MEETING OF CREDITORS

Evening Star, Issue 20777, 27 April 1931, Page 6

MEETING OF CREDITORS

A BANKRUPT BUILDER A further meeting was held before the Official Assignee (Mr J. M. Adam) on Friday of the creditors of Arthur Jells, builder. The Assignee said the previous meeting was adjourned to lincl out the position with regard to a motor ear and the position of the bankrupt when ho incurred a debt with Mr Ward of £273 1.5 s 3d. An examination of the books showed that for some time tho bankrupt laid never had a big margin while building contracts were going on. Mo supposed that happened with others. Tho cash balance rose as each job was completed. Nothing could bo expected from tho motor car. The attitude of tho bankrupt in regard to Mr Ward’s debt would probably bo that he had a reasonable expectation of meeting tho position. In tho building trade a man might with one contract return a prolit of £3OO or £4OO. Apparently tho bankrupt thought what ho was lending to Ids son was a good asset, but such did not seem to be tho case. Tho Assignee said tho only asset was tho stock. An offer of £ls was made for it. Two or three book debts had come in, but those against tho son had not. Tho motor car had been surrendered bv the bankrupt, said Mr C. J. L. \VhitOj who represented .Messrs llislop and Gibson. There was £230 still owing on tho car. A motion that the bankrupt’s discharge bo opposed till ho paid something to his creditors was carried. It was decided to hand the stock back to tho bankrupt.