INTERESTING BANKRUPTCY.

Gisborne Times, Volume LIX, Issue 9573, 26 July 1923, Page 5

INTERESTING BANKRUPTCY.

ONLY CREDITOR A. GERMAN FIRM. AUCKLAND, July 25. The unusual circumstances of a bankrupt with only one creditor and that a German firm, was disclosed to-day at* a creditors’ meeting. Tiie debtor, George A. Crceth, an indenfcor, attended with a solicitor. The Public Trustee, as controller of tiie clearing house under the Versailles Treaty, was represented hy counsel. Debtor’s liability to the -Dresden firm is £675. The original debt was £496, the balance being made up of interest. Mis assets, including furniture was rained at £145. Bankrupt said that, prior to the war, be was in business as a. sewing machine importer, but his business collapsed owing to hostilities. When the, demand for payment with interest for’ the whole duration of the war was made, ho offered five shillings in the £ payable at the rate of £1 per .week. The offer was rejected by the Public Trustee, wlm demanded £1 per week ad infinitum. He did not J'ecl justified, for his family’s sake, in complying with’this demand. Counsel for the Public Trustee stated, in reply to questions, that debtor’s offer could not have been submitted to the creditor. The New Zealand Government had made itself liable for this and' other German debtors. If the offer had been accepted the money would have gone to the New Zealand- Government and any necessary adjustments would have been made later. In the absence of any proved creditor no resolution was passed.—P.A.