BANKRUPT'S DEBTS

New Zealand Herald, Volume LXX, Issue 21506, 1 June 1933, Page 12

BANKRUPT'S DEBTS

OFFER OF SETTLEMENT DIVIDEND OF 2s IN POUND A proposal that. £IOO should be divided among creditors in full siettlement of the debts of Vivian Harold Potter, who was adjudicated a bankrupt on March 23, 1932, was made ai a meeting of creditors yesterday. The official assignee, Jlr. A. W. Waiters presided. The suggestion was made by a credi. tor, who said ho had received a letter from a friend of Mr. Potter suggesting that £IOO might be found £or distribution if each creditor would agree to accept his share in full sett lent Vri and authorise the official assignee 'Si facilitate bankrupt's immediate!r discharge. Bankrupt; was at present on relief work and ha might be able to improve bis position if granted hi.3 discharge. Mr* Waiters said the claims of debt proved totalled £O4O. When expenses had been met, tihe offer of £IOO for full settlement would produce it dividend of 2s in the pound. Bankrupt hail an interest in a will and also had been tha recipient of an annuity. tt was necessary to obtain a copy of. t!ao will: to see whether tho conditions of tlie deed were binding. As for the annuity, much would depend on whether tie person paying could continue to do an. A creditor said tho money did not come from relatives and: it did not appear that any sum would bn available from this source. Mr, Wafctera; stuirgosted that n subcommittee should bo set up to investigate tho position with Ilinu This course was adopted, a committee ■>£ two being appointed.