BANKRUPTCY.

Auckland Star, Volume XLIV, Issue 33, 7 February 1913, Page 6

BANKRUPTCY.

ON BORROWED MONEY. Only two creditors attended the meeting in the estate of Edgar Jamce Burton, saddler, of Opotiki. The Official Assignee read the debtor's statement, which showed total liabilities £267 8/1, and assets of £154 8/, including £85 book debte. He started business in 190 ft with £40 borrowed from his mother, of which £26 bad since been refunded. Hin mother was not claiming for the balance of the £40. Although no resolution could be passed, the Assignee explained that he had arranged for the business to be locked up, and stock taken prior to realisation. Thie was approved by the two creditors present. DISSATISFIED CREDITORS. An -adjourned meeting of creditors in the bankrupt estate of P. Wilkie, saddler, of Tunmarunui, was held yesterday afternoon. Mr W. S. Fisher, Official Assignee, presided. A letter was read from the debtor stating that he could not attend the meeting, as he wae without funds. Some comment was made upon the conduct of the debtor, hie estate having been assigned to a Wellington trustee. On the motion of Mr L. Marks, seconded by 'Mr Blanchard, it wajs resolved: "That the Official Assignee be instructed to have made an investigation of the books by an accountant," and to report to a subsequent meeting. Further resolutions were passed expressing dissatisfaction with the conduct of the bankrupt's method of obtaining credit, causing his creditors unnecessary lose and expense by assigning his estate to a trustee in Wellington when hie principal creditors are in AnckJand. The creditors requested the Official Aesi.OTJ-ee to oppose the bankrupt's application for discharge. It wae further moved by Mr Marke, and seconded by Mr Kingeford: "That the creditors w:sh to express strong disapproval of the proceedings in connection with the and request tiip to draw the attention of fip o-f Justice to the necessity for an nmr-TKiTncnt of the law."