[DOWNLOAD] "Robbins v. Gottbetter." by United States Court of Appeals for the Second Circuit " Book PDF Kindle ePub Free

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eBook details

• Title: Robbins v. Gottbetter.
• Author : United States Court of Appeals for the Second Circuit
• Release Date : January 03, 1943
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 53 KB

Description

This case comes up on an appeal from an order directing the bankrupts president to pay to the trustee - "turn over" - the sum of $2500, found to have been withdrawn by him from the bankrupts assets during its short life which covered only the months of August, September and October, and the first week of November, 1940. The proceeding took the ususal form in cases where the trustee does not trace specific assets into the respondents hands, but proceeds by an analysis of the bankrupts books. The respondent, for whom the bankrupt was merely a corporate form, failed to give any adequate explanation of the disappearance of more than $2500. He did not challenge the bankrupts books, and agreed that it started business with an inventory of $5275. He could not, and did not, dispute that there had been spent in the purchase of goods and labor and in the overhead and selling costs, a total of $20,959.19. Nor did he dispute that the sales had netted $10,780.51. That left a difference of $10,178.68 to be accounted for. If we accept the respondents figure - $1800 - as the value of the goods left on hand at the close of business instead of what they brought at the receivers sale - $332.60 - there was a deficiency of $8378, which would necessarily mean that the sales had been made for below their cost. However, the trustees accountant excluded overhead and selling costs, and so shall we, though it is not very apparent why that should be done. After deducting these he found that at the end of the business there should have been an inventory of $4237.04, assuming that sales were without profit or loss. He had however reckoned the goods on hand at bankruptcy at only $332.60; but, even if that figure be changed to $1800, the deficiency was still more than $2700. Unless the respondent lost $2700 in selling about $11,000 of goods, to say nothing of about $5600 overhead and selling cost, he must have concealed that much of the bankrupts property.

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