GENEROUS BANKRUPT.

Ashburton Guardian, Volume 53, Issue 132, 16 March 1933, Page 7

GENEROUS BANKRUPT.

FURNITURE GIVEN UP. RESTAURANT PROPRIETRESS. (Special to the “Guardian.”) AUCKLAND, Marcli 14. A woman bankrupt’s de_sire to forgo her claim for exemption of £SO worth of furniture, so that her creditors might benefit, was the subject of much favourable comment at a meeting of creditors ini Whangarei. The estate involved was that of Ethel Cook, restaurant proprietress, of Kaikohe. The schedule showed assets at £4O, and liabilities of £143, a deficit of £lO3. Bankrupt gave a number of reasons for falling into arrears with the rent of her business premises, and said the landlord would not allow her a 20 per cent, reduction in rent under the National Expenditure Adjustment Act, stating that she was . not up-to-date with the rent. Mr L. A. l Johnson, for bankrupt, said his client had decided to forgo her claim for exemption of £SO worth of furniture, which she desired should all be made available for the creditors. This, said Mr Johnson, wa& against his advice, and he wished the assigned to note bankrupt’s generosity. The assignee said the bankruptcy was one of misfortune, and bankrupt had done what she could. Her generosity in not claiming the £SO worth of furniture, which she could claim under the Act, was most unusual, and her action was one which the creditors should 1 appreciate. He would report favourably on bankrupt’s conduct.