EX-COMMERCE STUDENTS

Otago Witness, Issue 4033, 30 June 1931, Page 5

EX-COMMERCE STUDENTS

MOCK BANKRUPTCY MEETING. The Otago University : Ex-commerce Students’ Association met in the sity Club rooms on Tuesday evening, Mr E. R. Grace presiding over an attendance of 50 members. ' A mock meeting in bankruptcy was the principal feature, the debtor being Mr W. J. M. Grant, his partner Mr J. MTndoe, the accountant Mr E. R. Grace, and two solicitors, Messrs W. J. MTnnes and H. Boddy. Mr Norman Brown was appointed chairman. Many pertinent questions addressed to the partners, their solicitors, and accountant drew evasive answers, and it was apparent that the accounts were improperly drawn up and that the requirements of the law had been evaded in every instance. A motion by Mr Smythe, seconded by Mr D. L. Brown that the estate be assigned to tlie creditors was defeated, and an amendment by Mr G. Couling, seconded by Mr L. M. Satterthwaite, that the debtor be instructed to file was carried. > : ’ £ ‘j-i The second portion of the meeting was held in the office of the “ unofficial assignee” (Mr Dear). The partners were subjected to additional questions, after which a motion by Mr Grace that the creditors express their utmost confidence in the debtor and his partner and .agree to waive their rights to the estate was defeated, as was also a motion by Mr Boddy. solicitor for the debenture holders of an allied company, that the private estate of the partners be handed over to the debenture holders. It was then moved by Mr L. M. Satterthwaite, and seconded by Mr Norman Brown, that the estate be wound up by the “ unofficial assignee,’ and, further, that “ this meeting feels that the “ unofficial assignee ” should con fer with the Crown prosecutor with a view to ascertaining whether or not the actions of the partners have brought them within the penal clauses as set out in the Bankruptcy Act.” At the conclusion df the meeting a vote of thanks to Mr Grace, who had prepared the report and financial statements, was carried by acclamation.