MUST MAKE OFFER

Evening Post, Volume CIX, Issue 46, 24 February 1930, Page 11

MUST MAKE OFFER

BANKRUPT AND CREDITORS

WEEK TO MAKE UP MIND

A .meeting of creditors in the bankrupt estate of Hoy Edward Wilkins, motor engineer, Karori,.-was held at the office of the Official Assignee to-day. ■

The statement of accounts showed

the amount owing to unsecured creditors to be £405 Us lid; stock-in-trade, estimated at £30; total assets, £32 10s; deficiency, £397 13s lid.

The principal creditors were:—Mrs. Owen, 553 4s Gd; Vacuum Oil Co., Ltd., £28 17s 2dj J. Chambers and Sons,-Ltd., £50 15s (id; E. W. Mills and Co., Ltd., £18 lls Id; Niven and Co., Ltd., £14 18s sd; Cycle and Motor Supplies, Ltd., £10. 19s.

In his sworn statement bankrupt said that until 1927' he was engaged in eas-, ual ,work as a motor engineer or service car driver. Karly in 1928 he commenced business in his own account as a garage proprietor at Karori. The business did not show a profit, and'on 20th November, 1928, a statement of affairs was taken out for him by an accountant, which showed a deficiency of £G4. His creditors' claims then totalled £273, and a circular letter was sent to every creditor offering to pay the sum.of £5 to his solicitors every month, to be applied pro rat-a in satisfaction of his debts. That offer was accepted by some of his creditors and refused by others. Nevertheless he commenced paying' his monthly instalments as agreed. Bankrupt then referred to some domestic- troubles- which led to legal expenses. He subsequently closed his business and worked for wages. After carrying on for some time, .he was offered £150 for a share in a patent, but the promise was never fulfilled. The venture proved a financial failure; and he attributed his present position to that failure.

Bankrupt was closely questioned about getting benzine on credit from several firms.

The Official Assignee expressed the opinion that bankrupt was afraid to continue applying to one firm, and went to others who apparently did not Jtnow his financial condition. '

In reply to the Official Assignee, the bankrupt said he was getting £5 a week wages, but he could not make an offer to his creditors.

The- Official Assignee said that bankrupt should pay something to his creditors, and he would apply to the Supreme Court for an order of the Court to compel him to pay..

Mr. E. Scott, bankrupt's solicitor, said he would consult bankrupt and see if an offer could be made to his creditors. ...

The Official. Assignee:.."! will give bankrupt a week in which to make up his mind as to whethcrhe will make an offer." If bankrupt declined to make an offer, an application would be made to the Court of an order.