BANKRUPT’S METHODS

Sun (Auckland), Volume IV, Issue 1060, 26 August 1930, Page 11

BANKRUPT’S METHODS

CREDITOR’S DISAPPROVAL OPPOSITION TO DISCHARGE Strong disapproval of bankrupt’s i business methods was expressed by creditors of Ernest Cecil Adams, agent, of Auckland, at an adjourned meeting held before the official assignee, Mr. A. W. Watters, this morning. A resolution recommending the assignee to oppose bankrupt’s discharge until such time as he had paid 5s in the £ was carried unanimously. At the previous meeting charges of extravagant living were made against bankrupt, and the meeting was adjourned that his books could be investigated for the purpose of further examination. This morning the assignee said he had not had time to peruse bankrupt’s books, which had only just been handed in. Mr. Thwaites, representing bankrupt, said that since the last meeting a relative had made an offer on bankrupt’s behalf of £IOO. He was not making the offer with the qbject of “muzzling” the creditors. A Creditor: At the last meeting bankrupt said he would produce the books within a week, yet the official assignee says the books have only been produced this morning. (Addressing bankrupt): Why is that? Bankrupt: I have been sick. Mr. Tiarks, representing a creditor, questioned bankrupt regarding the existence of books other than the one produced. Bankrupt replied that there were other books which had been seized by a bailiff.

Mr. Tiarks: I represent, I believe, the principal creditor, and I am not satisfied with bankrupt’s affairs. It is hardly usual Tor a businessman for many years' to keep a record of his transactions in a sixpenny copy-book. Bankrupt: It is not a sixpenny copybook. Mr. Tiark§. after examining the book: As a public accountant I say it, is a disgrace. After the motion recommending that bankrupt’s discharge be opposed, the assignee said that bankrupt had not kept a satisfactory record. The book had been written up from incomplete records a couple of years after the business transactions, and could not be satisfactory.

“A telephone message has just been received regarding a debt which brings the total liabilities up to £1,099,” said the official assignee.