BANK MANAGER’S BANKRUPTCY

Sun (Auckland), Volume I, Issue 143, 7 September 1927, Page 16

BANK MANAGER’S BANKRUPTCY

BORROWED FROM FARMERS Press Association. WELLINGTON, Tuesday An extraordinary bankruptcy case was the subject of a meeting of creditors to-day, the estate being that of James Douglas Adams, who recently retired from the Bank of Australasia at Levin, where he was manager. His only assets were £35. There was £BSO owing to unsecured creditors, none of whom was secured. Only a small proportion of the total amount was owing to tradespeople, the t u.lk of it being to various farmers and ether people from whom the bankrupt tad borrowed sums. One amount was ward. According tc the bankrupt’s statement he had borrowed to repay a friend's debt of £l5O, but was let down, and took to drink. He was questioned at length and a most unsatisfactory position was diseased leading to the meeting resolving that bankrupt should be publicly examined before a magistrate.