A BANKRUPT TEACHER.

Lyttelton Times, Volume CXVII, Issue 17529, 12 July 1917, Page 9

A BANKRUPT TEACHER.

ESTATE OF J. H- REYNOLDS

meeting of creditors

A meeting of creditors in the bankrupt estate of Jacob Henry Reynolds, schoolmaster,' of Oust, was bold in ‘die Official Assignee’s office yesterday. Mr T. D. Kendall presided over an attendance of seven creditors. Mr Cuningham appeared for tbe bankrupt The amount owing to unsecured creditors was set down at £219 8s Id, and the assets, consisting of furniture, were valued at £2O. There were twenty-eight creditors, six of the amounts being £lO and over, ns iolbws:—F. I). Ivesteven £4O, L. W Balkind £29 3s 6d, W. Strange and Co. I £ls Is 4d. Adams, Ltd., £l4, Brown and Co., Ltd., £ll 11s 2d, 11. Baker £lO. Bankrupt, in his sworn statement, said that lie had expectations of property of considerable amount from the estate of a brother who died in India, but they had not materialised. He had been ill for six months, and for twelve months had had to keep two homes going. Bankrupt had also been paying off back debts contracted Jn Wellington. He had not sufficient income to cope with his . requirements. The refusal of some creditors to accept |vn offer of £5 per month as payment of debts and the issue of committal warrants by several judgment creditors had resulted in his filing. Bankrupt stated that he was a relieving teacher for twelve months before going to Oust. His financial position wa-s unsatisfactory then, and it had not improved. Bankrupt was a married man with a family .of twelve, though none were at present dependent upon him. Mr Cuningham explained bankrupt’s position, and said that lie was anxious to pay everyone in full. With that object in view he would make, an offer of”£s per month towards liquidating his liabilities. Bankrupt had borrowed money to pay off debts, but had non got ahead at all. Bankrupt answered a number of questions put to him by creditors, and it was decided to accept his offer of £o per month, providing arrangements were made for the money to be paid to tlio Official Assignee through the Education Department.