BANKRUPT FACES HIS CREDITORS.

Dominion, Volume 6, Issue 1859, 19 September 1913, Page 8

BANKRUPT FACES HIS CREDITORS.

AFTER SOME YEARS.

NO EFFORT TO PAY.

(By Telegraph—Press Association.) Auckland, September 18. A meeting of creditors in the bankrupt estate of Henry Wilding, accountant, was hold before the Official Assignee yesterday morning. Throe and a half years ago, said the Assignee, Wilding made an application for discharge from bankruptcy, but Mr. Justico Edwards declined to make any order of dischargo unless Wilding signed a document agreeing to confess judgment to the Oflicial Assignee for £250, and to make an effort to pay his creditors at least 10s. in the £. Nothing had been dono since, and ho deemed it desirablo that a meeting should bo called and the position discussed. Addressing tlio bankrupt, he said: "As an indication that you want to do the right thing, will you sign this?" handing over a document to tlio following effect:— "That bankrupt agreo to judgment being entered against him for £250, subject to: (1) Execution not to bo issued if tho bankrupt pay one-quarter of his earnings into tho hands of tho Official Assigneo, until a sum equal to 10s. in the £ is paid oil the total amount duo t j his creditors, the cost of tho proceedings, and the administration of tho estate; (2) tlio bankrupt to account to the Official Assignee every thrco weeks; (3) provisions of Section 128 (a) of Bankruptcy Act to apply." ; After some discussion bankrupt signed the document.

In reply, to an interjection by tho bankrupt, tho Official Assigneo said that tho creditors wero satisfied that the bankrupt had done very satisfactory business since his bankruptcy, but had apparently mado no effort, to discharge his liabilities.

A creditor: Other than criminal proceedings, nothing will ever force nim to part with one penny niece. Bankrupt retired, and tho meeting discussed the position in camera. It was decided to hand the signed document back to bankrupt, and tho following resolution was adopted!:— "That tlio Official Assigneo placo the facts of the case before tlio Crown Solicitor with a view to having bankrupt prosecuted."