A MISSING BANKRUPT.

Auckland Star, Volume LV, Issue 220, 16 September 1924, Page 5

A MISSING BANKRUPT.

NOT WORTH EXTRADITING. CREDITORS' MEAGRE PROSPECTS. _ The creditors of a -missing bankrupt, ■ L. Maxwell, a storekeeper, of Pukokolie, met at the Official Assignee's office this morning, when they were informed that very little could be expected in the shape of a dividend. Further, it was shown that there would be little material satisfaction in bringing the bankrupt back from Australia, "where he is believed to be. The particulars of assets and liabilities showed that the amount available for distribution is £314, the proceeds of the sah- of bankrupt's stock, while i against this there are proved debts of I £312 18/2. Jn addition, there are ' preference claims of £58, a claim by the Repatriation Department oi £143 1/8, costs of adjudication VATt, and costs of administration i.'.W 8/4, a total of £274 10/, the estimated amount /ultimately available for distribution bein" atTout £40. Mr. Fisher, Official Assignee, explained that at a preliminary meeting of creditors on August 11 a favourable ofler I was made for the stock, and on adjudication a fortnight later this offer was accepted. Since that date, however, j heavy additions to the claims, as enumerated above, had come in, and it meant that there would be very little left for I the creditors. Then; were book debts aggregating .€IBO, but it was proble- ! matical what they would realise. There was al*o another claim by a bank, witli whom bankrupt had lodged the title of a section as security for an overdraft, which totalled till. At the actual date of bankrupt leaving, about July 10, however, this stood at COO. The bank was agreeable either to hand over the , doeds on the payment of the £(>fl, or I would pay to the estats the balance of £41. This was for the directors to decide. A creditor asked did his fellowmembers know that bankrupt was an assisted soldier, and oni- replied that he I certainly did not. Had he done so. 'credit would not have been given. This i creditor asked why the .Repatriation Department was claiming preference, when in previous cases it bad come in as an ordinary creditor. ' Counsel representing the Crown Prosecutor .--aid that special, legal precautions had been taken at the instance of the Department, because it was found that a bill of sale held by it was Worthless. A motion was parried that the Department be asked to take the position of an ordinary creditor, in view of tho fact that bankrupt had not disclosed that he was an assisted soldier. "Have yon any idea what the bankrupt took out of New Zealand?" asked the Official Assignee. j "I know that he cabled for £10, because he was stranded.' , replied a creditor. , Jt was stated that money had been paid into bankrupt's account about the time he left, and his action did not seem ! premeditated. j "What chance have we of bringing I him back?" asked a creditor. ! "I think there is every chance," toj plied the Official Assignee. 1 The creditors were of the opinion that lit would not help thorn financially to J extradite the bankrupt, with the only prospect that of criminal proßeedinijs. •'•T thought the benevolent police might Wo it for nothing/ averred one of the ; gathering. j Mr. Fisher: They will do it if you J pay. The last one cost £35. I A creditor: Tt is high time that the i Bankruptcy Act was altered. Tt has ' been threatened long enough. The action of the Official Assignee-in selling the. stock was confirmed, and it was decided to ask the bank to release j the .-£4 lin preference to taking over the section. The meeting then disi persed.