WOMAN'S BANKRUPTCY.

New Zealand Herald, Volume LXVII, Issue 20562, 13 May 1930, Page 5

WOMAN'S BANKRUPTCY.

POSITION OF HUSBAND.

QUESTIONS AT MEETING,

"If you had not admitted to creditors that you were an undischarged bankrupt, you would almost come finder tho provisions of tho penal code,"' said the deputy-official assignee, Mr. G., TV. Brown, to bankrupt's husband yesterday at the adjourned meeting of creditors in the estate of Mrs. Mabel Matilda Thorn, of St. Heliers Bay. A .meeting held on April 11 had been adjourned owing to bankrupt's absence and tho Jack of a quorum.

In bankrupt's statement debts owing to unsecured creditors were shown" as £345, and debts owing to secured creditors £2752. Assets were valued leaving an estimated surplus of £774. Tho failure to sell the three properties forming the assets in the estate was given by bankrupt as tho cause of her bankruptcy. Tho houses were in good order and were all occupied. The grounds were mostly improved.. Questioned by the deputy-assignee, bankrupt said a largo proportion of the debts were to merchants who had supplied her husband with material for his building operations. The Deputy-assignee: Can I put'it this way, that sinco your husband's bankruptcy, he has contracted to build various houses, and tho accounts duo on theso works have been debited against you ?- Bankrupt: Yes, as far as I know.

Explaining why no appearance was made at the previous meeting of credi-' tors, Mrs. Thorn said that her frequent removals from place to place-had resulted in the notification being delivered too late for her to attend. She said she was unable to give many details of the financial operations, which had been largely carried out by her lmsb:ind.

Victor Reginald Thorn, bankrupt's husband, explained that at a private "meet ing of creditors in the joint estate, it had ; been quite clear that all except two : creditors realised the position exactly. ; His contracts had been largely carried ' on as sub-contracts to a city firm of con-' j tractors. They had not paid him fully on the contracts, but another firm to which he owed money had urged him to continue with them. He had used that firm really as a bank. All receipts were paid into it. and he was allowed £5 10s a week wages. The firm paid i(- s own debts first from his money, then wages to workers, and then other debts owing. Tho Deputy-assignee; I-see that you paid £SO commission to tho contractors for one contract you tcol: from them, and £23 to the firm acting as your "bankers." What was the reason for that? , Thorn: 1 was always accustomed to quo an estimate of the cost of carrying out the contract. If I was able to c,o the job for less, any. surplus after paying the £SO commission was paid in .to-'tins. The Deputy-assignee: Then apparently you yourself got rub profits beyond your A° committee of creditors was set i'P to administer the estate, and the moetm D was adjourned sine die.