IN BANKRUPTCY.

Poverty Bay Herald, Volume XXXIII, Issue 10640, 18 April 1906, Page 2

IN BANKRUPTCY.

ESTATE OF SMITH AND SCOTT. The adjourned meeting of creditors in the estate of Messrs Smith and Scott, builders, was held at the office of the Deputy Official Assigtiee this afternoon. The meeting was previously adjourned in order that bankrupts raiglit render a full statement of accounts. Tlie only creditors present were Messrs A. Wade, F. Stafford, and V. .Barker. Bankrupts produced a book containing statements of contracts, showing that upon sis contracts £560 Is had been lost, whilst upon two others there was a total profit of £22 4s 3d. Tlie Assignee said the s/tulement was not what had been asked for. Bankrupt Scojtt said the statements were made up from the receipts, which had all been given in. Mr Barker asked if bankrupts had any offer to make. Mr Scott said he would only be 100 pleased to make an offer if he could possibly do so. Tliere was the £50 deposit in tlie j>ost-olHce, which should- be available. Continuing, bankn.pt ' said he attributed his loss to the wages costing more than was expected. At this stage a wordy discussion ensued between bankrupt and Mr Stafford as to alleged overcharging of certain lines. The Assignee said the books" produced were not the books required by tlie Act. Mr Barker said what he complained most about was that the bankrupts incurred more liability even when they knew ihey \vere not in a position to pay for what they already owed. Debtor said it was not done purposely. He had thought he would have been able to pull romd, but tlie mistake was in not "going through" earlier. It was certainly not done to put money in their own pocket. No cash account was kept with the first three contracts. Iu reply to Mr Stafford the Assignee stated that the . wages account amounted to £650 10s. Debtor Smith stated that £37 he had drawn from the Savings Bank was only spent in meeting his private expenses. The Assignee said that this seemed a case where it was his duty to -place th e matter before the Crown Solicitor. There wa s not a ledger nor cash book. Mi- Stafford said that bankrupts liad been warned that .proper books should be kept. Mr Barker said that in -view of what the Assignee said, the creditor had nothing further to do in the ma I ter. Mr Stafford said it was high flme tliat such conduct was put down. Tlie Assignee said that tlie two men had been in partnership for twelve months, during which 6liort time they had lost £500. There were no books to show where tlie money had gone. Mr Scott paid the payments were all "liown in the books since they had opened a banking account. All the mniiey received since then, except one cheque for £200. had been paid into the account. The Assignee then intimated that the creditors could hardly do more. It was now a matter for the Crown Solicitor u> look into. — The meeting accordingly ad jouined, v '