BANKRUPT'S ANNUITY.
" MOST UNUSUAL POSITION."
AN ASSET IN THE ESTATE. ADJOURNMENT OF MEETING. "The position is most unusual," said tho official assignee, Mr. A. W. Watters, yesterday, when an adjourned meeting of creditors of Vivian 11. Potter, agent, was hold.
, Bankrupt said he had no offer to make to his creditors. He had an annuity, valued at 35s a week, which ho was receiving in board and lodging. He had forwarded particulars of the annuity to tho assignee, and could add nothing to explain his position more clearly. A Creditor: Let us wind up and have done -with tho matter, if, as it would appear, there is no chance of our getting any money. The Assignee: It would appear that we have a right to offer the annuity for sale by tender. Of course, I know nothing of tho ability of tho other party to pay. A motion that bankrupt's discharge should bo facilitated lapsed for want of a seconder.
Tho assignee said that whether bankrupt obtained his discharge or not did not affect the annuity, which was an asset vested in tho assignee for the benefit of the creditors.
Tho meeting was adjourned sine die.
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Bibliographic details
New Zealand Herald, Volume LXIX, Issue 21233, 13 July 1932, Page 12
Word Count
196BANKRUPT'S ANNUITY. New Zealand Herald, Volume LXIX, Issue 21233, 13 July 1932, Page 12
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