LARGE DEBTS

Waipukurau Press, Volume XXIX, Issue 86, 7 April 1934, Page 6

LARGE DEBTS

TRUST MONEYS A LLE GE DL Y MIS A PPR O PRI AT E D (Per Press Association). PALMERSTON N., Last Night. Nearly 50 were present at a meeting of the creditors of John Robert McIlraith, an agent, held to-day when a resolution was passed requesting the Deputy Official Assignee to place the whole matter of what is alleged to be a case of trust moneys not paid to creditors, in the hands of the police. According to the evidence tendered, bankrupt, after incuring considerable liabilities in Wellington while a salaried debt-collector, came to Palmerston North 18 months ago, and, although on his own admission ho was practically insolvent at the time, commenced a debt-collecting business on his own with a capital of £34. He recently filed a petition with a deficiency of over £l6OO owing to nearly 300 creditors, chiefly persons for whom he undertook to collect debts. The creditors are resident over a wide area, covering Palmerston North, Feilding, Foxton, Rongotea, Dannevirke, Ractihi, Taihape, Huntervillo, Maugaweka, Johnsonville, Otane, Waipawa, Pongaroa, Pahiatua, Shannon and elsewhere. Bankrupt was subjected to a lengthy examination. He attributed his failure to lack of capital and hard times.