NO RECORDS KEPT

Southland Times, Issue 21090, 23 May 1930, Page 11

NO RECORDS KEPT

BANKRUPT CONTRACTOR. (Per United Press Association.) Wellington, May 22. “This man’s records arc woefully deficient. I would not say that he has wilfully avoided keeping books, but I will say that his actions amount to gross carelessness,” commented Mr P. E. Patrick, accountant, at an adjourned meeting of the creditors of George William Foster, contractor, of Petone, held before the Official Assignee (Mr S. Tansley) to-day. Bankrupt did not appear at the meeting, but was represented by counsel. At the previous meeting held on February 28, it was decided that an accountant should investigate bankrupt’s books. “No receipts,” said Mr Patrick, “had been obtained for the wages and no record of what jobs the men had been employed on was kept. The books show the debtor’s accounts outstanding as £768 2/-.” The majority of the creditors had little to say in favour of bankrupt or his connections, one of them asserting that “he had deliberately misled the creditors.” Mr.Tansley added that he was like 95 per cent, of bankrupts. So far as he could remember in about 2.0 years of office, he had only one set of books that were absolutely right and that really was not in connection with a bankruptcy but in connection with a The Official Assignee said that it seemed to him that bankrupt had drawn more out of the business than was warranted and that he had not accounted for a number of cash takings. A creditor: I think that Mr Tansley has hit the nail on the head. A motion ‘That this meeting oppoee the discharge of Foster until such time as he has paid 15/- in the £” was carried. The meeting was adjourned sine die.