BANKRUPT MEETS CREDITORS

Press, Volume XC, Issue 27426, 12 August 1954, Page 3

BANKRUPT MEETS CREDITORS

DEFICIENCY OF £3BO Further investigation into the business transactions of James William Bassett (Mr D. A. Oldham), adjudged bankrupt on July 29, will follow a meeting of his creditors yesterday before the Official Assignee (Mr G. W. Brown). Bassett, who described himself as a marine engineer, carpenter, and songwriter, made a statement declaring debts amounting to £986 6s 2d and assets totalling £605 13s, with a deficiency of £3B'.) 12s 10d. The formation of a music publishing business in February, 1953, with Mr L. R. Briggs as partner, was described in Bassett s statement. The Southern Cross Music Publishers began printing, publishing and distributing sheet music in New Zealand with an initial capital of £250. The sales system in New Zealand, the cost of artists, copyrights and recording, in which the business indulged. made the capital inadequate. In September, it was decided that Mr Briggs should endeavour to make arrangements for recording music in Australia. Mr Briggs’s father, Mr H. Briggs, had deposited £550 in a bank account to finance the business of Bassett and Briggs. Bassett learned in December that his partner was a minor. His partner lent him £l5O at an interest rate of 15 per cent, to buy a car to carry on business. In May. 1953, he had invested £ 100 in the erection of a garage in which Bassett would carry out machinery repairs and make letterboxes. The business was known as Clieg Motors. Bassett said he had not contributed any capital to the publishing business. It had been a full time business for ? few fnonths, his expenses had been paid from the partnership and he had agreed to pay back £175 to Briggs which he had borrowed for the car. A loan of £450 from Mr E. L. Tinker had been fully secured by his furniture and car, he said. He had paid personal accounts and bought a piano from this sum. He had lost money in several car deals. A previous loan of £4OO from Mr Tinker had been used to get music published. It had been paid back.

A loan of £3O from Southern Cross Publications had been invested in the f;arage venture. It had yielded only a ew pounds. Carpentry jobs had provided him with about £l2 a week, said Bassett. He had bought a concrete mixer, an extension ladder, and tools, but had not paid for them. A building firm had offered to take them over. He now ..owed Mr L. R. Briggs £315, and Mr H. Briggs, £5OO, which was a partnership debt payable by Southern Cross Music Publications, said Bassett in his statement. He said he was prepared to pay all his debts in full by working at jobs he had obtained. Mr Brown said that some of the assets, the royalties of a recording company, might prove worthless. In reply to a suggestion by Mr G. S. Brockett, who represented Mr H. Briggs, that the businesses of Southern Cross Music Publications, Briggs and Bassett, and Clieg Motors should be untangled. Mr Brown said assets belonging to rhe partnership would be investigated and a report made to a further meeting of creditors. The meeting was adjourned sine die.