ASSET MORTGAGED

Hawke's Bay Tribune, Volume XXVI, Issue 147, 6 June 1936, Page 13

ASSET MORTGAGED

Napier Bankrupt’s Estate “I don’t think it’s playing the game altogether, but 1 don’t see how I can remedy it,” said the Official Assignee, Mr G. G. Chisholm, at a meeting of the creditors of Ernest Cooper, a Napier bricklayer, who was adjudged bankrupt at the last session of the Supreme Court in Napier. Mr Chisholm was referring to the fact that, the day after a judgment had been given against Mr Cooper, his only asset, a motor truck, was tied up by a mortgage. Ho continued: ‘‘The dates coincide so well that it certainly looks as if it was tied up to prevent Mr Howard from realising. ’ ’ Bankrupt was represented at the meeting by Mr A. H. D. Mayne, and Mr H. Le Pine represented Mr E. V. Howard, a motor engineer, of Taradale, upon whose application Mr Cooper was adjudged bankrupt. Mr Howard, who was present at the meeting, said that he had released the truck when repairs were not paid for on condition that bankrupt did soma work for him as a contra. Several promises had been made, but the work was not done. Inquiries were made about an inter est Cooper had in the salving of bricks in the Napier Harbour Board’s properly in Hyderabad road, and It was stated that four men were working on the property, the average profit being about eight shillings a thousand, which nt the present rate of progress netted on'v £6 a. month. Mr Chisholm stated that if the boos debts were taken at their face value a dividend of 7/6 in the £. or at. least 5/-, might be expected. The meeting was adjourned sine die.