BANKRUPT’S ESTATE

Greymouth Evening Star, 20 December 1934, Page 7

BANKRUPT’S ESTATE

ASSIGNMENT UPHELD. [pep. press association.] WELLINGTON, December 20 Holding that an assignment of £ 535 by Archibald Walter McColl in was induced in good faith, and without knowledge that McColl was insolvent, Judge Ostler dismissed a motion for an order declaring the assignment fraudulent and void, as against the Official Assignee. . McColl was declared bankrupt in August this year. He had been accountant and auditor of Hope Gibbons. A family assignment was pro- , cured when it was discovered McColl owed money to members of the Hope Gibbons’ staff, but next day it was discovered he had been systematically stealing substantial sums, and later still, after he had been imprisoned, it was found the total thefts amounted to £3721, and that his indebtedness at the date of the assignment was over £6OOO, in addition to the debts satisfied by the assignment. . . The Judge said that in his opinion and on the facts proved, the family had discharged the onus of proving that they acted in good faith, and the assignment was protected under section 82 of the Bankruptcy Act.