"WHY THE HURRY?"

Auckland Star, Volume LIX, Issue 173, 24 July 1928, Page 5

"WHY THE HURRY?"

BANKRUPT ASKS DISCHARGE. LARGE DEBTS PROVED. APPLICATION ADJOURNED. (By Telegraph—Own Correspondent.) HAMILTON, this day. Six weeks ago George Cornfoot, a well-known, middle-aged farmer, of Hamilton, filed a petition in bankruptcy. Prior to the meeting of his creditors he published his intention of applying for his discbarge at the next sitting of the Supreme Court. Debts proved in the estate amounted to £28.093. The assets wer© small and were handed back to bankrupt by a resolution of creditors. In a written statement to the assignee bankrupt stated that he had lost his own capital of £50,000 in a land proposition in Hawke's Bay, and that his father-in-law, Mr. Alexander Bell, of Auckland, had guaranteed him at the bank, and had now proved in the estate for £18,000. At the investigation, the assignee, Mr. J. H. Robertson, commented upon what he described as the haste with which bankrupt was applying for his discharge, and intimated that he would ado.pt the usual course and oppose the application until the usual recognised period of two months had elapsed. Cornfoot applied for his discharge betore Mr. Justice Blair in Hamilton today. He was represented by Mr. P. H. Watts, who pointed out that it was competent for bankrupt at any time after his adjudication to apply for his discharge.

"In the Last Few Hours." Hi? Honor said that apparently one of the chief creditors had only proved in the last few days; in fact, In the last few hours. The Official Assignee pointed out that one, C.oulter, a sheep farmer, of Blenheim. was a creditor for over £8000, and he (Mr. Robertson) had telegraphed to him yesterday, asking him if he had been notified by Cornfoot of his application for discharge. Goulter had replied this morning as follows: "Have not received any notification whatever in connection with Cornfoot s bankrupt." Hie Honor expressed the opinion that the application had certainly been crowded on the assignee, who doubtless wanted some time to look into bankrupt's affairs. There was £28,000 in claims already proved. Mr. Robertson: £18.000 consists of a shortage guaranteed to the bank by bankrupt's father-in-law, and is entirely disconnected from the loss on the mortgagee's sale.

"A Private Reason." His Honor asked Mr. Watts the reason for hurrying the matter.

Mr. Watts said there was a private reason which he did not desire to ma»e public. The Assignee was aware of it. His Honor said he could only view th : position as presented to him. Substantial claims had been recorded within the last few days, and the Assignee had the right to call for a reply. Mr. Watts thought Goulter, if he desired to oppose the discharge, should have appeared or have been represented that dav.

His Honor: How could he? He is not a thought-reader. He knew nothing about it.

Mr. W r atts said that if the discharge was granted it would not affect Coulter's rights under the bankruptcy, as whatever assets bankrupt had at the time of adjudication passed to the Assignee. His Honor said there were various things to be considered before a discharge was granted. There was another sitting of the Court in August, and he adjourned the application till then.