BANKRUPT CRITICISED

Sun (Auckland), Volume IV, Issue 1020, 10 July 1930, Page 11

BANKRUPT CRITICISED

UNSATISFACTORY CONDUCT METAL WORKER FAILS / “It seems to me that if the bankrupt had done the fair thing he would have filed, or called his creditors together, after the fire. His discharge will certainly be opposed,” said Mr. G. W. Brown, deputy-official assignee, at a meeting this morning of creditors of Walter Leslie Young, art metal worker. Bankrupt’s schedule showed total liabilities of £595, including £330 owing to unsecured creditors. and other liabilities amounting to £265. A sum of £6 was owing to secured creditors, with an estimated security of £SO. Total assets amounted to £474, leaving a deficiency of £l2l. In his statement bankrupt said he commenced business about four and a-half years ago, and soon afterward admitted a partner. The business did well, but about two years ago his partner sold out to another man who. however, could not reconcile himself to the same way of conducting the business. During the present year he had received numerous setbacks, including the gutting of the premises by fire, and although he received £467 insurance, he lost about £4OO. He was solvent at the time of the fire, but he lost all his books. As a resuit of being idle after the fire he lost a number of connections, but considered that, given a fair chance, he would have been able to have made good. He would consider his business debts as personal debts to be paid as soon as opportunity permitted. BUSINESS DECREASED Replying to the assignee, bankrupt said that, although his second partner was actively interested in the business, business decreased, due to bankrupt being out travelling instead of in the workshop and competition becoming keen. To a creditor’s representative bankrupt said he only had a vague idea of his position after the fire. All his books had been destroyed, but he may have been insolvent. Creditors questioned bankrupt’s movements, both at his home and business premises. Bankrupt swore that he was not dodging any attachments but only a lot of worry. A. Creditor: We had no difficulty In finding Mr. Young. We got a pound out of him. A Solicitor: You were very lucky. The Assignee: I don’t think the bankrupt has attended to his business as he ought. There is a good deal of investigation work to be done in connection with this estate. A committee was appointed to assist the assignee with the administration of the estate.