ARCHITECT'S AFFAIRS

Dominion, Volume 3, Issue 755, 2 March 1910, Page 6

ARCHITECT'S AFFAIRS

CREDITORS DISSATISFIED. INVESTIGATION TO BE MADE. Creditors of Holland Andrew*, architect, of Wellington, met yesterday in the office of the Official Assignee. Mr. J. J. M'Grath' appeared on behalf of one of the unsecured creditors, John Moffatt, builder, whose claim upon the estate was given as .£IBB 19s. 9d'. . Bankrupt presented a statement to the effect that in. July 1003, while, engaged in his employer's business, ho met with an accident which incapacitated him for six months. During. that period he incurred debts which , had seriously hampered him .in business. Owing to sickness in his family and to the almost entire cessation of business, on account of

financial stringency," he had become un-able-to meet the claims of pressing,creditors, ;.';•-,.. • ; .- ' >■' '.',■

The amount owing to unsecured creditors was sot down as .4522 19s. 7d.; other liabilities were given as 417 125., making a. total liability, .0f'4540-,lls. 7d.' The, assets were:—Book debts, ,£6O; cash in hand, 15s. 10d.; furniture, 435; total, .£95 15s. 10d.' There were 36 unsecured creditors, the principal being: John Mpffatt,'4lßß 13s. 9d.; Smith and Smith, 438 2s. 7d.; J. S: Swan, 426; C. Smith, Ltd., 421 15s. Id.; Hall and Knight; 432; Pritchard and Mitchell, 420; Jenkins and Mack, '418 14s. 6d.; H. Edwards, 417 Bs. 9d.; Begg and Co.; '416 13s. Bd.'j. Gray and Jackson, 415 17s. 5d.; "Evening Post," 415 3s. 6d.; Baldwin and Eayward, 410 ss. Od.; and Dr. FoD, 410. The secured creditors were: Mitchell Trustees, Porirua, 41152 18s. 9d.;: Miss Archibald, Boulcott Street, 4102 16s. 10d.;' and.Smith and Smith, Ltd., 45. Supplementing; his ;written statement, the bankrupt stated that" ever since ' he came from Australia, he had been "behind." On his arrival in New Zealand ho was out' of employment for. five mouths, and he had a wife and family' to support. The loan from Mr. Moffatt had been'incurred on March 1, 1905. The Government valuation of his-property at Oriental Bay was 41400, but he considered the correct figure was 41630, th|». amount of the valuation'two years ago. There was 470 worth of furniture in the house, half.of which was the property of his wife. To Mr. M'Grath, the bankrupt replied that he came from Australia in 1895, and he bought the Oriental Bay property a year later from Mrs. Fitzgerald. He paid no cash, except interest. There were two sections fronting Hawker Street, and a dwelling on the larger section. He gave mortgages to'Mitchell's trustees and to Miss Archibald two years ago. Bankrupt was' closely, cross-examined by Mr. M'Grath.: .'.... Brief examination of the books was made, and the Official Assignee romarked that he thought that most of them had been "got up" for the occasion. ' A creditor observed that they appeared to have b?en just opened up. . ' The Official Assignee remarked that thf bankrupt's statement was a most unsatisfactory, one, and the bankruptcy-too.was unsatisfactory. He was not prepared to allow such a bankruptcy ■to go through his hands; The 460 .book debts would be collected at once, and a, valuation would bo made of the property. If it was found to be advisable the property would be put up- for sale.. 'An inventory Af the furniture would be made at once, and instructions would .be given ' that all moneys,due should\be paid into the Official' Assignee's office. Bankrupt would be required to furnish immediately a statement of/his position, at the time of commencing business three years ago. It would, be necessary, that he should furnish! within a week, a statement showing his.indebtedness at that time, the moneys received, since, and how- those ' moneys had been spent. If he did not supply the information, steps would be taken without ..delay to nave him publicly examined. Perhaps it'would-.be necessary to go farther than that even. He suggested that the bankrupt- might, make an offer 'to his creditors of 10s. in the 4,. to be'paid by monthly or quarterly instalments. 'It would most likely be found necessary that the books should bo examined by an accountant. Men must not be allowed to prey on the com- 1 mercial community. The meeting-was adjourned for a week, in order that the bankrupt might hare time to. prepare a detailed statement of his affairs. ,