IN BANKRUPTCY.

Hauraki Plains Gazette, Volume XXXX, Issue 5435, 14 June 1929, Page 2

IN BANKRUPTCY.

CASE OF R. L. McCLINCHY. MEETING OF CREDITORS. A meeting of creditors of R. L. McC 1 inchy was held in the Courthouse, Paeroa, yesterday, at 11 a.m., Mr Douglas, of the Official Assignee’s office, presiding. The bankrupt, on examination, explained that his position was due to failure to charge up materials used, undercharging for work, and failure to enter up sales on credit. After the examination Mr Douglas asked for a resolution as to the conduct of the debtor. He stated that it appeared to him that there was no dishonesty on the part of the debtor, but that he had commenced business without sufficient experience. He certainly had been at fault in not exercising more control over the financial side, of the business. Mr A. Wills, representative of A. S. Patterson and Co., Ltd., asked the bankrupt if he could make any offer. Upon the debtor offering to pay £1 a week a resolution was passed that his discharge be withheld until he had paid the sum of £lOO on account of his debts. A committee consisting of Messrs P. E. Brenan, A. Cameron, of Vacuum Oil Co., Ltd., and J. Hood, of the U.S. Rubber Co., Hamilton, was appointed to assist the 1 Official Assignee in the realisation of assets.