E. T. HOOLEY.

Dominion, Volume 4, Issue 1209, 18 August 1911, Page 7

E. T. HOOLEY.

$— RELEASED FROM GAOL. By Tclezrapb—l'rcss Association—CoDyntrli! London, August IG. E. T. Hooley, the company promoter, who was lodged in gaol for contempt of Court in failing to supply the trustee in bankruptcy with particulars of his business transactions, has apologised and furnished proper accounts. His release has been orderetL LIABILITIES ROUGHLY PUT AT £200,000. ASSETS. ALMOST NIL. Mr. Ernest Terah Hooley attended the first statutory meeting of his creditors at the Bankruptcy Buildings, London, on July 4- . , . According to the chairman's report, Jlr. Hooley was adjudged bankrupt in the High Court in June, IS9B, and had not obtained his discharge. Ho had since acted as a financier and company promoter, doing business in much the same manner as ho did before his bankruptcy.Ho was unable to stale tho amount of his income without reforring, to his .books,_ l but ho believed that during, tlifl'lafetithreo , years ho had made no profits. Ho had contributed .£SOOO per annum for tha last three or more years for the upkeep of Risley Hall, Derby, the residence of his wifo and children. On May 21 last a private meeting of his principal creditors was called and adjourned sine die to enable him to make a proposal and submit security. He intended to pay 20s. in the X by four instalments secured at three, six, nine, and twelve months. A further (meeting was to have been held for tho purpose of submitting a scheme, but a petition for a receiving order was down for hearing on Juno 16, and as tho petitioners insisted oh a receiving order, the London Trading Bank, <who had a prior petition, took the order. No statement of affairs was filed, but the liabilities were very roughly estimated by the debtor at ,£200,000, some of the creditors holding security of no prosent realisable value. The debtor had no assets of any kind, excepting the margin of value thero might bo in 8300 Monte Video Special Debentures, held by creditors against a loan of JBBOO. The failure was attributed to losses on financial transactions, largely owing to want of capital to complete transactions without borrowing at excessive rates of interest; to excessive law costs, and to liability in many instances to refund money paid to the debtor for shares. A few days later Mr. Hooley was committed to gaol for contempt of Court in failing to supply half-yearly statements.