BANKRUPTCY.

New Zealand Herald, Volume XXVII, Issue 8273, 4 June 1890, Page 3

BANKRUPTCY.

DEBTORS' EXAMINATIONS. Walter Read.At Opunake, at a meeting of creditors held on the 28th, Walter Reaa was examined, and said — have a deferred payment section of 108 acres. I have paid about £370, expended £300 on improvements, and my interest would realize about £200 there. My father built a house on it, coating about £150, which be has recently removed and put it up on a native lease section, known as Caverill's. I have no intention of realising my interest in it for the benefit of my creditors. Lewis Read. — In answer to Mr. Newman, the debtor said :— am not prepared: to hand over my deferred payment land to my creditors, as I consider it belongs to my father. I have lost enough money for him. Mr. Cork ill asked if he considered he was acting honestly in retaining these lands? Answer : " Yes, I do." Mr. CorkiU commented very strongly on this action of the bankrupt's, pointing out that at the death of their father they would get the properties back. By Mr. G. W. Rogers : I did sell some horses to Brown, at the Rahotu Hotel, bub you people made nasty remarks, and I was advised by my solicitor to get them back. [Mr. Rogers resented such language, which action the chairman supported him in, Read having to apologise and withdraw that remark.] I have also sold so/jae cattle to Bayley, which are not paid for. Resolved, on the motion of Mr. H. J. Newman and B. Vickery, " That, in the opinion of this • meeting, the conduct of the bankrupts in retaining, against their creditors, their interest in valuable farms, held by them on deferred payment, is, though legal, deserving of the severest censure, they, being thus possessed of assets worth several hundred pounds, while! their creditors, many of them labouring men, with little or no means, are heavy losers by this bankruptcy, and have but a small dij/idend to look forward to." "That the Deputy Official Assignee is hereby requested to arrange for a public examination of both bankrupts at an early date, and that their father be summoned to give evidence before the Court as to his dealings with the bankrupts." Resolved, on the motion of Mr. G. W. Rogers and H. J. Newman, " That the Deputy Official Assignee be instructed to offer for sale the farms at Rahotu and Pihama, mortgaged to the Bank of New Zealand." The meeting was adjourned for two weeks at the same place and hour.—[Own Correspondent.]