CLAIMING £7,000

Sun (Auckland), Volume III, Issue 688, 13 June 1929, Page 1

CLAIMING £7,000

BANKRUPT’S ACTION

“SATISFYING EVERYONE”

By a Supreme Court claim, Robert Ernest Odd, bankrupt contractor, of Auckland, expects to be able to pay his creditors easily. There was not a quorum when the creditors met this morning before the deputy-official assignee, Mr. V. R. Crowhurst, and, on the suggestion of debtor’s counsel, Mr. A. J. Clarkson, an adjournment was made by Mr. Crowhurst to June 24. Mr. Clarkson said to the assignee that Odd had issued a writ against a company with which he had been connected, and was claiming £7,000. Of this, £3,000 was claimed as damages for loss of profits on a contract. “Odd expects to have enough to satisfy everyone,” Mr. Clarkson said. “It is claimed that his debts have been incurred mainly on behalf of the company.” Bankrupt owed £37 17s 7d to unsecured creditors, and £BO was due to secured creditors. Securities were valued at £2OO, the total assets were £331 8s sd, leaving a nominal surplus of £293 10s lOd. In his statement he said that he became concerned in the formation of a brick company in 1927 and was given the contract for the erection of the works and the equipment. He said that another man took over the work of the building of the brick drying sheds and this led directly to his filing. He had handled approximately £7,000. Bankrupt felt that he could be blamed in no way for his position and alleged that the bankruptcy had been brought upon him.