EX-LAWYER BANKRUPT

New Zealand Herald, Volume LXXII, Issue 22004, 10 January 1935, Page 13

EX-LAWYER BANKRUPT

MEETING OF CREDITORS LITTLE CHANCE OF DIVIDEND A meeting of creditors of Matthew Prust Stewart, an ex-solicitor who is serving a term of imprisonment for theft, was held before the official assignee, Mr. A. W. Watters, yesterday. The bankrupt filed his petition on December 20, and in a statement to the official assignee said lie had been forced to do so by n creditor who took proceedings against him. The bankrupt did not give any estimate of his liabilities, but said that of debts due to him from £SO to £75 would bo collectable. He was represented at the meeting by Mr. ]?. S. Burt. In his statement, bankrupt attributed his present position to the fact that his practice was wholly in conveyancing and company work, with no common law at all. Conveyancing and company work practically stopped during the depression. He continued too long in practice in the hope that matters would improve. On the assumption that his practice would be maintained, he incurred liabilities that had to be met to enable him to continue. Tile assignee said there would be certain formalities to bo complied with and expense incurred before they could hare the bankrupt present at such a meeting, and it was a question whether it was worth while. _ A letter was read from the Commercial Bank stating that bankrupt's liabilities to it amounted to £lO9l. Against this the bank had about £SOO in cash and £2OO in securities. 'T do not suppose there will be a dividend," said tlie assignee. ''lt looks very much as though there will ho very little coming in." As the bankrupt's statement was incomplete and he was not present, they could do no more at that juncture. He would continue his investigations and call another meeting of creditors if that became desirable.