CONTRACTOR'S BOOKS

Evening Post, Volume CIX, Issue 51, 1 March 1930, Page 11

CONTRACTOR'S BOOKS

MEETING OF CREDITORS

ACCOUNTANT TO BE CALLED IN.

A meeting of creditors in the bankrupt estate of George William Foster, contractor, Petone, was held at the office of the Official Assignee (Mr. -S. Tansley) yesterday afternoon. The bankrupt was represented by Mr. C. R. Barrett.

The amount owing to unsecured creditors was shown as £1999 12s, while the assets consisted of a six-roomed house in Huia street, valued at £1400, on which there were mortgages of £380 and £325. Book debts were set down at £768, estimated to produce £600. It was also stated that bankrupt owned a motor-car valued at £200, and a motor-truck valued at £25. . The principal unsecured creditors were: —Amalgamated Brick and Pipe Co., Ltd., £607 9s 4d; Geange Carrying Co., Ltd., £64 13s 3d; Bonthorne and Corser, £96 6s 3d: Lochheads, Ltd., £43 7s sd; Fritz, Dolling, £22 9s; K. Stanford, £39 2s 6d; King's Express Delivery ■' Co., £149 16s 3d; ' South British Insurance Co Ltd., £24 10s 8d; Witcker Bros., £;i6 17s; Westland Timber Co., Ltd., £39; and H. Fuller, £35. The secured creditors .were: State Advances, £380; and James B. Brothwick (Christchurch), £325. v In reply to. a question asked by the Ofncial Assignee why he had not told his creditors that his business was going back, Foster said that he was working hard to make the business pay. After examining several books produced by Foster, the Official Assignee expressed the opinion that tho books did not give a full and correct statement of bankrupt s takings and payments. The Official Assignee: "What expectations had you of paying back the money you borrowed?" ' Foster replied that he intended to pay it back. He paid all cheques into the bank, and used cash to pay wages. Replying to creditors Foster admitted that he had attended race meetings at AucHaud and Wellington. Mr. Barrett suggested that an accountant should be employed to prepare a statement of bankrupt's position. Mr. Fitzherbert doubted if any accountant could prepare a proper statement from the books which bankrupt had kept. The Official Assignee said bankrupt should have prepared, or have had prepared, a full statement Of his position. After some discussion it was agreed that an accountant be employed to prepare a statement of bankrupt's trading transactions during' the past three years. The Official Assignee said that although the statement showed a surplus, in his opinion there would be a deficiency in the It was agreed that the Official Assignee be empowered to dispose of the assets privately and the meeting was adjourned sine die. .