PETONE BANKRUPTCY

Evening Post, Volume CIX, Issue 119, 22 May 1930, Page 11

PETONE BANKRUPTCY

DISCHARGE OPPOSED

An adjourned mectingof creditors of G. W. roster, contractor, of Pctone, was held to-day before Mr. S. Tansley (Official Assignee). The bankrupt was not present. '

A statement prepared by an accountant dealt, full}' with tho bankrupt's dealings. "No receipts have been obtained for tho wages and no record kept of what jobs the men havo been employed on," the accountant said. "So it has been more or less impossible for Foster to check up tho actual cost of tho jobs with the contract price. His failure to effect that check, coupled with the allowances ho made to custoincrs and his bad debts, accounts for the business having been carried on at a loss."

The creditors considered the question of taking legal action. After a prolonged discussion it was decided that Jiis ■ discharge should be opposed till such time us he paid 15a in the £.

The Assignee reported that tho bankrupt's house had been sold for £830, a motor-car for £180, and a truck for £3. He said he couid give no indication <at present as to-how much would be paid in the £. The meeting was adjourned sine die.