BANKRUPTCY.

Sun (Christchurch), Volume IV, Issue 1065, 11 July 1917, Page 11

BANKRUPTCY.

AN INSOLVENT SCHOOLMASTER. A meeting of creditors in the bankrupt estate of Jacob Henry Reynolds, schoolmaster, of Oust, was held to-day, the Ollicial Assignee (Mr T. 1). Kendall) presiding. Bankrupt's liabilities (all unsecured debts) totalled £2lO 8/1, and (he assets L'2o. The principal creditors were:— V. IX Kestevon £4O, L. W. Balkind £2O I) '('», Strange and Co. £ls, Adams Ltd. £ll, 11. Baker £lO, Brown and Co., Ltd., £ll 11/2. The bankrupt said he had expectations of property of considerable amounl from the estate of a brother who died in India. He had had six months* illness, and had been put to the expense of keeping two homes going for 12 months. He had also been paving off hack debts in Wellington. His income had been insufficient for all the expenses entailed, and he had tiled because some creditors had refused to accept an o!Vei\ made six months ago, of £■"> per month in payment of debts, and because committal warrants had been issued by several judgment creditors. He was relieving teacher for 12 months before going to Oust. His financial position was very unsatisfactory before coming to Canterbury and he had continued to go back. He was a married man with a family of 12, although there were none at present dependent upon him. "Mr Cuningham, who appeared for the bankrupt, said that Reynolds was prepared thai £5 per month should be paid out of his salary by the Education Board to the Public Trustee. That was the most he could do and keep himself and his wife. In about two vears and a-half he could thus liquidate the whole of his debts. He had been kept down by sickness. In answer to questions bankrupt said he came to Canterbury about two and a-half vears ago. lie had incurred debts on the strength of his expectations of getting money from his brother in India. The opinion was expressed that the bankrupt had not acted as he should have done in contracting the debts. lie must have known that he could not meet them. 11 was decided that the creditors accept the oiler made on behalf of the bankrupt, on condition that £5 a month is paid direct by the Education Board to the Ollicial Assignee.