CONTRACTOR’S BANKRUPTCY

Otago Daily Times, Issue 21033, 23 May 1930, Page 10

CONTRACTOR’S BANKRUPTCY

CARELESSLY KEPT BOOKS. CREDITORS UNSYMPATHETIC. (Peb United Press Association.) WELLINGTON. May 22. “This man’s records are woefully de--1 lv , ou , ld , not sa y that he has wilfully avoided keeping books, but [ will say that his actions amount to gross carelessness," commented Mr P E. Patnck accountant, at an adjourned meeting of the creditors of George William contractor, of Petone, held before the official assignee (Mr S. : Tansley) today. Bankrupt did not appear at the meeting, but was represented by counsel. At the nrfvious meeting held on February it was decided that an accountant fi hould investigate bankrupt’s books. No receipts,” said Mr Patrick, “have been obtained for the wages, and no record has been kept of what jobs the men were employed on. The books show the debtors accounts outstanding as £768 2s.’’ The majority of the creditors had little to say in favour of bankrupt or bis connections, one of them asserting that he had deliberately misled the creditors,"

Mr Tansley added that he was like 95 per cent, of bankrupts, so far as he could lemember. In about 20 years his office had had only one set of books that were absolutely right, and that, really was not in connection with a bankruptcy, but in connection with a liquidation. The official assignee said that it seemed to him that bankrupt had drawn more out of the business than was warranted, and that he had not accounted for a number of cash takings. A creditor; I think that Air Tansley baa bit the nail on the head. A motion—“ That this meeting opposes the discharge of Foster until such time as he has paid Xss in the £l,” was carried. The meeting was adjourned sine die.