BANKRUPT BUILDER

Sun (Auckland), Volume IV, Issue 936, 1 April 1930, Page 10

BANKRUPT BUILDER

CREDITORS’ MEETING ADJOURNED Creditors of Arthur Herbert Stanley McLeod, builder and estate agent, of One Tree Hill, met before the official assignee, Mr. A. W. Watters, this morning. Bankrupt’s schedule showed £1,886 owing to unsecured creditors, £4,834 to secured creditors. The estimated value of securities was £6,150, leaving a surplus to contra of £1,315. Bankrupt in his statement said that he had started business in 1922 with practically no capital, carrying on until in 1926 profits had made the capital £1,410. In 1917 the capital amounted to £1,771. The cause of his position was circumstances beyond his control. by the official assignee, the bankrupt said that he took a partner who did not put any money into the business, but drew out £6 a week as wages. Bankrupt drew £7 a week and in 1928 drew out in addition £357, but paid £474 into the business. In 1929 he drew out £lB4 in addition to wages. The partner had not figured in the bankruptcy proceedings because he had no assets. Assets in the business were in bankrupts name only, and because the inclusion of the partner would be no use to creditors. The official assignee stated that the partner should have been included. However, he had no jurisdiction and It remained with creditors to decidc whether h© should be filed. Answering a creditor, bankrupt stated that a meeting of creditors, at which his partner’s financial position was discussed, had decided that bankrLipt should file. A creditor suggested that a close examination of bankrupt’s affairs be made. A committee was appointed to go into the affairs and the meeting was adjourned.