£400 DEBT FOR £20.

Auckland Star, Volume LVIII, Issue 113, 16 May 1927, Page 8

£400 DEBT FOR £20.

CREDITOR'S OFFER DECLINED.

BANKRUPT CONTRACTORS.

EXAMINATION DEFERRED.

"I will sell my debt of £400 for a shilling in the pound if anyone cares to buy," was an offer which a creditor made this morning, when between 30 and 40 creditors filled the Official Assignee's room. It was very evident that creditors did not regard the prospects of getting much from the estate of Inglis and Marsh as very, rosy, for the offer to sell a £400 debt for £20 found no takers. The bankrupts, Inglis and Marsh, represented by Mr. Quartley, had been carrying on as road contractors since October, 1925. They had filed only a fortnight ago, and as the books were only handed in to the Official Assignee (Mr, G. N. Morris) this morning, the full position was not inquired into. H. E. Marsh, in a schedule covering his private estate, showed debts £3630, and assets £5080, while W* J. Inglis showed his debts at £1070, and assets £1200. Thus both schedules showed out a surplus of assets over liabilities, but in the joint schedule covering their failure as road contractors at Milford, the debts were set out at £2592, and the assets at £769, leaving a deficiency of £1823, which was far in excess of the assets shown in their private estates. Illiterate Partner. In answer to the Official Assignee Inglis said he could not explain why the statements and schedule had not been sent in earlier. He could not read or write, and left everything to his partner. During the whole of the time he and Marsh were in partnership he did not inquire into their position, as he left everything to Marsh, who managed the business, he (Inglis) being foreman on the jobs. He did not put any actual cash into the business when the partnership was made, but had a couple of horses, a harrow, and one or two other things. A Creditor: As far as Inglis is concerned I am satisfied that had the management been in his hands we would not have been here to-day. Marsh, examined, said there was a bill of sale over his two horses, a dray, plough and two sets of harness, but as far as he knew, the other horses and implements were free. Two contracts he had on hand he expected money from, but two others he had abandoned. Some trucks and a tractor which he had been paying for under a hire-purchase agreement had been returned. Mr. Morris (to creditors): You see I only got the books from bankrupts this morning, and I really haven't had a chance to examine them. Under the circumstances I don't feel inclined to go on 'with the examination. There are a lot of inaccuracies in the statement. One creditor was strongly opposed to the suggestion that the meeting should adjourn to enable a complete examination of the books to be made. "This is a very representative meeting, and you will never get such a good one again, and I think we should get all the information we can from Marsh now." A motion that the meeting adjourn to a date to be fixed to allow the Official Assignee to have a full examination of the books made was carried.