£8,000 MISSING NOW

Sun (Auckland), Volume II, Issue 542, 20 December 1928, Page 1

£B,OOO MISSING NOW

SOLICITOR AND TRUST DEFALCATIONS NO WORD_OF MALCOLM Defalcations from trust accounts alleged against the missing solicitor, Hector Robert Malcolm, of 54a Empire Road, have now reached £8,050. They . have increased by over £BOO since a preliminary discus** sion was held by Malcolm's creditors. Malcolm’s creditors met again this morning. The official assignee, Mr. G. N. Morris, presided at the meeting, which under the provisions of the Bankruptcy Act was necessary after Malcolm was adjudicated bankrupt in the Supreme Court on December 14. No decision was made, but the original appointment of a committee of three creditors to assist the assignee was confirmed. Reviewing the available facts in connection with disappearance, Mr. Morris said that the meeting, as indicated at the preliminary discussion, would be purely formal Little business could be gone through. “Two further claims for defalcations have come in,” Mr. Morris said. “The total defalcations from the trusts are now £8,050. Some of the claims will have to be looked into, and the amount may be lessened. There are ordinary debts amounting to about £425, and the total claims against Malcolm’s estate now reach £8,475.” ASSETS REVIEWED “In the assets, the office fittings have been placed with an auctioneer for disposal, and tenders will be called for a number of law books. “A property at Ponsonby has been valued at £4OO, but on this there is a first mortgage of £375. The equity will be small. Likewise, it does not seem that the equity from a large block of land at Te Papapa will be of any considerable size.” Mr. Morris made it clear that the only asset expected to be worth much was Malcolm’s interest in a coal mine company in Taranaki. At the preliminary meeting it was stated that Malcolm had 4.000 fully-paid shares in the company, and 4,350 paid up to 2s. “Has anything been heard of Malcolm?” one creditor asked. “Nothing at all,” said Mr. Morris. The assignee further informed a questioner that there would be nothing from the trust account, which held only £l3.