BANKRUPTCY.

Poverty Bay Herald, Volume XLVIII, Issue 15794, 7 April 1922, Page 6

BANKRUPTCY.

The meeting of creditors in the estate of William Joseph Roland! was held this afternoon, the Deputy Official Assignee (Mr W, L. Butler), presiding. There were only two creditors present, one of the landlord of the bankrupt, and the other a. creditor who advanced the sum required by the bankrupt to file his petition. Duly sworn, the bankrupt stated that he had been gassed while at the front, and had contracted chest trouble which had prevented his working steadily. Since August last, he said, ho had done a few small jobs on cars, but had not been engaged in any regular business. He bad been working since the beginning of this year with Mr Newman, in motor-car repairs, but ho had put no money into it. and it. had 1 hardly paid wages. There was no partnership. He had' no property, and the Repatriation Department held' a, bill of sale over his furniture. After returning from the front, he had paid £2O deposit- on a. house in Fox Street, but could not complete the purchase, and did not get back the deposit direct lv. He had had a pound or two at, different times from the land agent, on account of the deposit, but he had no claim against him. He still had„a, few tools of his trade. Pressure by twr creditors, the- latter on. account, of borrowed money, had caused him to file The amount ho had borrowed was £IOO, in December, 1920. He was to repay £l2O. at the rate of £lO per month. Tw guarantors bad endorsed his bills. He had paid off £6O, and then got out o c work and could not- keep the payment.' up. A creditor had first summoned him for £3O, plus further interest, £3. the judgment being confessed and mad" for an amount, of £37 in all. The creditor then took out a judgment sum mons, which was withdrawn when bankrupt gave a fresh bill for the £37, witr another endorsement. He had now beer .°"ed for the remaining £3O, plus £4 or £5 interest, and a. confessed judgment had been obtained. The creditor then threatened io take out another judgment summons, and this was the cause of bankrupt's filing. An account of £IOO at the National Bank was guaranteed bv Messrs Searle and Newman. His mother was living with him, and he was keepint the home going by a little repair work. M-h realised about £2 per week. He spent nothing on himself. Mr A. R. Searlei asked if bankmpl had known whoso money he had bee. borrowing originally'' Debtor replied that he had. Mr Hill the local agent of the lender, had told him. Mr Searle asked if debtor was aware that he had been paying something between 30 and 40 per cent, on his loan. rio expressed surprise that a- returned soldier should be treated in that manner.

The Assienee said it appeared to him that it was the high rate of inlevest charged tho bankrupt on the loan that had placed him in his present position. Mr Newman: They've got to rich while tho going's good. Mr Searlo remarked, that ho had helped- the debtor, and had not pressed him. as he felt that bankrupt bad' done his best. He intimated that, he was content for the bankrupt's furniture to remain undisturbed l in his house. He would not- allow anv other person to do so, he said, as he had a preferential claim for rent. It seemed extraordinary that the moneylenders could step in and kill a man right from the war. He would, he said, have been down on the bankrupt "like a ton of bricks" if he had been a "waster," but. be knew that bankrupt was not a "waster," and he did not intend to let him suffer for his misfortune. The Assignee indicated 1 that Mr Se-ii-le's statement absolved him from taking any action with retrard to the furniture. The only course he bad to take was to close the meeting. This he accordingly did.