BANKRUPT’S DISCHARGE

Taranaki Daily News, 4 December 1930, Page 11

BANKRUPT’S DISCHARGE

UNSATISFIED CREDITORS STRONG OPPOSITION DISCLOSED. ORDER FOR PAYMENT INTO COURT

(By Wire—Special to News.) ? Hamilton, Last Night. Strong opposition was offered at Hamilton to-day before ' Mr. Justice Herdman to the application for discharge from bankruptcy of Emil Joseph Dean, fish merchant, formerly of Hamilton, now of New Plymouth. Petitioner was represented by Mr. W. J. King. Mr. Noel Johnson represented the Official Assignee in opposition, and • Mr. C olin Spenght watched -proceedings on behalf of Dagnail and Company, one of the creditors in opposition. - . Dean was declared bankrupt in ISr-b, when he showed a deficiency of £1193. Mr. King said a meeting of creditors had declared they would not consent to the bankrupt’s discharge until he had paid 10s. in the pound. After bankrupt went to New Plymouth his wife entered into business. Up to the present time bankrupt had been unable to offer any cash to his creditors. The New Plymouth'business was, however, quite solvent, and it was hoped in about two years there would be something out of it for the creditors. Although the assignee’s report was a,bad.one, the bank-rupt-appeared to be genuinely desirous of making some- payment tb the creditors and was quite willing'to consent to judgment for any sum his Honour thought''reasonable in favour of the as..'“.The case-is a very bad one,” said his Honour. “The most unfortunate creditor is Devcich.” ' ’ . Mr. King said DeVcich was a brother-in-law of bankrupt and apparently there was some bad blood between them. His Honour: Bankrupt’s business his-> tory is by no means good. It indicates that he has been, trading recklessly. I suppose it is. now Too late, for the Crown tb -take action against him. Mr. King: He-is anxious to help his creditors. j Mr. Johnson said bankrupt first applied to the court for discharge in December, 1927. At that time he offered to pay ss. in the pound. The applica-, tion was adjourned till the following -March in order that the creditors might be consulted. The creditors decided to accept nothing less than a cash payment of 10s. in the pound. Since then they had received- not a penny. The creditors now strenuously opposed the discharge until some actual substantial payment in cash was made. They - were emphatic that this, man should pay something in cash and-not merely consent to judgment. - ‘ • Counsel said his Honour would observe that in two years not only did bankrupt’s assets disappear, but more? than £l2OO in debts .accumulated. His Honour:,'lt would seem useless to suspend the discharge. Mr.' Johnson: I' ask your Honour to dismiss the, application. His Honour: I can adjourn it sine die to enable him to pay something. His Honour told bankrupt he could consider himself fortunate that he was not proceeded against by the Crown Law Office for his conduct. His Honour adjourned the application indefinitely to enable bankrupt, to pay into court £5OO, the sum necessary to enable him to obtain his discharge.