QUITE A TANGLE.

Auckland Star, Volume LV, Issue 119, 21 May 1924, Page 7

QUITE A TANGLE.

A BANKRUPTS AFFAIRS. LOOKING FOR A NEST-EGG. "It scorns that one of the creditors has [ the idea that bankrupt has something put by—a kind of nest-egg," said Mr. W. \S. Fisher, Official Assignee, at a special I meeting of creditors in the bankrupt 1 estate of Henry Grundy, farmer and land dealer, to-day. At the outset, Mr. Fisher remarked that the sum of £4871 , ! claimed by one creditor was disputed by bankrupt, but, unless the estate came into funds he did not think time would be wasted by going into the matter. At present the position was that claims proved totalled £9578, while the assets were only £11 11/. Te did not propose to examine bankrupt further, and would leave this to creditors. i Bankrupt, who was represented by Mr. Hogben, was then examined by Mr. Jordan, on behalf of a creditor. Since March 6, when the original meeting was bankrupt had been staying at an Auckland hotel, paying about £3 weekly for board. He had earned £4 per week as an insurance agent, arid "an odd pound or two" doing odd jobs. Bankrupt averred that he held receipts given by a certain creditor. After a lengthy examination concerning transactions in land and mortgages, and receipts of money, Mr. Jordan asked that bankrupt be requested to furnish a complete statement of receipts and expenditure. J Bankrupt admitted that he had been ; concerned in about 32 land transactipns. Most of them were for the company with which he had been connected, and he had been personally interested in only five or i six. He had lost money on some transj actions, £2000 having been lost on one. i "You seem to have a very winning way with you, when your unsecured creditors claim £4085 3/3, and you only started ' with £350," remarked Mr. Hall Skelton, in rising to examine bankrupt on behalf of another creditor. After hearing bankrupt's answers to questions, Mr. Hall Skelton observed that all his dealings made quite a tangle. It would be ; interesting to have a complete statement. i The Official Assignee said he would convene another meeting, and bankrupt would be asked to present a complete statement concerning his transactions.