NOTHING FOR CREDITORS

Auckland Star, Volume LX, Issue 39, 15 February 1929, Page 7

NOTHING FOR CREDITORS

BANKRUPT FARMER'S

POSITION.

SPENT MONET DELIBERATELY

SUM UNACCOCVfED FOR.

By spending all the money he had, * bankrupt farmer of Te Hana, North Auckland, Christian Henry Dubi, contrived to leave nothing for his creditor!, and admitted to the Official Assignee (Mr. G. N. Morris) this morning that his action had been deliberate.

Official Assignee: You did that so you would have no monev for vour creditors t —Yes.

Well, you are quite frank about it. "I owe nothing, except to these gentle* men. I paid all my debts.' . The Official Assignee said the bankrupt's books showed £200 had disappeared in the last two or three months. No explanation could be given by the bankrupt of what had happened to th* money.

Bankrupt's schedule showed liabilities of £4880 12/8 to secured creditors and the securities were valued at £2500. There were no debts to unsecured creditors. The deficiency in the estate amounted to £2480 12/8.

For the last six years bankrupt had been on a farm of 549 acres at Te Hani, which he took up in 1922 in partnership with his brother. The partnership wa* dissolved in December, 1925, and after that the bankrupt carried on with hit wife and five children.

"The most serious aspect from my point of view is that you cannot account for that £200," commented the Official Assignee.

To Bankrupt: "You have made a lot of statements that are libellous and yon should either prove or withdraw them."

In the course of the examination of the bankrupt it was stated the property was valued at £7500 for the purpose of the exchange which -was made.

A Creditor: You have the brazen impudence to come here and make statements which you cannot support.

Official Assignee: You got rid of £600 since the end of September, only samrn of which has been for the settlement of bad debts.

A letter was produced show Ing ' that the bankrupt and his brother had valued the farm at £9000 six months after taking possession.

The meeting was adjourned to permit bankrupt to furnish a statement.