IN BANKRUPTCY.

Manawatu Standard, Volume XLIX, Issue 227, 24 August 1929, Page 2

IN BANKRUPTCY.

AN ADJOURNED MEETING

A further meeting of creditors in the bankrupt estate of Charles Albert Thomas, cordial manufacturer, of Pahnersiton North, was held yesterday afternoon. Bankrupt, who was present. was represented Mr J. M. Gordon. Creditor in attendance were Mr A. M. Ongley (representing Midland Brewery Co.), S. Burke (Maun Bros and. Thompson), G. C. Petersen and W. Rutherfurd (for creditors under deed of assignment). Mr C. E. Dempsy presided. Bankrupt showed a deficiency of £1204 11s Id. The first meeting of creditors was held on June 14 and adjourned in order to enable the D.O.A. ffo inquire into bankrupt’s partnership deeds and to enable the books to be made up and further examined. Under examination by the D.0.A., bankrupt stated that tlie only books he had kept had been a cash book, a synopsis ;of deliveries, weekly sheets and bank books.

The D.O.A. placed before the meeting the position of the accounts as at the present date and reported what had been done in connection with the collection of these accounts.

In reply io Mr Ongley, bankrupt stated that he considered that he could arrive at his position at any time from his books. He had never, during the time he had been in business, taken out a statement of his position. When he had made his assignments to his creditors about June, 1925,. he had not made a statement of his position. Only about half his dobts had been included in the deeds of composition. He had assigned everything to half of his creditors. The £2OO which he had raised was given to the trustees of those in the deed of assignment. At the time of the assignment he had owed about £9OO, some £4OO of which was on the deeds. At tho date of filing he had owed £llBO. He was willing to make up a statement of his liabilities in June, 1928, when he had given the assignment._ Within two weeks after he had given this assignment, he had incurred further debts: Continuing, bankrupt told the D.O.A. when he had been sued Ire knew that he could not pay his debts He had had a motor lorry seized by Bain and Co. at the time of the assignment. After the assignment lie had got £SO from Mr Vining, £2OO from Mr Cooper and £175 from Mr Cockerill. This last amount had not been a loan but had been for buying a share in the Dannevirke business. He had recokned upon paying ihese debts out of a business he had already lost. He could supplv figures in connection with these transactions and also a list of payments made to Wanganui creditors.

Bankrupt stated in reply to Mr Rutherfurd that, when Mr Cooper had lent him £2OO. the latter had been aware that bankrupt had assigned Ills estate. Mr Dukes had demanded his money back within a week or two of the date on which bankrupt had receiver! it.

To Mr Ongley. Trade was about £2OO a month. I cannot say how* I made a loss.

Tho meeting was adjourned sine die.