BANKRUPT DISAPPEARS

Hawera Star, Volume LII, 6 September 1932, Page 7

BANKRUPT DISAPPEARS

HIS WHEREABOUTS UNKNOWN. . MEETING OF~CRFDITORS ADJOURNED. Owing to the non-appearance of Walter Fairburn Wallace at the magistrate’s courthouse m Hawera this morning a meeting- of the creditors in his estate was adjourned sine die by the Official Assignee (Mr. C. O. Pratt). Before being adjudged bankrupt in the Supreme Court at New Plymouth Wallace farmed a property at Ohangai, later coming to reside at 38 Wdsou Street in Hawera. On. Tuesday evening of last week he left homo stating that he would return in a few minutes, but has not been seen or heard of since.

At this morning’s meeting six creditors were repiesented either in person or by 'proxy, the proceedings being delayed to allow bankrupt an opportunity of putting in an appearance. Mr. Pratt remarked that one of the duties of a bankrupt was to give, creditors every assitance in the investigation "of in's affairs. Wallace had not complied with any of the 'provisions of the Bankruptcy Act and his absence without reasonable excuse rendered him liable, under section 155, to prosecu tion for contempt of court. The Official Assignee said that bankrupt’s total liabilities amounted to approximately £SOO, the assets including a contingent interest in the estate of bankrupt’s father estimated to 'produce £9OO. A statement was in his possession showing the total amount realised under the mortgage on the Ohangai property sold to Mr. G. W. A. Wiliams at £315.

Mr. L. A. Olapham (representing the Waimate Plains Dairy Company; asked what amount was shown as legal costs.

The Official Assognee (after calculation) • Somewhere in the vicinity of £IBO.

Mr. Olapham: That seems to be an excessive amount.

The Official Assignee: I am not conversant with the details. The creditors recommended to the Official Assignee that no useful purpose could be served by insisting on bankrupt’s attendance and that no further action he taken to compel his appearance. The meeting thereupon was adjourned.