SECOND EDITION. BANKRUPTCY.

Poverty Bay Herald, Volume LII, Issue 17079, 7 July 1926, Page 12

SECOND EDITION. BANKRUPTCY.

MKKTINC OF CREDITORS. BANKREPT AIAKKS OFFER. A me"! ill::' hi tr<■i ill ul.-. 11l I lie hit It L - i n 1 1; i'Miiit> nf lii'iinun 1 ii-ii lll ( layiini, "i (Ipiil iki. and lair uC <1 isliunie, was held l hi', niiii limy helniv |in> (illicial A ssignee, .Mi . C. lilni'kliurn. Bnnkriqit was tvpivsruU'd hv Mr. X. 11. Hull, ill mi credUors present,. In ansuri in the Ohiei.nl Assignee, bankrupt slated that. lie had hern tanning un an ('dural um reserve ul d 4 acres at Patut;i 1 11. Hr was paying £225 a year un the land, this including rent, rates and interest. lie had dune well during lie, iiist. ten years un the farm, hut. lie put hack his prulils m improve 11iruts. lailer he grew nats fur eliail, hut lust un il 1 hreiigli had weal her. lir let; llida ii ne lur ( him da with only £2 ss, alter |laying as mam' urruiinls as in,, uhlr. In answer lu a i|iiestiuii, liankriijil's sulieiiur staled that, at a, future date hanknijit. Wiiuhi he getting rents un eerlatn jirujirrty in (ilaiistone ruad,'hut, would liave nu interest in the freehold. He might possibly get £7, a, week at that t line. Kurther questioned bankrupt staled In' was now making £2 a week. He had made his creditor.-, an oiler some nun' ago. Ini!: they would nut accept lliat so he would nut make another. He had offered to pay £2 12s fad a month, hut In' had been forced to file in bankruptcy, his creditors being to blame. Two oi the creditors present stated that they had never heard of the suggestion that bankrupt should have two years to pay off his debts, or that he had made an offer. The Official Assignee said that it seemed to him that the bankuipt should renew his offer. The unsecured debts did not total £l5O. and if bankrupt could make some offer it would he better lor everyone. Bankritjil : I can'l make you any offer at all now. I did not want the bankruptcy to go through at Auckland because tn\ creditors would think that I was trying to dodge them in (lishorne. Mr. Hull said that Mr. Clayton wished 1 1 , lie Ira nk with his cred itui s. line of the ei edi t ols said that as far as he could sis' bankrupt was in just as good a position as when lie made his pi’cvtoils oiler. A nut lici creditor si ated that ha ukrupt's mother had previously promised to make good thi' bankrupt s account, Imt. now said that she was not doing so well with lmr rents and could not jiav. He thoughl Ilia! the debts should iie funded in the OHicial Assignee so that eventually they could get something. Mr, Bull said 1 ii.it 1m would have liked the creditors io facilitate hank ■ nipt A discharge without reference lo 1!m esi ate. Thai w oiild give bankrupt a o|i, 'nice in the future. Mr. ('rooks : You purchased a lot of benzine in December when you must, have known yniii posit mil. lliat s what hurt s. Bankrupt: You were always paid for youi account, weren’t yon f And didn't your man conic round and sit on the eowhails before we had finished milking and wait to get your money'.' (Laughter.) Mr. Bull said that when Clayton was buying benzine he did not know lie was being sold out of the farm. Bankrupt then stated that he would do all in his power to pay 10s in Hie £ within two years, and the meeting closed.