PAID IN FULL BY ABSENTEE DEBTOR

Manawatu Times, Volume XLIX, Issue 3264, 6 February 1926, Page 9

PAID IN FULL BY ABSENTEE DEBTOR

Creditors' lucky Windfall From Estate

BLENHEIM BUILDER WHO FADED'AWAY' [Per' Press Association. ]i '/ BLENHEIM,. Last-Night.- | A meeting of creditors was held' laj ft the Court House befo're the Official Assignee. Mr, A. F, Bent,, tocertain aspects of the- bankruptcy/' of. ; Richard Northey Saundens;. at; onMji time in' business ini Blenheim.! asi j builder and later as', a', restaurateur;,.',;: but who quietly left the* towm somov;| time in 1823. andi left- his' creditors} lamenting; loudly to/ tune- of debts! j totalling some £B3O, with absolutely no assets to set against them;. : : |!t Saunders has not beem seen' froaw that day to this,, but after’ four' years, - . : Ills creditors, have: succeeded! iht pay—J ing themselves, ini fulll and! event addl.S lug a little interest'.'tm their accounts;. , The full story of the. fortnuate. outcome of the' affair' wasi unfolded! att meeting;, whom it; wasi reported! th«(f; subsequent to> Saunders!’ disappear*: y ance,. the- creditors, got. togetheir Uji;!| June,. 1921,. andi learncdl thatt .fltafesl absconding debtor' hadl as. cnee-fbuctWi Interest,, subject to certalm mortgugfi«e.'ijl in the' estate; of.’ hi»’ late: father;, had died! 1m England 1 .. The' on learning; «jf this; possible'- sources mm revenue,, decided! to> have' fiaund'er® dte-i|i dared! a; bankrupt, and l this: 'dona!.;!| on the petition of one' of'the: creditor®* |J tho Supreme Court agreeing; to dto-ia Eenso 1 with, personal service- om th'ertjl ankrupt,, whose whereabout® wet* I unknown.. In tine meantime, Messrs. Burden',!;! Churchward and Reid, on behalf op|| the creditors, cabled and wrote to’ thfiiM in charge of the English! estate and after protracted! proceed-; ;i| Ings, the Chancery Court ma 3& ft»*a order after bankrupt had been tised for in Australia ami ,Ncw Zeaj- ji land, directing that the payment ; df'ia bankrupt’s share in his father’s eetet«a should be paid to the Assignee, Instead I of to bankrupt. It was’found almosfe||| impossible, on account of the' Rent.-J Restrictions Act In force in the OldvJ Country' .to- realise on the which . comprised freehold property,/I but Anally other beneficiaries actual-,;! ed by a desire to see justice done the. New Zealand creditors, offered to find a sum in cash equivalent to bank-|9 rupt’s share in the estate. The estate! Was duly valued and a draft : •<* £IO2O 10/9 was forwarded to '■ be-i handed to the Assignee. /All ' This: draft has just been received!! and the creditors were called together 9 to consider its disposal. The Assignee fl explained that debts totalled £B3O 4/1:9 and costs totalled another £l7l l/7iM leaving a balance of £lO4 6/- to be l devoted, towards interest ..on creditbnfla accounts. , 'M