IN BANKRUPTCY.

Hawke's Bay Tribune, Volume XVII, 30 September 1927, Page 6

IN BANKRUPTCY.

PAINTER AND DECORATOR'S FAILURE MEETING OF CREDITORS ADJOURNED. A meeting of creditors was held in Hastings this morning in the bankrupt estate of Arthur Joseph Eaton, painter and decorator. The statement of accounts showed a deficiency of £1049 13/8. To unsecured creditors is owing £1404 15/t while the stock-in-trade is estimated at £3OO. and the book debts to pro.duce £5OO. Bankrupt’s personal statement and the list of unsecured creditors have already been publisned. BANKRUPT EXAMINED

To rhe Deputy Official Assignee bankrupt stated that he had no other assets outside of those mentioned in his written statement. Nothing was placed before the creditors to indicate die bankrupt’s position. The books had been kept by an accountant for over 13 years. The stock valued at £3OO consisted of paint, etc., and was based on invoice prices. The wallpaper and stock was good sellable merchandise and should get full value. Relative to the truck this ha ( ] been seized, though it was only 18 months old. Mr. H. A. Mossman stated that iis firm had a second cal] on the truck for a security of £lO2. This .uid been reduced to just over £27. The D.0.A.: Then there will be nothing in it for the creditors? To Mr. O’Dowd bankrupt stated that he had no contract with Vestas but held about 50 sub-contracts with ’niton* and Whillans. There was a set price for each contract. No contract was finished as they were held up and he was not paid on diem. He could give an account of the amounts received and how the money was distributed. Hamilton and Whillans stil] owed bankrupt some money. The Hamilton and Whillans contracts were undoubtedly the cause of his present position. He lost £3OOO at least. To Mr. Gifford, bankrupt stated that the furniture and plant were on the premises when he was adjudicated a bankrupt.

Replying to Mr. O’Dowd, bankrupt, stated that what he considered was owing to him from Masonic Hotel ;ob was for extras. The amount he considered owing was £197 and there ■ t’..-'l been £ll3 naid off the amount claimed. This latter sum included soma tor the contract and some for the extras. Bankrupt stated that the propertat Clive, Grange belonged to his wife. Mr. O’Dowd moved that the meeting b® adjourned for 14 days to enable the Official Assignee to investigate ilie position with regard to the subcontracts made by bankrupt with Hamilton and Whillans and the sub■ontract in regard to the Masonic tel. In seconding the motion Mr. ’•fossman suggested that Mr. Dean, of Messrs Henrv Williams and Sons be associated with the D.O.A. in thr investigation.

It was decided that the bankruptbe allowed I? 1 ” for his assistance in the investigation. Authorit,-. given to dispose of the stock by auction as early as possible.