WOMAN BANKRUPT

Sun (Auckland), Volume IV, Issue 970, 13 May 1930, Page 7

WOMAN BANKRUPT

HUSBAND’S OPERATIONS FIRM USED AS “BANK” "If you had not admitted to creditors that you were an undischarged bankrupt you would almost come under the provisions of the penal code.” This statement was made by the deputyofficial assignee, Mr. G. W. Brown, to bankrupt’s husband yesterday, at an adjourned meeting of creditors of Mrs. Mabel Matilda Thom, of St. Heliers Bay. The previous meeting had been adjourned owing to bankrupt’s absence and lack of a quorum. Bankrupt's statement showed £343 owing to unsecured creditors and £2,732 to secured creditors. Assets were valued at £3,850, leaving an estimated surplus of £774. Failure to sell the three properties forming the assets in the estate was the cause given by bankrupt for her position. The houses were all occupied and in good order. Replying to a question by the deputyassignee, bankrupt said a large portion of the debts were to merchants who had supplied her husband with materials for his building operations. Since her husband’s bankruptcy, said bankrupt in answer to a further question, he had contracted to build various houses and the accounts due on these works had been credited to bankrupt. Bankrupt explained her absence at the previous meeting by saying that her frequent removals from place to place had resulted in her getting the notification too late to attend. Victor Reginald Thom, bankrupt’s husband, said his contracts had been largely carried on as sub-contracts to a city firm of contractors. He had used that firm really as a bank. All receipts were paid into it. and he was allowed £5 10s a week wages. The firm paid its own debts first from his money, then wages to workers, and then other debts owing. A committee of creditors was set up to administer the estate, and the meeting was adjourned sine die.