CREDITORS' PRESENT TO A BANKRUPT

New Zealand Times, Volume XXXIII, Issue 7335, 13 January 1911, Page 1

CREDITORS' PRESENT TO A BANKRUPT

SUM NOT WOETH DIVIDING REFUND £7 AFTER REFUSAL TO MAKE OFFER. PRESS ASSOCIATIONAUCKLAND, January 12. A boot* operative named Tom Goldsmith, residing in Grey Lynn, who met his creditors in the Official Assignee's office to-day, had tho unusual experience, after refusing to make an offer to his creditors, of being presented with the balance of his assets, about <C7, as a Christmas box. Tim Official Assignee (Mr D. Fisher), iu opening the meeting, stated that tho bankrupt estimated his liabilities to unsecured creditors at AIOO 6s Id, and his assets, comprising furniture, had realised JMO, leaving an apparent dcficicncy of AGO. The bankrupt when filing his petition seemed prepared to make an offer, but said ho would consult his friends first, and it now appeared thatv lie had-decided against the proposal. Asked if that was so, tho bankrupt applied iu the affirmitive, and iu answer to further questions stated that when employed he earned A2 12s per week. He did not how have to /Support his wife, and had no family. Tho Assignee: You arc entitled, under the Bankruptcy Act, to <£2o of the amount realised ou your furniture. Do you intend to claim that? The bankrupt: Yes. Tho Assignee said that in the absence of any offer from the bankrupt he would feel it his duty to oppose the bankrupt’s discharge. After the payment of tho amount which the bankrupt had borrowed in order to enable him to file and subsequent bankruptcy expenses there would bo about X 7 left for tho creditors, and the question, was what did they want to do with this. Tho four creditors present after a consultation expressed the opinion that the *£7 was not worth dividing, and decided to hand the # amount over to the bankrupt as a Christmas box, Tho Assignee said this resolution hml placed him in a rather awkward position as ho had to interpret it as an expression of sympathy. • The creditors declining to pass -any resolution regarding ‘ the bankrupt’s discharge, the meeting was adjourned sine die.