EXAMINATION OF BANKRUPT.

Press, Volume LXVIII, Issue 20563, 3 June 1932, Page 8

EXAMINATION OF BANKRUPT.

MONEY SPENT ON GAMBLING. JUDGE EXPRESSES AMAZEMENT. '•An amazing story," commented his Honour Mr Justice Adams in the Supreme Court yesterday, at the conclusion of a public examination, by tbe Crown Prosecutor, of a bankrupt, who, it was stated, had failed to disclose all his assets. On being questioned ns to what he had done with £225 drawn from the Post Office Savings Bank in July last year, bankrupt was able to say little more tbau that ho had used it to "have a good time." The Crown Prosecutor said that the whole matter was very unsatisfactory, but he could not take it any further. Tho bankrupt was V ictoi- Charles Emanuel Ingram, of Ashburton, boot importer. It was reported to the Court by the Official Assignee at .Ashburton (Mr A. J. Ching) that Ingram was adjudged a bankrupt on his own petition at Tiraaru on December Uth, 1930, and his filed statement showed: Liabilities £46S 5s Id, assets £423 Os Bd, deficiency £45 4s sd. The assets realised £2OO 15s 7d, part of which had not vet been distributed, two dividends had been paid, totalling 6s Ud in th-j £. b Bankrupt set out that he took over the business of boot retailer and repairer, formerly carried on by him in partnership with his son, said the Crown Prosecutor. Ho had no capital, and borrowed £IOO on tho security of the plant and fittings. After bankruptcy the bankrupt was not altogether frank as to his assets, particularly in that- he refrained 'from including certain company shares of the face vaiue of. £SO and £5 respectively, and surrendered them only after information of their existence had been received from another source. The first-mentioned had been disposed of at par.

On July 15th, 1931, the bankrupt received £4OO from the estate of his father, J. C. Ingram, through the Public Trust Office, said the Crown Prosecutor. This amout was banked the Post. Office Sayings Bank at Christchurch on the same date. No disclosure was made of this asset on bankruptcy. It was a. contingency in the estate of his father, subject to a life interest of his stepmother, who died between the adjudication of bankruptcy and the date of discharge. On July 31st, 1931, the bankrupt received an unconditional order of discharge, but did not disclose the receipt of the £4OO. Between July 18th and September. 28th, 1931, he withdrew £370 of the £4OO from the bank, and when examined by the Official Assignee at Christchurch he stated that the amount had been spent in gambling and on the racecourse. On November 19th, 1931, the order of discharge was reversed.

Sum of £4OO. Examined by the Crown Prosecutor Ingram stated that a few days after the bankruptcy he disclosed his shares to_ the Official Assignee. When he received the £4OO he had already seen a solicitor about applying for his discharge. On July 18th lie drew out £225, which ho kept in his pocket. He was then in Christclmrch walking about the city, and had taken the money "to have a good time." He believed that £225 would be sufficient for the race meeting, and had never been a big bettor on the racecourse before that timo. "I spent a good bit on liquor, but I could not say how much,'' continued witness. "I wanted the money for drinking, previous to the races, which were about a month off, nnd I drew out another £SO laV® r - I have not had a lump sum like this in my life before, ana I have not given any of it to friends., All I know is that it went on races and drinking. I lost £7O at the races in one day, and 1 had over £2OO in mv pockets when 1 went to the trots. No friends shared it, except those I picked up in the hotels." . The examination closed at this stage.