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MEETING OF CREDITORS.

BE F. WOODS. The adjourned meeting of creditors in the estate of Frank Woods, turf commission agent, of Dunedin, was held at the Official Assignee’s office this afternoon. Five creditors attended, Mr D. D. Macdonald representing Messrs F. Smith and company and two other creditors. The Assignee said that there was no quorum present at the last meeting of creditors, but ths Bankrupt was examined. The bankrupt had stated that his furniture was worth L2 5. The bailiff had valued the furniture at L 24 18s and bankrupt’s clothing at L 5, but a? Ll2 was owing for rent the money would be absorbed, and would practically bo of no value to the creditors. One creditor had suggested a public examination of bankrupt, and it was at the option of the creditors present and represented whether such a course should be pursued. It was a question for the Judge to decide, and he (the Assignee) was not going to express an opinion regarding the matter; but as some of the debts had been incurred through betting, lie did not think that the Act was intended to protect bankrupts who made losses in betting transactions. However, that was a question for the Judge when the bankrupt came up for his discharge. Had bankrupt any proposal to make?

Bankrupt; No. Mr Friedlich had looked through tho statement, and had failed to see any accounts of gambling debts. Mr Green : No. So far as I can see, none of tho money was tpent in betting or gambling. The Assignee said that he referred to the sums o£ L2O and L4O. Bankrupt said that that was money lent to him by bookmakers. Mr Macdonald raid that bankrupt admitted having paid a composition, L 55 on L 550 on betting debts previous to incurring the other debts.

Bankrupt denied having done bo. Messrs Smith were quite aware of his position, and even offered to lend him money when he was in difficulties.

Mr Macdonald referred to subsection 9 (relating to debts incurred by speculation), and said that it was never intended that a man could get free of legitimate debts in such a manner.

Mr Lyons: The money was never paid. Mr Macdonald : Yes; he paid L6O or so,

Mr Green said that by doing so he had been able to collect money wherewith to pay his creditors.

Mr Fiicdlich said he had trusted bankrupt, and would do so again for the same amount. Be would be paid if bankrupt bad the money. The Assignee said the matter would he left in the hands of the Judge to decide. Mr Macdonald said there were other things that required investigation, He intended to sift the whole matter. He was prepared to find that bankrupt had got a number of friends to come to the meeting. He had asked for a public examination, however, and if that were not granted he would adopt other methods to obtain that.

Bankrupt: Well, you wore rushing around the town trying to get a quorum. A creditor told mo that himself.

Mr Macdonald said that had nothing to do witli the matter. He was quite prepared to find a number of bankrupt’s filends at the meeting. It was decided, on the motion of Mr Lyons, seconded by Mr Friedlich, to recommend bankrupt for his discharge. Mr Macdonald entered a protest on behalf of Messrs Smith and Allman and Dr Batchelor. The mooting then adjourned sine die.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/ESD18891028.2.26

Bibliographic details

MEETING OF CREDITORS., Issue 8049, 28 October 1889

Word Count
578

MEETING OF CREDITORS. Issue 8049, 28 October 1889

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