HIT BY SLUMP

Dominion, Volume 24, Issue 289, 2 September 1931, Page 10

HIT BY SLUMP

Motor Engineer’s Estate H. D. NATTRASS “Only Themselves to Blame” The unusual case of the bankruptcy of an undischarged bankrupt came before the official assignee yesterday, when ten persons attended the first meeting of creditors of Harry Douglas Nattrass, motor engineer, of Wellington. The official assignee, Mr. S. Tansley, presided, and bankrupt was represented by Mr. B. Egley. The amount, owing to unsecured creditors was shown as £451/3/2, and to secured creditors £355/1(1/-. The estimated value of securities was set down at £686 16/6, leaving a surplus in the hands of secured creditors of £331/6/6. The total assets were valued at £726/2/-, including stock-in-trade £B7/15/3, book debts £3OO, leaving a surplus in the estate of £274 18/10. „ . The secured creditors were: Dominion Motors. £144/13/6; W. W. Foster, £77; Ford Sales Service, £5O; Purdie and Co., £27; Pallo, Ltd., £56/16/6. The principal unsecured creditors included: John Chambers and Son. Ltd., £4B/15/11; Mrs. Davis, £9O; L. J. Blake. £42; British International Oil, £27: McMahon Motor Supplies. £l4/7/-: Inglis Bros., £l9/3/6; Teagle and Smith. £l4; Wellington City Council. £56. Bankrupt’s Statement. Bankrupt, in his eworn statement, explained that after some years of trading he reviewed his financial position at the end of last year, and considered that he was in a very sound condition, but, like all businesses, was short of ready money. The statement outlined his entering into partnership with a Mrs. Davis, S. Davis entering into the employ of the firm, The partnership was dissolved. Then a straightout sale was arranged, but fell through through the attitude of the Mr. Waddilove in regard to the lease. About three months ago bankrupt shifted his business to Dixon Street, and added a petrol pump. The slump prevented the business succeeding. He called his creditors together, but, owing to the attitude taken by Mr. Waddilove, he was advised to file his petition. He denied that he had not disclosed the fact that he was an undischarged bankrupt, and attributed his present failure to book debts, faulty work during the partnership and smashes of his rental cars, failure to secure a lease of the premises at 108 Dixon Street, Mr. Waddilove’s attitude in reference to the unsigned lease of these premises, and depression of business. “Only Themselves to Blame.” The official assignee said he would like to know whether the creditors knew when Nattrass started in his present business that he was an undischarged bankrupt. Several creditors said they did not know this, but the majority said that they knew he was an undischarged bankrupt and had only themselves to blame. The Official Assignee: Do you know anything about your books? Bankrupt: I know nothing about bookkeeping. The official assignee explained that he had put the two motor-cars up for sale the day before, but had received no offer for them. There was a bailment for £37 on each car. A creditor explained that the cars were 1925 models and should be worth something. The cars, in good condition, should be worth £lOO each. Bankrupt said that the cars had done about 42.000 miles, but mechanically both were pretty fair. The Official Assignee: It is not what they are worth, but what you can get. I can’t hawk them round the city. Well Thrashed Out. A creditor said that the whole position had been well thrashed out at two private' meetings of creditors. Bankrupt had filed at the direction of the creditors, and the only thing’ to be done was to wind the estate up. The official assignee was given authority to employ a collector to endeavour to get in the book debts. In reply to a creditor, bankrupt said that he was a married man with three children. It was stated that the bankrupt was paying £4 a week toward the maintenance pf his .family. The official assignee said it did not seem fair that bankrupt should keep on becoming insolvent. He did not say it was his fault. He expressed the opinion that the assets in the present bankruptcy really belonged to the creditors in his last bankruptcy, which occurred in 1922. Nattrass said that if he could get back into the motor business as a mechanic he could easily earn £lO a week, and would gladly pay £2 or £3 a week off his debts. The assignee said he would wind the estate up to the best advantage, and adjourned the meeting sine die.