BANKRUPT SPENT £300 A YEAR ON DAUGHTER’S STUDIES

Manawatu Times, Volume LII, Issue 3527, 17 June 1927, Page 6

BANKRUPT SPENT £3OO A YEAR ON DAUGHTER’S STUDIES

SCHEDULE SHOWED £3923 LIABILITIES AND NO ASSETS [“Times” Special.] AUCKLAND, Wednesday. “In spite of the bankrupt's denial it cannot be gainsaid that thero is a suggestion of extravagance, either by him personally, or by his family.” said the Official Assignee Mr J. N. Morris, at the close of the preliminary investigation of the affairs of Isadore' Schncldenmn, tailor, Auckland. The Official Assignee questioned tho right of a man in the position of bankrupt to spend £3OO a year xa keeping one of his daughters studying in London. .. Bankrupt filed a schedule showing liabilities totalling £3923, of which £482 was in respect of bills ho had guaranteed, the balance being due to unsecured creditors. The schedule stated bankrupt did not possess any assets. In a written statement bankrupt said he and two of his brothers had been in business in Auckland, as tailors for upwards of 20 years. Business was good up to tho outbreak of the war, when public belief that they were Germans reacted to their detriment. .. ~ . The difficulties of this situation, wore surmounted and after the war good profits were made. The stump, burglaries, and the theft of £SOO from the office of the company gave them another setback, from which the business did not and last November a liquidator was put In by debenture holders. Bankrupt considered the assets of the company had been disposed of at an unreasonable figure. A creditor: “What about those racehorses?" Bankrupt: “Wo bought them because they would be an advertisement for the business. They wore a good advertisement when they won. But when they lost they wetc bad .adverts.” (Laughter). “It was decided that tho Official Assignee should make an Investigation into the company with the liquidator.