BANKRUPT NATIVE AGENT.

New Zealand Herald, Volume LXVI, Issue 20171, 4 February 1929, Page 12

BANKRUPT NATIVE AGENT.

BUSINESS AT TE KUITI. [BY TEUWRArH.—OWN CORRESPONDENT.] TE .KUITI. Saturday. A meeting of tho creditors in (lie bankrupt estate of Walter Thorpe, native agent and interpreter, was held yesterday before the official assignee, Mr. J. H. Robertson. Bankrupt's schedule showed debts to unsecured creditors to the amount of £669 13s sd, "his only assets being book debts amounting to £263. Bankrupt attributed his • bankruptcy to lengthy sickness in his family and depression in business. Ho could make no offer to creditors. Questioned regarding books lie had kept, bankrupt stated that all receipts had been paid into tho bank. Pressed on this point, however, lie admitted that this had not always been done. The official assignee said it was the clear duty of every bankrupt to explain adequately the reasons for insolvency, hut he considered that bankrupt in this case had not altogether done so. The assignee also pointed out that since May, 1927, bankrupt had kept no books, though on his own admission he had realised he had been insolvent at that time. The assignee would reqtiire bankrupt to surrender any further papers he had in his possession and to prepare a statement of his receipts and expenditure as shown in his bank pass-book for the past three years. The meeting was accordingly adjourned to allow bankrupt to do this.