MATAMATA BANKRUPTCY.

Waikato Times, Volume 96, Issue 15358, 5 October 1923, Page 5

MATAMATA BANKRUPTCY.

HEAVY DEFICIENCY. By Telegraph.—Press Association. AUCKLAND, Friday. An adjourned meeting of the creditors of Geoffrey Lawrence Mahon, agent and dealer of Matamala, was held yesterday before the official assignee, Mr W. S. Fisher. There were seven creditors present; but the bankrupt was not represented. The assignee reported that claims totalling £2038 had been proved, and that the value of the assets after expenses had been paid would possibly be about £248. This would produce a dividend of about 2s Od in the £, but it appeared that the bankrupt possessed a property which had been overlooked, and if this were so, the dividend would be augmented by about Is 6d.

The auditor's report disclosed that Mahon had kept his books in a very unsystematic manner, but had been fully aware of his position. The bankrupt continued to contract liabilities and open new accounts, although he knew that he was over £7OO in arrears. /

The assignee said that it appeared that Mahon had neglected his books and had made no effort to reduce his personal expenses when his business began to fail. It was resolved to adjourn the meeting until October 17, pending a further investigation of the bankrupt's affairs.