BANKRUPT BUS-OWNER.

New Zealand Herald, Volume LXIII, Issue 19394, 31 July 1926, Page 12

BANKRUPT BUS-OWNER.

REPORT BY ACCOUNTANT. THE CREDITORS SATISFIED.' A' decision that the conduct of G. P. Olsen, a bankrupt bus proprietor had not been unsatisfactory and that his discharge should be facilitated was reached at a meeting of creditors yesterday. The meeting had been adjourned in order that an accountant's report on bankrupt's financial position might be obtained. * The official assignee, Mr. W. S. Fisher, said that proved liabilities amounted to £io24 and there were no assets. . The accountant's report' stated that bankrupt's books appeared to contain a genuine and complete record of his business affairs. A progressive decline from last September could be noted, and it became very marked in the early part of this year. It was clearly apparent there was never any great margin between receipts and outgoing, but as the latter included payment of bills for the purchase of buses it did not necessarily follow that Olsen was operating at a loss. The heavy drop in his takings in the early part of the year and his difficulty in paying, his bills should .have awakened him to his position earlier than it did, but in view of the circumstances it would be hard to prove h 8 was negligent. There could be no doubt as to . the legality of certain business dealings he had' with his parents. The creditors who had expressed dissatisfaction with bankrupt's transactions at the previous meeting were not present, and the motion that bankrupt's conduct had not been unsatisfactory and that his discharge should be faciliated was passed unanimously.