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MEETING OF CREDITORS.

A. WAIHI BANKRUPTCY. ' ■ (by telegbape.—special correspondent.) Auckland, May 7. At an adjourned meeting of' creditors in the estate of ! MrV Joseph ' Richards, grocer, of Waihi, the bankrupt .stated that about throe years ago he commenced business in Waihi as a grocer with a capital of £150, of which amount £100 was borrowed from a son-in-law, and ,£2o ; from a son.. 'Ho .carried ,tho .business on until Decembo'r 19C6, when his .promises and stock were completely destroyed by fire. The total insurances wero-£350, but after _waiting four months tho company allowed him £210,' and of that sum ho returned the amounts which ho had borrowed from his son and son-in-law, and also' paid tho New Zealand .Dairy Association and L. D. Nathan and Co. £10 each. After tho fire ho went to Stratford ,and< started dairy-farming, . but success did not' attond his .' enterprise. .He returned ~to Waihi, whero ho obtained a contract in one of the-mines,. but, was > Obliged to. giro Up' on account of ill-Jiealth. He attributed his .present position to sickness and taking on contracts that did not pay, while he also considered that had the Insurance Company paid -1 him in full he would have been able ( to pay all his debts. Bankrupt's liabilities totalled £94, and his assets ml: \ . Mr. Gerard (to bankrupt)': What sort of books did you keep after tho fire? i .'■• : Bankrupt: I did not kedp on in; business. •1 oniy took, milking cows. Well; that is a dairying business. You ■appear to havo looked after your relations well. Why did you do that? " Because they helped me. ! The merchants .helped you, too, in giving you goods. Did you keep any books in which ■you could see at a glance your receipts and disbursements during the last two years? ' " No. " Mr. Gerard said that bankrupt had done wrong in three ways., Firstly, he had ishown his relations preference by paying thorn in full when he had no reasonablo •grounds to suppose he would be able to treat ■the other creditors in a similar manner; in .tho next'placo he had failed'to keep'proper : books;' whilo in the third ■ instance he, had .db'ne wrong in absenting himself from his creditors. ' ' "Out of all' kindness," said Mr. Gerard to the : bankrupt, "I should advise you .to make somo arrangements with your family and endeavour to effect/a settlement. Don't ■force me to move in the way of a prosecution, for if I start I shall _ continue." The bankrupt promised that he would endeavour to make recompense to his creditors as soon as possible. _ i' -- Tho meeting. was adjourned.

Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/DOM19080511.2.9

Bibliographic details

Dominion, Volume 1, Issue 194, 11 May 1908, Page 3

Word Count
432

MEETING OF CREDITORS. Dominion, Volume 1, Issue 194, 11 May 1908, Page 3

MEETING OF CREDITORS. Dominion, Volume 1, Issue 194, 11 May 1908, Page 3

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