BANKRUPT MOTOR DEALER

Dominion, Volume 11, Issue 203, 16 May 1918, Page 7

BANKRUPT MOTOR DEALER

FAILURE OP G. B. HOLMES

CREDITORS REQUIRE AN AMENDED

STATEMENT

The adjourned meeting of creditors in thft estate, of Garnet Uowen Holmes, motor garago proprietor, was held ve* torday. . Tho Official Assiunco in Bankruptcy (Mr. S. Taneluy) presided. P Bankrupt \;ns present, and was represented by Mr. A. Dunn M counsel. Iho creditors represented were: Mrs Nigbtinsiile, Acetone, Ltd., New Zealand Juxpress Co., The National Bank of Now Zealand, Messrs. Boiter,- Crozior. W Mi t Holml;. i3oiJOg,Ule !iml Co -

bankrupt was placed on oath, ami in the I'ourae of his ovidenco he stated that iTn 10 "J h , e ha( ! with ' U ' Gill P«baWy WOin "•" > shown iu *» took, .1 P h' d l " m cnsl, ' WA he could not! eay whothec or ,iot the transaction had been recorded in his books. However, i h ° r f i W , STO p '^ T rs vhiol » would give tlin parhcuJars Ho |, a( ; suld a b ßur ford rT M™ M 'r'- Flt zserakl for something h l a , m 9- '{hat was notin his boob, and,would bo paid direct -to - "Dexter •Tu'Tr" J lloro IVIIS also a transaction With Mr. W. Hartley, which did not apmw in his books, except that certain transactions appeared in his invoice books, and the money was paid into tho oanlc. In January ho called in an accountant (Mr. Coppack) to look into his books. Ho stopped dealings with tho ?n a ",n,S f v South W(ll(>s on December 29, 1917, with a credit of 16s. 3d., and onim > ho st °PP etl iealinga iwith the National Bjnk of New Zealand .ivith an overdraft of .Q2O ss. 3d. Questioned respecting a. cheque for ,£ls 12s. 3d. which he wrote in favour of the -New Zealand Express Co., bankrupt said that when he issued the cheque he had A 22 95..0 d. in the bank at.Featherston. It was lure" pointed out that ,C22.waa withdrawn by bankrupt , before thechequG .was presented, leaving only 9s. 6d. to meet the cheque fir over ' '. ' Continuing, bankrupt said that he had mover inado any statement to anv creditors sinco February to the effe'ef that is .owned .only .«300. A sum of' 32.W wbch he paid to Afr. Bexter came from llr. Arthur nolmes, through a firm of fiohcitors, .Ho had an interest in. the IVolley Head Patterns and Holmes En■Kineering Co., which he estimated as being worth ■ Deeds respecting these , patents were", held by his solicitor (Mr. Arthur Holmes, of London). In giving further particulars respectin* theso patont interests, bankrupt said that no had transferred the whole patent fights of the Holmes -Trolley Head Patterns to the General Patents Co., Kramer Works, West Brompton. ' Bankrupt vas questioned as to tho extent of.his interest arising out of the transfer.

Bankrupt] r« e t 50 per cent, royalty on tho patent rights.. As to book debts, bankrupt said that he had not collected any sinco his bankluptcy.

Bespecting an offer by Mr. Dexter to buy a certain, car, bankrupt said that lie did not remember Mr. Doxter offering him ,£4OO for the ear. Ho did not know whether this was before or after he Bold the car to his brother. It was moved by Mr. Whitehead (representing Messrs; l)i>uoghne and Co) that the Official Assignee should obtain from the bankrupt an amended statement of affairs within' the next three weeks. Mr. Davidson (representing Davidson .and Co.) seconded tlio motion, which, was earned. Mr. Whitehead also moved that after obtaining an amended statement the Offi • cial Assignee should have the bankrupt publicly examined'. Mr. Oilier (represontin,- the New Zealand Express Co.) seconded, but subsequently the motion was withdrawn.