BANKRUPT CHINESE.

New Zealand Herald, Volume LXVI, Issue 20208, 19 March 1929, Page 13

BANKRUPT CHINESE.

failure of. market garden ASSIGNEE NOT SATISFIED. EFFORT TO PAY REQUIRED. Attributing his bankruptcy to two unfavourable seasons, the ill-health of his partner and the high cost of casual labour, a Chinese market gardener, Kwun Lee, of Favona Road, Mangere, met his creditors yesterday. The official assignee, Mr. G. N. Morris, presided. Bankrupt's schedule showed debts amounting to £259 owing to unsecured creditors, while there was one secured creditor to whom £IOO was owing. The only assets comprised stock-in-trade valued at £4O, leaving a deficiency of £319.

Bankrupt stated he had leased a property at Mangere eight years ago with three partners and they had a capital of £BOO. In 1922 one of the partners retired and was paid £IOO, while two years later another drew out and received £l3O. In 1926 the third sold his share to two others, one of whom retired from the partnership without receiving anything. The remaining partner, Hoy Leong, and bankrupt had conducted the business since January, 1928. The last two seasons had been very bad and market gardeners had lost money. A bad season was usually followed by a good one and that was the reason he had not filed before. He had left the property three weeks ago with his partner, and had no money, having to borrow money to file. One creditor, the landlord of the property farmed by bankrupt, stated ha had entered the property and had distrained and sold the stock-in-trade shown in the schedule, which had realised £2B.

In answer to the assignee bankrupt said that he had not seen his partner since last week. He did not think he had anything. There were other debts to relatives not shown in the schedule, as the Chinese were sorry for him and did not claim. A Creditor: How much money have you sent home to China in the past two years ?

Bankrupt: Nothing. The Creditor: Have you not got big buildings in China? Bankrupt: They belong to my father. The Assignee: Is your father a wealthy man ?'

Bankrupt: Not very. Bankrupt said he did not think his father would be able to help him in any way. He had not wasted any money and did not gamble. Although he had been to the races a year ago he did not bet. Later bankrupt admitted having been to the race meeting last February.

The Assignee: I am not satisfied with the position. First bankrupt says he has not been to the races for a year and now he says he was there last month. I cannot let him go until he has madg some effort to pay his creditors. I am not going to judge him on what he says here, but on what he does.

The meeting was adjourned, no reso lution being carried.