MOTOR DEALER'S DEBTS

Auckland Star, Volume LX, Issue 244, 15 October 1929, Page 9

MOTOR DEALER'S DEBTS

DISSATISFIED CREDITORS.

QUESTION" Or COMPAN-Y'S STATUS. ■-.-..

MEETING ADJOURNED FOR

INQUIRY.

' I Three judgments which had been given. against him were stated by A. Ernest Warde, motor dealer, of Auckland, who met his creditors to-day, to have been the cause of his failure. Debtor was represented by Mr. Webb, and principal creditors were represented by Mr. Grant and Mv. Schramm. After a long cross-examination the meeting was adjourned for inquiries to be made into the'status of the concern for which Warde is at present working and which bears his name. Debtor's financial statement showed claims of unsecured creditors amounting to £632 15/11, this being the total of debts. There were no assets. Warde attributed his failure to three judgments which had been obtained against him. He stated that he was at present working for £5 a week, and he had no other resources. His bankruptcy was due to factors ever which he had no control. Cross-examined by Mr. Grant, Warde admitted that he was liquidator for the original company, of which the nominal capital was £5000. He merely an employee of the present concern, and had no interest in it except that it paid his wages. Mr. Grant: Are you prepared to make any offer to your creditors ? Bankrupt:* Yes. Well, what offer?— Ask yourself, Mr. Grant; I am making £5 a week, and that is all. Mr. Grant: I am asking you.—l can make no offer. Questioned by Mr. Schramm regarding a judgment given against debtor personally in regard to the purchase of a car, Warde said he had not received a penny of the purchase money. Mr. Schramm: I want to know what has become of the money that was paid for the purchase of the car. , Mr. Webb: He has already explained that he is an employee of the company. Bankrupt stated that he did not know where the books or documents relating to payments on the car were. He did not know who received the last payment. Mr. Schramm: He is beautifully *vasive. He admits that he is the head man of the company, but knows nothing of this most important transaction. Answering Mr. Grant, Warde said the new company took over no assets whatever from the old concern. : The question arose as to whether the present concern was registered, Mr. Grant expressing doubt on the; point. Inquiries failed to establish the fact conclusively, and the meeting_Avas adjourned until Monday next at 2.15.