£300 OFFER REJECTED

Sun (Auckland), Volume III, Issue 836, 3 December 1929, Page 11

£3OO OFFER REJECTED

CREDITORS SEND CASE TO CROWN

DEBTOR’S MANY DEALS

An offer of £3OO .n fulfilment of the liabilities of Phi lip F Farnworth, bankrupt settler. of Devonport. was refused by his creditors this morning. Later, the meeting passvU .4 res** l - tion referring the bankrupt's position for investigation by the Croo n Solit ; tor. with a view to prosecution, if necessary. Several adjourned meet - ings had been conducted by tl • creditors am, the offer of -2 3t*o >\. > made at one of the earlier meet in--The condition of the offer v. is that a be taken as fulfilment of debt and 1" accepted on the annulment of Earn worth’s bankruptcy. The offer was rejected and the creditors agreed on a further inquiry into the position. This morning, the official assign* Mr. A. AV. Watters, informed the ine« Ing that he bad again received t • offer, accompanied by a cheque o .42 250. from a solicitor, who added tha: he would pay the remaining !_ «o within the necessary seven days Tn same condition for the annulment of the bankruptcy was stipulated. Mr. Watters mentioned that another claim had been brought forward and it was now* expected that, on tin acceptance of a sum of £3OO. tin creditors would receive i>erhaps 2s I d in the pound On the placing of t i • motion before the meeting, acceptance of the offer was opposed by a eon siderable majority. For Farnworth, Mr. K.clls Mason pointed out that it was not expect* *1 that the additional claim would b-‘ proved. A report on Inquiries into Faruworth’«3 dealings by a bank accountant was read by the assignee. The state ment covered about two years. Th*» report said the work of investigation bad been complicated by the number ■ the dealings in which Farnworth had been concerned. Farnworth bad arrived from Australia in August. 19 T. with JC 70. In October he was engaged in a business involving the manufacture of wood wool, and later was employed as manager at £8 week. Some time later Farnworth took over a farm at Whatawhata and this he exchanged for the equity of .« store at Avondale. BIG LOSS ON STORE The store was conducted for five weeks and resulted in a loss of £157 3 os, but the accountant explained that this was due to sale on a lower scale. Farnworth exchanged the Avondale store for three shops at Birkenhead, made another exchange for a Buck - land’s Beach property, and made a final exchange for a. launch. “To prepare a comprehensive statement of Farnworth’s position would be like having a cash account for s \ shops in one street,” remarked the accountant. The resolution referring the case to the Crown Solicitor was made in committee and was later approved in open meeting.