a genuine and full record of receipts from the business, there showing a progressive decline from September 1925. and a very marked one in the early part of this year. As the books contained only records of receipts and payments it is not possible to ascertain from them the bankrupt's financial position at any stated date. It is clearly apparent tlia' there was never any margin betweer receipts and outgoing, but as the latte. included payment of bills for purchase of buses it by no means follows that Olesen was operating at a loss. It i> perhaps questionable, whether in view of the heavy depreciation of buses foi was ever really ahead, but he would have considerable justification foi thinking when he was paying otl his buses and meeting current account? fairly well, that he was not going back.'

After the accountant's report had been read the creditors present ex pressed themselves quite satisfied with the bankrupt's conduct and the following motion \vamoved and carried unanimously: "•Thai after hearing tbe accountant's report, credHors are of the opinion that the bankrupt's conduct has not been un?ati? factory, and that his discharge l>c facilitated."