“NO ASSETS”

Southland Times, Issue 19546, 9 May 1925, Page 8

“NO ASSETS”

CASE OF A CRICKET COACH. ■ REFERRED TO CROWN PROSECUTOR. (Special to the Times.) WELLINGTON, May 8. As the result of a meeting of creditors in the bankrupt estate of Captain Frederick Theodore Badcock, cricket foach to the 1 Wellington Cricket Association, held yester- ; day before the Official Assignee, Mr Tansley, ) the case of the bankrupt is to be placed in I the hands of the Crown Prosecutor. Unsecured creditors were shown at £468 Is lid, ; and as there were no assets this also represented the amount of the deficiency. The principal unsecured creditors were Kirkcaldie and Stains £93 18s 10d, E. W. Mills and Co. Ltd. £B4 16s 6d, E. C. Browne and Co., Ltd £4l 17s 7d, F. J. Pinny Ltd £35 18s i 6d, Scoullar and Co Ltd £35 Ils 6d, hitcombe and Tombs Ltd £34 Is Bd, Harold Brown and Co. Ltd £24 17s lOd, J. T. Lewis £2l 10s 6d, J. G. Gallagher £lB 25,Wardell Bros Ltd £l6 3s sd, T. and W. Young £l6 2s. BANKRUPT’S STATEMENT. In his sworn statement, the bankrupt said that he arrived in New Zealand in October, 1924 under engagement to the Wellington Cricket Association, for a period of two years at a salary of £250 per annum. He regretted exceedingly his present position and that he had been the cause of such a loss to his creditors. “I admit haring been foolish,” the statement continued, “but owing to the circumstances under which I was brought up and my past mode of living, I am afraid I did not adequately appreciate the value of money, at the time these liabilities were incurred. However. I was anticipating receiving monetary assistance from my father, but this did not materialise and I was faced with heavy liabilities with no prospect of meeting them. The salary paid me by the Wellington Cricket Association is small, and I have found it difficult to live within my income. I understood, when entering into the contract with this body, that they were to find me part-time employment so that my income would be augmented, so far however nothing has been done in this direction, and my own efforts to obtain additional employment have been of no avail.” “I regret exceedingly that owing to my carelessness, creditors are faced with their heavy losses and can only throw myself on their mercy, in the hope that they will be able to appreciate the difficult position I find myself to be in.” NOT MUCH OF A STATEMENT. “I don’t think much of that for a statement in explanation of a case with liabilities like these,” remarked the Official Assignee after having read the statement to the meeting. Mention w r as made by Mr J. O. L. Malfroy of £5O owing to Sir Lionel Alexander in England, and the bankrupt said he had as a matter of fact forgotten this debt. Mr Malfroy produced a promissory note for the amount. The Official Assignee: How much money did you have when you arrived in Wellington ? “I could not say. I think I had about £50.” “You are married, and have you any children?” “No.” "When you landed here where did you stay?” “I went to the Grand Hotel at first, and then to 264 A The Terrace.” "How long did you stay at The Grand?” “Just about a fortnight.” “What did it cost you those two weeks?” “Well the Cricket Association paid for the two weeks, but there were one or two bills I have forgotten.” Bankrupt stated that he paid £3 5s a week for a flat. He started with the cricket people about four weeks after he arrived. That was when he first actually started coaching. WHEN HE STARTED. I suppose that by that time your £5O had gone?” “Yes.” “And then you started in on the creditors in Wellington and you had no money,” observed the Assignee. The bankrupt said he actually arrived in Auckland. He admitted that by 21st October, he had “gone through” all his money. He kept on the flat until he got a cheaper place at £2 10/-. A PRETTY GOOD WARDROBE. “What clothes did you have when you arrived?” “Oh. I had a certain amount, not too many.” “I am asking you this question,” said the Assignee, “because you evidently needed six pairs of trousers in five weeks, paying £4 4s a pair. I don’t suppose you had any accidents with them did you?” I suppose you have a pretty good wardrobe?” * “Well yes, I suppose so.” “You say that you have no assets. I think that your estate is full of assets. Where are all these M ah-Jo ng sets and cocktail shakers? I think the whole thing is an absolute fraud.”

The Assignee then proceeded to deal in detail with some of the items on the accounts. “Where are all these things?” he inquired. “I told you,” replied the bankrupt, “that I had some things.” The bankrupt was examined at some length, in regard to a gramaphone which he had obtained from Pinny’s. The suggestion was made that he had attempted to sell the instrument which he had secured on a system of time payment, and for which payments were by no means complete. The bankrupt denied this. “By what right could you sell our instrument?” inquired the representative of Pinny and Company, who was present at the meeting. “I said that I could not,” replied the bankrupt. “That was quite right, I could not sell it. I only wish I had been able to. I may have said that I would like to sell it.” - The Official Assignee continued to read the various accounts, and Mr J. T. Lewis remarked:— “The best cloth would not do him for his clothes. No, he must have the superfine. “ABOUT A COCKTAIL SHAKER.” The Official Assignee: “He says that he has no assets, and yet he had six pairs of trousers in five weeks. I think that we should get those trousers and sell them, even if we only got 10s a pair for them. I also think he must have a pretty good library.” To the bankrupt: “A cocktail shaker and what is that?” A creditor: “Oh, he wanted that for taking medicine in.” “Where is it?” The Assignee (reading an account from Whitcombe and Tombs) : Here you are, you bought a Where Is It? It seems to me that what you wanted was a Where Am I. Have you got all these things?” Bankrupt : Yes I think they are still out at Seatoun. The Assignee: I will get my man out there, and we will get a list of them. It seems to me that he bought what he wanted, and didn’t pay for it, and anything he needed washing he just shot off to the laundry and never bothered to pay for that either. THIRTY THOUSAND RUPEES. Mr E. Heald, representing E. C. Browne and Company, mentioned that at a previous meeting, the bankrupt had stated that he had some money in the Alliance Bank in Simla, India. The bankrupt: I had at one time. Mr Heald continued that advice had been received from the bank, which was, by the way, in liquidation, that the bankrupt had never had money deposited there. According to Mr Lewis, the bankrupt had stated that he had thirty thousand rupees in the Alliance Bank, which was ’‘iquidatkm.

The bank however was going to pay a divdend of 10s in the £. The bankrupt said that the deposit had been in his father’s name. Mr Lewis: I warned him at the time that he made this statement, that if he had told a lie there would be a bad time coming for him. He was supposed to come and see me every Friday, but he called only once. That has been his attitude all through, making appointments and not keeping them and always telling a pack of lies. The Official Assignee: Yes, and he incurred all these debts inside of two months. Mr Heald: He came to see us and said that we made the best clothes in town.-It then came to my knowledge that he had been getting quotes from other tailors for evening clothes, so I came to the conclusion that it was time, to put it.in the popular way, “to put in the nips.” “LIKE A FIGHTING COCK.” The Official Assignee: The amount of clothes this man and his wife must have! He has been having the best of wines and in general, has been living like a fighting cock. I think that ft should be looked into. Mr Malfroy said he would like to know’ how many creditors were going to come from England, and the Official Assignee said that there were claims for £6O already. The bankrupt admitted having raised a number of small loans privately, but he could not remember them and had not thought it necessary to declare them in his statement. The Official Assignee: Any money you owe, you- should declare here. On the motion of Mr E. Heald, seconded by Mr Earnshaw, it was finally decided that the Official Assignee be instructed to place the case of the bankrupt in the hands of the Crown Prosecutor.