ONLY FIVEPENCE IN THE £.

NZ Truth, 15 March 1924, Page 3

ONLY FIVEPENCE IN THE £.

Auckland Assignee And Rutherford. (From "Truth's" Auckland Rep.) , Official Assignee Fisher made some warm observations at the meeting of creditors _m the bankrupt estate of J. G. Rutherford, the former wellknown wine and spirit merchant, whose bankruptcy was reported m "Truth" some months ago. Rutherford's affairs financially are such that the unlucky creditors will only receive 5d m the £. "I may inform you, gentlemen," said Official Assignee Fisher, "that whether I get instructions from you or not, I shall consider it my duty to oppose this man's discharge. There are some very unsatisfactory features m connection with this bankruptcy. The only thing, ls that the evidence is not sufficient to justify a prosecution, but it will certainly be my duty to oppose his discharge. I have a duty to the commercial community as well as to the creditors." It will be remembered that at a meeting In October last it was proposed that the case be laid' before the Crown Solicitor, with a view to prosecution. However, this did not find a seconder, and the meeting asked the Official Assignee to have the accounts investigated. Accountant Twigden was appointed to twig what was" doing, and he went through the books, but as Rutherford is now a commercial traveller for somebody else instead of himself, and was away from Auckland a lot. lt was only recently that the accountant could consult him. The ordinary claims proved amounted to no less than £14,822 and the preferential totted up £267, whilst the assets realised but £693. A salient feature of the auditors report, according to the assignee, is that some £3000 worth of stock is alleged to have disappeared and was not accounted for, and the exact position cannot be ascertained because the stock sheets for the previous, years aro not forthcoming, it being stated that they disappeared when the safe was seized. "Can tho. bankrupt make any explanation?" asked a creditor. "There was a certain amount of Blow soiling stuff," replied the Assignee, "and some beer was not satisfactory and had to be replaced, but those items would not come to more than £1200." The Official Assignee then asked whether they wanted anything further done, whereon Mr. Pratt moved and Mr. G. H. Baker seconded that, having heard tho report, tho creditors take no steps with a view to prosecution, but proceed with the administration of the estate In the ordinary way. Mr. S. Buttle complained that Dd m the £ was a very small divvy, and as bankrupt was a man who could earn largo sums of money, his discharge should be opposed by tho Official Assignee unless something further was done for the creditors. "I will have to oppose it—instructions or not," said the Assignee.