"VERY INVOLVED."

Auckland Star, Volume LX, Issue 228, 26 September 1929, Page 9

"VERY INVOLVED."

i ."'BUILDER'S AFFAIRS. CLAIMS OF CREDITORS. POSSIBLE DIVIDENDS DISCUSSED. The affairs of Thomas Henry Daly, builder and contractor, of New North Road, Mount Albert, were further investigated at a meeting of his creditors to-day. The first meeting had been adjourned to give the Deputy-Official Assignee (Mr. V. R. Crowhupst) an t opportunity of going through 'the accounts, with a view to seeing tvhat arrangements could be made with mortfacees for the sale of properties. ° Sir. Crowhurst said the position was that. the assets realised amounted to approximately £105 and debts already proved to £2700. Unless the properties realised more than was anticipated the dividend to creditors 'would probably be only about Sd or 9d in the £. At the first meeting debtor had stated that his position was approximately the same as it was now. "On going through the books," said Mr. Crowhurst, "it appears to me that the position has become more involved. It also appears to me that bankrupt -would have done well to have called his creditors together at that time." Asked by the Assignee how he accounted for his loss on contract work, debtor said it was due to the keenenss of competition. One of the creditors moved that Daly's discharge be withheld until he had paid 10/ in the £. Mr. H. Vialoux (Messrs. Earl, Kent, Maasey and Northtcroft), who appeared for debtor, pointed out that such a resolution, if passed, would probably cause one of the creditors to prove a debt for £570. An amendment was moved that Daly's discharge should be facilitated after a dividend of 5/ in the £ had been paid. '"Is there any possibility of it being paid?" asked a creditor. After further discussion the amendment was carried by a unanimous vote. It was stated by Mr. Vialoux that debtor was a married man with six children.