EX-BANK MANAGER'S AFFAIRS

Evening Post, Volume CX, Issue 48, 25 August 1925, Page 14

EX-BANK MANAGER'S AFFAIRS

MEETING OF CREDITORS

With an apparent deficiency of £1043 8s 9d, William Kerr, ex-bank manager of Stratford, who was adjudged bankrupt on the petition of Masters, Ltd., on 12th August, appeared before a meeting of creditors at Stratford, the Deputy Official Assignee (Mr. J. S. S. Medley, of New Plymouth) presiding. After a lengthy hearing, states the "Taranaki Daily News, 1' the D.O.A. was instructed to reject a certain claim should proof be lodged in order that the creditors might be given the opportunity, of examining the circumstances of the debt. liankrupt was represented by Mr. P. Thomson. Bankrupt's statement disclosed unsecured creditors totalling £1368'8s 9d and no secured .creditors.- The assets ■were set down at book debts £150, estimated to produce £25, the property valued at £300, a. total of £325, leaving an apparent deficiency of £1043 tin 9d. The _ property was represented by one-half inteiesr in three freehold properties, all of which wer» situated m Scotland. Mr. Thomson intimated that in view of other proceedings pending .against the bankrupt he had at first thought i* might be advisable to ask for an adjournment. Bankrupt, however, had no wish to put obstacles in the way, and though' it might happen that, -us his solicitor, he might have occasion to advise bankrupt to refrain from answering certain questions that might prejudice his position, every opportunity would be given for creditors to ascertain the position of his affairs. The D.O.A. proceeded to question bankrupt regarding the .debt ot £1000 to Mr. A. A. Binnie. Mr. Thomson explained that this account was in the nature of an advance, but he would advise his client to say nothing further as to the conditions or circumstances of the advance. Mr. J. Masters: "If bankrupt refuses to answer our questions what is the position?" ' The D.0.A.: "The position is that it will then be necessary to hold a public examination." ■ ' Mr. Moss: "That will be pur only course if bankrupt will not give us reasonable answers'." Mr. Thomson then announced that the security for the loan was not of such a nature as to be available for the credi : tow. The D.0.A.: "With ths salary you have been getting you should have been able to keep clear of. trade debts, and the creditors naturally want to know where your money has been goiiig, since you say you have not been speculating." Mr. Thomson complained that it was not British justice or fair treatment to bankrupt to prejudice his ppsition ty pressing the question Under oath, bankrupt said he had resided in Stratford for 5i years,, during which time he had managed the Stratford branch of the Union Bank. His salary on arriving at Stratford, including bonuses, was £466, which was increased to £460 in 1921 and £480 in 1925. Through illness in hia family in 1921 he became in debt. Bankrupt also said the piano had been bought by himself and given to his wife in 1912 or 1913. He had not discussed the matter of handing it over to the creditors. He had contributed to the bank pension fund for many years, and the amount would now be about £200, but he did not think he had a claim on that amount! He had surrendered his life policy in 1923 and received nothing for it. He had resigned his position at the bank on Bth June, believing he had another position to go to. That^ position had failed to materialise, but he thought-he would have had sufficient assets to meet ordinary trade accounts in the meantime. His offer on 24th July to pay 10s in the £ had been n. firm offer at the time, but he had been unable to raise further advances from Scotland. The reason why he had refused to file in bankruptcy, even though the creditors offered to pay^the filing fees, was that he believed he could have paid all claims, and he still believed he could pay them if given time. . Mr. Moss said he had cabled to England and had been advised that the property there was only worth £100 on realisation. Bankrupt: "It carries insurances of over £900 and the revenue" is £88 per year. That is not bad for £100 value." He admitted that he might have lived above his income during the' first year in Stratford, when he had no house, but not since. He had only lost about £50; by speculation. Mr. Thomson pointed out that' the amount bankrupt had lived on only averaged about £600 a year, which was not much for a man in his position. After some further discussion the meeting was adjourned sine die.