CREDITORS' MEETING.

Evening Post, Volume CXV, Issue 119, 23 May 1933, Page 9

CREDITORS' MEETING.

BOX-BUILDING VENTURE SLUMP 'AFFECTS BUSINESS A meeting of creditors in the bankrupt estate of Digby Erie Pcrrctt, formCTly of the firm of -Digby Perrett Company, Ltd., box-timber makers, was held today at the office of the Official Assigueo (Mr, S. Tansley). Mr. E. Pocock represented the bankrupt. Tho statement of accounts showed: Amount owing to unsecured creditors, £34 6s Id; owing to secured creditors, £1090 19s 0d; less estimated value of securities, £1100; surplus to contra, £9 0s 3d;, total-debts," £1125; deficiency, £25 5s lOd. j The principal creditors were: —G. Haggitt, Bank of Australasia, Palmerston North, £490; General Finance, Ltd., Wellington, £279 3s lOd; Ecv. A. C. Swainson, Plimmerton, £300; Union Bank of Australia, £21. In his sworn statement bankrupt said that in order to make clear his present position it was necessary to refer to a disastrous sawmilling venture at Bulls some years ago, of which he gave particulars. Latterly he started a factory in Wellington for the production of timber' for concrete-boxing and for other small boxes. That business increased steadily. He also opened a branch at Christchurch, but after six months' operations ho closed it down. The Wellington '■business continued to increase, and in order to cope with it the Digby Perrett Company, Ltd., was formed. The business prospered until 1930/ when, owing to the adverse Canadian tariff and, the slump, an unfortunate change of business occurred. In 1932 tho Union Bank of Australia exercised its power as debenture-holdeV and appointed a receiver. The receiver, dispensed with bankrupt's services- on tho ground that' the company's stock was in process of liquidation. Since then, his earnings had been negligible. Ho had no prospect of being able in the near future to'make an offer to his creditors. In reply to questions asked by the Official Assignee and by creditors, bankrupt saitj.be.rcceived £10 a week when acting as manager of the company. Out. of that money he paid off some of his back debts. At present he was unable, as he had stated, to make any offer to his creditors. The assets in the estate Were of considerable value, but ho .was unable, to assess thenworth. ..At the time the Union Bank oxercised its. power as debenture-holder .the assets rah into about £5000. : The Official Assignee: On the face" of it there is nothing ,in the estate. It is difficult.to realise assets at the present, time. It i,s necessary ■ that bankrupt supply to the Official Assignee all books "'arid documents relating to the estate. This has not yet been done. ' ..:' ■". . ■ i ' Mr. Pocock said that bankrupt lived at Palmerston North, and had had no opportunity, of ■ knowing what he had to produce inthe way of documents and information. The iieecssary information would be supplied. The Official Assignee:.l will get all the information I can in regard to the estate. In the meantime the meeting will be adjourned, but, as I have' said* there does not appear to be anything in the estate. ■ ■ .'. /.