BANKRUPT’S LARGE DEBTS

Hawke's Bay Tribune, Volume XXIV, Issue 97, 7 April 1934, Page 3

BANKRUPT’S LARGE DEBTS

„ Trust Moneys Allegedly Misappropriated By Telegraph—Press Association. PALMERSTON N., April 6. Nearly 50 were present at a meeting of the creditors of John Robert Mcllraith, an agent, held to-day when a resolution was passed requesting the Deputy Official Assignee to place the whole matter of what is alleged to be a case of trust moneys not paid to creditors, in the bands of the police. According to the evidence tendered, bankrupt, after incurring considerable liabilities in Wellington while a salaried debt-collector, came to Palmerston North 18 months ago, and, although on his own admission he was prai-ticnlly insolvent at the time, commenced a debt-collecting business on his own with a capital of £3l. lie recently tiled a petition with a deficiency of over £l6OO owing to nearly 300 creditors, chiefly persons for whom he undertook to collect debts. The creditors nre resident over a wide area, ‘-nverirg Palmerston North, Feilding. lox'mi. Rongotea. Dannevirke. Rae tlhi I nih.lpe. Hunter ille. M ■ >- o|.;i Johnsonville. Otnne. Waipawa, Pongaron, I’abintiin, Shannon and elsewhere. Bankrupt was subjected to a lengthy c .amination, lie attributed his failure to ln>k of capital and hard times