MANY VENTURES.

Auckland Star, Volume LX, Issue 286, 3 December 1929, Page 9

MANY VENTURES.

FARNWORTH'S AFFAIRS.

ANOTHER CASH OFFER

CREDITORS DECLINE TO ACCEPT

CASE FOR CROWN SOLICITOR. The complicated financial affairs of Philip Fielding Farnworth, described as a settler, of Devonport, were further investigated to-day at a meeting of creditors, held before the Auckland Official Assignee (Mr. A. W. Watters). Previous meetings had been adjourned, and the preparation of an accountant's report was directed. At one of the earlier meetings an offer of £300 had been made in settlement of all claims, and in consideration of the annulment of the bankruptcy, but to this the creditors would not consent. At the next meeting debtor's solicitor (Mr. Ivells Mason) stated that the cash was no longer available. The Official Assignee to-day read the accountant's report, which covered Farnworth's transactions from October, 1927, until his adjudication as bankrupt during the present year. The accountant stated that the period asked for was three years, but it had not been possible to cover the whole of this period. The work of investigation had been rendered difficult and complicated owing to the fact that debtor had Iwen engaged in several ventures at the same time, i These included deals in farm property, transactions connected with a concern for the manufacture of wood-wool, the running of a general store at Avondale, and dealings in shop property. The equity in the farm (at Wliatawhata) had been exchanged for the store business, which in turn was exchanged for shop property at Birkenhead, subsequent transactions being the acquisition of property at Bnckland's Beach and then of a launch. Answering the Assignee, the accountant said he had been able to prepare what was probably a clearer set of accounts than the original books would have been, but it was difficult to make them inclusive of all debtor's transactions. It was as difficult to do so as it would be to prepare a cash account covering the dealings of six shops in one street. The accounts for the Avondale store showed losses of about £34 weekly over a period of five weeks, but the loss over the business was due to the manner in which it was disposed of. The money he had drawn from the business, and what he had taken from the other concerns, amounted to about £5 18/ a week. Later in the meeting the Assignee said he had received a letter that day from Mr. Watkins, a solicitor acting on Farnworth's behalf. The letter enclosed a cheque for £250 on account of a payment of £300, this to be in fulfilment of all claims and - the annulment of the bankruptcy. The amount of £300 would ensure the payment to all creditors of a dividend of 2/11 in the £. After further discussion the Assignee inquired, "Is anybody prepared to move any resolution?" The acceptance of the ofi'er was moved by the representative of a creditor company. It was seconded, pro forma, in order to test the feeling of the meeting, but was lost, there being a chorus of "noes." Further discussion having taken place in committee, the Press representatives were informed that it had been decided to refer the case to the Crown Solicitor with a view to investigation and, if considered desirable, a prosecution.