IN BANKRUPTCY

Southland Times, Issue 20228, 13 July 1927, Page 8

IN BANKRUPTCY

DAIRY FACTORY ASSISTANT IN TROUBLE. CREDITORS OPPOSE DISCHARGE. The adjourned meeting of creditors in the bankrupt estate of Martin McFadyen, of Tisbury, dairy factory employee, who was adjudged bankrupt on June 9, was held yesterday before the Official Assignee, Mr J. M, Adam. Bankrupt was represented, by Mr B. Hewat, and Mr T. T. Grieve, one of the unsecured creditors, by Mr F. G. HallJones. Bankrupt submitted a statement of accounts covering three seasons’ dairying operations at Otahuti. . Replying to Mr Adam, bankrupt said that his wife gave him £7l in 1925. While at Tisbury he paid all the accounts owing. His wife had passed- in her- old car as part payment for a new one, on which there was still £9O owing. She paid nothing towards the settlement of- debts while they were at Tisbury. Questioned as to why he had not paid Mr Grieve’s account, he said he had not done .so because he thought that it was not reasonable. He had a certain amount of credit at the time. He had no idea he was likely to be forced into bankruptcy, in fact he did not know that such was the case until June 3. His occupation at present was rabbiting, but he was not an experienced rabbiter and was not doing much good. He /had no money, was out of employment and could make no offer to his creditors. The Assignee: Candidly, I think you should. I think you should look forward to paying 10/- in the £l. You certainly should find that. The way Mr Grieve has been treated is the worst thing in the bankruptcy. You made no attempt to pay him; that’s how it looks to me. Bankrupt: I had no intention of not paying Mr Grieve. The account was closed at the bank and I was asked to surrender the lease. Mr Hall-Jones: I think we should place on record the fact that bankrupt had defied Mr Grieve when approached for payment. The Assignee: I am convinced that bankrupt is more to be blamed than pitied. He added that the total debts amounted to £420. Bankrupt had an asset in shares of the Otahuti Dairy Factory. He had paid £7O on. these. He had sold some oats for £5 12/-. It was finally agreed that the creditors oppose the discharge until bankrupt pays 10/- in the £.