BANKRUPT WOOL-BROKER

Greymouth Evening Star, 6 August 1931, Page 3

BANKRUPT WOOL-BROKER

EXTRAVAGANCE ALLEGED [PER PRESS ASSOCIATION.] CHRISTCHURCH, August 5. In reference to 'Washington Irving I Carney’s bankruptcy, the Official Assignee said: “When, a man comes into bankruptcy with debts of £13,991, and with the possibility of his creditors getting only 1/- or 1/6 in the pound, something should be said. The big creditors must have known what the bankrupt was doing, but there are numbers of small traders to whom bankrupt has not given a square deal.” He added that evidently the bankrupt, had, at one time, been enjoying a big income, which he, and his wife, had been in the habit of spending. Suddenly that income ceased, and the bankrupt and his wife, who moved among well-to-do people, instead of curtailing their expenditure, incurred lots of debts. When the bankrupt applied for discharge, it would be the Official Assignee’s duty to place all of the facts before the Court. It was his duty to condemn, in the strongest possible terms, a lot of the extravagance which had been a contributing cause to bankrupt’s position.