BANKRUPT AGENT

Southland Times, Issue 22293, 7 April 1934, Page 6

BANKRUPT AGENT

CREDITORS’ RESOLUTION. REFERRED TO POLICE. (Per United Press Association.) .. Palmerston North, April 6. Nearly 50 were present at a meeting of creditors in the estate of John Robert Mcllraith, an agent, held to-day,, when a resolution was passed request-, ing the Deputy Official Assignee to, place the whole matter of what appears to be the case of trust moneys not. paid to creditors in the hands of the police. According to evidence tendered, bankrupt, after incurring considerable liabilities in Wellington while a salaried debt collector, came to Palmerston North 18 months ago, and although on his own admission he was practically insolvent at the time, he commenced a debt collecting business of his own with a capital of £34. He recently filed a petition with a deficiency of over £l6OO, owing nearly 300 creditors, chiefly persons for whom he undertook to collect debts. Creditors were present from an area covering Palmerston North, Feilding, Foxton, Rongotea, Dannevirke, Raetihi, Taihape, Hunterville, Mangaweka, Johnsonville, Otane, Waipawa, Pongaroa, Pahiatua, Shannon and elsewhere. Bankrupt was subject to a lengthy examination. He attributed his failure to lack of capital and hard times.