BANKRUPT IMPORTER EXAMINED

Nelson Evening Mail, Volume LXX, 5 October 1936, Page 2

BANKRUPT IMPORTER EXAMINED

“HARASSED FATHER OF FOURTEEN" MEETING OF ACCOUNTANT STUDENTS Notification having been given by the Official Assignee, Mr Will I. Repay, that Mr I. B. Stoney-Broke, importer of Nelson, had been adjudged bankrupt, a meeting of the creditors, comprising members of the Nelson Accountant Students’ Society, was held in the Ritz Tearooms. Prior to the more serious business of the evening, those present satisfied the “inner man',” during the course of which the bankrupt and the Official Assignee sat at the same table, evidently on the best of terms. After a motion for the exclusion of the Press had been over-ruled, a detailed investigation into the affairs of the bankrupt was commenced. Unfortunately the bankrupt’s solicitor had failed to put in an appearance, so that he had to defend himself to the best of his ability. This proved to be an exceedingly difficult task when he found that he had to deal with such men as Mr Isaac Skinflint, who was representing one creditor by proxy. ’

During the early stages of the cross-examination,' the indebted man glibly replied to the barrage of questions put to him. The depression, and the high protective tariff on the line of goods in which he was dealing, had led to his unenviable position; his to* tal debt as shown on the neatly typed deficiency account being £3497 19s sd. Luxury Flat was the address of the bankrupt, while he was the harassed father of a family of fourteen. The startling information was divulged that there had been twins in 1930, triplets in 1931, and “quints”' in 1932. However, before long, some of the more astute creditors began to find discrepancies in the balance sheet and statement of affairs etc., and the bankrupt learned the truth .of the saying “It never rains but it pours.” His explanations were now not coming so readily, while he resorted to cigarettes to collect his scattered wits. As his affairs grew more intricate, so were the questions of his inquisitors more pertinent, the climax coming when he was unable to account for a sum of £4OOO. .

The examination having been declared closed, one of the creditors moved that the bankrupt be donated £ 100, in view of his warding off the threat of a Japanese invasion by so substantially increasing the population of the Dominion. The motion was seconded pro forma and an amendment was made, but the matter finally forgotten. In summing up, the Assignee stated that it was usual for a committee consisting of himself and two of - the largest creditors to go into the question of the assets, but this case was too serious. He then peremptorily sentenced the dejected bankrupt to “two years.”

The part of the bankrupt was very ably portrayed by Mr W. Prebble, while Mr A. L. Tressider was the genial Official Assignee. known gentlemen in the the law and .accountancy professions helped to. make things difficult for the bankrupt, while many members of the' Students’ Society present took an active part in the cross-examina-tion.

In thanking Mr Tressider on behalf of the Society for taking part in the function Mr S. Wilson said that the points so clearly and concisely brought out had been of great assistance both to the students, and those who had qualified. Mr Tressider replied that much academic knowledge had ’ been displayed during the evening, which had been instructive to him also. Mr H. G. West, President of , the Nelson Accountant Students’ Society thanked those present for their attendance, stating that it would be the last meeting for the year. The students would soon be in the thick of their examinations, and he'took-the opportunity of wishing them the best of luck. .

The meeting then, adjourned.