COMPANY MANAGER'S AFFAIRS

Otago Daily Times, Issue 24450, 8 November 1940, Page 6

COMPANY MANAGER'S AFFAIRS

BANKRUPTCY PROCEEDINGS (Per United, Press Association) CHRISTCHURCH. Nov. 7. The claim that his bankruptcy resulted from his conviction in the case concerning moneys obtained from H. R. Sellers was made by Gordon Percy Aston. company manager, in a written statement submitted to the official assignee (Mr G. W. Brown) at a meeting of his creditors called for this morning. The meeting was adjourned for want of a quorum. . The amount owing to unsecured creditors was set out as ,£332. The assets side of the account showed book debts estimated to produce £227 17s 6d.

In his statement Aston claimed that his defence in the trial cost him approximately £IOOO. as he was under heavy expense at the time, having to find a large amount for travelling exDenses, and money for other things brought about indirectly by the court nroceedings. Any valuable instruments used in his experiments, including moving picture apparatus, had since been returned to its overseas owners. He did not own any furniture as lie had always lived while in New Zealand with his mother-in-law. All the household furniture at "The Hut" (Nelson) had belonged to Aston personally. This was later seized under a court order for debt. Two outboard motors stored in Christchurch were also seized. During the whole time he was associated with any of the companies he had drawn no salary. Any money he drew from two electrical companies was in repayment of moneys advanced to them. Both' these companies owed him some hundreds of pounds which were not shown on the books. This came about because he paid the companies' bills for large amounts with his personal cheques. Much of this money would be traceable. "I cannot agree with the order of the Supreme Court about owing• Seller's estate some thousands odd. nor qo I agree that the assets seized were entirely mine. " Knowing full well that receipts for large amounts paid to him in Australian currency (at his wish) are in existence." the statement continued. " all the books and papers in relation to this are held by an overseas syndicate, and were withheld from me at the trial, hence my not putting up any defence. In not associating myself with any court order. I do not wish to prejudice any proceedings which the overseas syndicate may bring in the future. I did not own any shares in this syndicate."

The overseas syndicate mentioned was assisting for some considerable time in his "electro" experiments, and any books relating to this were the property of the syndicate. The loss on running "The Hut" at Nelson was about £IBOO in two years. This was met by Aston personally. His allowance to his wife end family over the last four years would average about £6 a week, plus clothes.