IN BANKRUPTCY

Hawke's Bay Tribune, Volume XX, Issue 70, 6 March 1930, Page 4

IN BANKRUPTCY

GARAGE PROPRIETOR’S FAILURE.

A meeting of creditors in the bankrupt estate of Alexander Wyllie, garage proprietor, of Napier, was held in Napier this morning before the Official Assignee, Mr G. G. Chisholm. Bankrupt was represented by Mr V. Langley. Mr Chisholm explained that the secured creditor had removed the security, which showed a deficiency on being realised, of £l7l 10s, the only other property was a small amount of stock valued at £3O, but there was back rent owing. The meeting agreed to leave the stock to the owner of the property to realise upon.

After discussion the meeting decided to disclaim the lease ot the premises. Bankrupt stated that he and his brother put in £325 each into the partnership in June, 1928. In April last the partnership was dissolved, bankrupt agreeing to pay hie brother £350, of which £lOO was still owing. To Mr Sorrell: Bankrupt thought that his brother was fortunate in getting out with £250, considering the wqy matters turned out.

Mr Sorrell considered that the matter of the partnership should be throughly investigated. He suggested that the Assignee should take a legal opinion as to the possibility of taking proceedings against the brother.

Mr Humphries was of the opinion that the partnership had possibly never been legally dis.j."«a. He

was also further of the opinion that the brother might be held responsible for the debts of the partnership.

Bankrupt, in answer to Mr Humphries, stated that his brother was either a manager or proprietor at Gisborne After further discussion, it was decided that tlie Official Assignee make nn investigation of the partnership and tho liability of bankrupt’s brothel to the partnership debts. The Assignee pointed out. that the hook debts showed very little prospects of approaching the estimate of £320. The meeting was adjourned sine die.