ARRESTED BANKRUPT.

Hutt News, Volume 2, Issue 35, 6 February 1930, Page 10

ARRESTED BANKRUPT.

MEETS CREDITORS UNDER ESCORT

BUILDER'S TANGLED AFFAIRS/

The third meeting of creditors in the brankrupt estate of John Albert Betters', builder of Lower Hutt, was held last Thursday, and was attended, by eighteen, creditors. The first meeting was called on December 5 last, when the bankrupt could not bo located. Another meeting was held on January 23, when, as .the bankrupt was still missing, the Official Assignee issued instructions for his arrestj and he was located at New Plymouth, wHere he was acting as manager) of a.cabaret. He appeared at Thursday's] meeting under escort from Ma. Crowford, prison. '-.., ■•■■'■

' ' The amount owing-to secured creditors was £1700 and the. value of the securities were set down at £3000.

The-'assets consisted) of two houses, one in St. Albans Avenue, Lower Hutt, valued at £1650, less mortgages of £800 and £250, and a small house and section at Belmont, valued at £950, which carried a mortgage of £750. These however, were subject to a charge for maintenance of bankrupt's wife and children.

The Official Assignee (Mr St. Tansley) presided and bankrupt was represented by Mr W. H. Cunningham,

The Official Assignee asked the bankrupt why he had left Wellington.

Bankrupt replied that he thought there were enough assets to pay his creditors, and that they would take action to realise for themselves. He. had not taken another -name to hoodwink his creditors, but had taken the name of Eiert Stafford for private reasons. When he left Wellington he drew about £200, and he secured a position as manager of a cabar^ et in New Plymouth.

Ip. reply to the Official bankrupt refused to tell to whom he had oaid the balance of "the £200. He /had a new car in February, 1929, upon which he had- paid £10D down. . " * ' BANKRUPT'S NAME

The Official Assignee: Have you paid anvtMng on this car since your bank-, ruptcy?

Bankrupt: Tea, ebout £39. Where ftid\"you' get this money ?— Out of what I earned. ; ;

Was the cabaret a paying concern? —, *'Ye's, it paid quite well tip till Christmas time.'* • '

In reply to a question bankrupt said that he had About £100 in the bank New Plymouth. '

Tbe. Official Assignee explained that bankrupt had stated that he had' left Wellington with £40. He said tßat he had- paid out certain sums before leaving Wellington, but Would not say to whom he had paid the moneys. /". ,

. The OflSleial Assignee: I warn you that your refusal to tell to ■whom you paid this money serious patter.-

" Bankrupt said that a friendi had ad: yaneed; his.£l6o \vith which to start the cabaret in New Plymouth and the earnings from the cabaret would be "about £9. a night, and the place was open two nights a week, except during the holidays when four, session a week were held. The expenses of running the cabaret were nightly: £3 for rent,. £4 for orchestra, £1/10/- for catering-and 16/----for staff. ■

A creditor; Would it pay the creditors to take the cabaret over, Mr Official-As-signee!, . ,

The Official Assignee: It is your intention to maintain your wife! At* present all your assets are held "by . ydur wife under "a maintenance order.

The bankrupt said he had sent his wife £30 from New Plymouth. Mr Cunningham suggested that the Official Assignee, a comnaittee /of the creditors and himself \ should go into bankrupt's' affairs, and report to a meeting next; week. It was impossible for them to get far in the absence of .the books and.papers. "

In reply to questions bankrupt admitted that' he had had an account in the Post Office Savings Bank at Wellington, but he had closed" this in October last not paici-off any accounts with this sum when he had drawn about £60. He had which.he had spent upon liimself. "■■

In reply to a question, bankrupt explained that .lie had. been farming in. Australia for some years but returnedto England, where he" had, remained for, four years, and had come to New Zealand nine years ago. ,

The meeting was adjourned sine £ie, the Official Assignee intimating that he would call the" creditors together again as, soon as all the facts had been ?usr*er-

tamed.