PAID IN FULL.

Hawera Star, Volume XLV, 6 February 1926, Page 5

PAID IN FULL.

CREDITORS IN A BANKRUPT ESTATE. (BY YB^ORAPB-PK^AgO o™.) 0 ™.) A meeting of creditors was held before the Official Assignee (Mr. A. I. Bent) to-day to consider certain aspects of the bankruptcy of Richard Northey Saunders, at one time in. business m Blenheim as a builder and later as a restauranteur, but who quietly left the town some time in 1921 and left creditors lamenting loudly to the tune of debts totalling some £B3O, with absolutely no assets to sot against them. Saunders lias not been seen from that dav to this, but after four years his creditors have succeeded in paying themselves in full, and even adding a little interest to their accounts. The full story of the fortunate outcome of the affair was unfolded at the incotiiig, when it was reported that sul) sequent to Saunders’ disappearance the creditors got together in June, 1921, at the offices of Messrs. Burden, Cluncliwanl and Reid and learned that the absconding debtor had a one-fourth interest, subject to certain mortgages in the estate'of his late father, who bad died in England. After protracted proceedings the Chancery Court madt. an order directing that bankrupt’s share in liis father’s estate bo paid to the Assignee instead of to bankrupt. Other beneficiaries, actuated by a desire ’to see justice done to the New Zealand creditors, offered to find a sum in cash equivalent to bankrupt’s share in the estate. The estate was duly valued, and a draft for £IO2O ,10s !)d, representing bankrupt’s share, was handed to the Assignee. The Assignee explained that the debts totalled £B3O 4s 2d and costs, etc., totalled another £l7l Is 7d, leaving a balance of £lO4 bs to be devoted towards the interest on the accounts of creditors.