SECRETARY BANKRUPT

New Zealand Herald, Volume LXIX, Issue 21359, 7 December 1932, Page 14

SECRETARY BANKRUPT

BRIDGE COMPANY OFFICIAL LOAN FROM EX-CHAIRMAN ONLY CREDITOR IN ESTATE A loan made by the only creditor was discussed at a meeting in bankruptcy of Charles George Ashdowne, of Northcote, secretary of the Auckland Harbour Bridge Company, Limited, yesterday. The official assignee, Mr. A. W. Watters, presided. The only creditor was Mr. C. H. M. Wills, solicitor, formerly chairman of directors of the company. Mr. 11. N. Moody represented the creditor, while Mr. Goldstine appeared on behalf of bankrupt. Bankrupt's schedule showed debts totalling £BO Os 3d. His assets were 15s in cash and 10 fully-paid £ 1 shares in the bridge company. In reply to questions by the official assignee, bankrupt said he lived in Eareham, Hampshire, before coming to the Dominion five years ago. He had an accumulation of money after retiring from the .Army, and this carried him on until his son, then aged 18, had been accidentally shot, losing his sight. lie then came to New Zealand. When he arrived a draft for £2OO was awaiting him, and during the ensuing year ho received about £IOOO from England. None of the money had been invested, nor had ho bought any property, bankrupt added. The money was used for living expenses. His son, however, had purchased a property of about 22 acres at Birkenhead. Bankrupt said he became secretary of the bridge company about two years ago, and received £5 a week. Tho Birkenhead property had been bought out of tho £IOOO paid to his son by the uncle of the youth who had shot him. Bankrupt did not use the property as security to borrow mono v.

Bankrupt said he had not been asked for payment urgently, otherwise his pride would have made him raise tho money to refund the loan.

Mr. Moody : Then why did you dispute the demand when you received it? Bankrupt: Well, what would you think if you had been acting with a man in a friendly manner, sometimes across the luncheon table, and then suddenly received a threat of proceedings ? Why did you not ask for time ? —I knew it would be no use.

Examined by Mr. Goldstine, bankrupt said he had asked Mr. Wills to arrange a loan of £IOO for him, and received cheques for £3O and £2O. He did not require any more, but asked Wills why he had not had the loan recorded on paper. It was strange, under the circumstances, to be suddenly pressed for paying. The meeting was adjourned sine die, pending an investigation by the official assignee of the banking accounts of bankrupt and his son.