In Bankruptcy.

Hokitika Guardian, 23 May 1922, Page 1

In Bankruptcy.

FURTHER PROCEEDINGS projected. luv TEI.BOKAI-H—run muss association-J WELLINGTON, May 22. At a meeting of the creditors ol James Eraser, a restaurant keeper, a statement of the position showed that the unsecured creditors had chums lor C3330’. The secured creditors had daiins lot £225. The assets, including furniture, and cash in hand, are estimated at -iio33. . , The bankrupt attributed his linin'o to a loss of business after the 'lheatre Koval closed down, and to the opening of new restaurants. The bankrupt was questioned as to * number of valueless ehe(|Ue.s alleged to have been issued hy him. I he la ' nipt admitted that he knew that these cheques would not he met. race horse leased by Fraser was said t() have won £1390. since September, hilt when asked what became ol the money. Fraser said that a could not be run for nothing He de - led making a statement that he ad £250 in gold stowed away, lie admit ted that he had fold one ot the creditors that he had £3OOO baked up in Government bonds, and that he eonb not get the money. Ibis was not to _ 10 One creditor suggested that the bankrupt spent his t mlitors’ money o horse rating, instead oi giving h,s attention to his business. , Fraser was asked why . h* ha.l << more to show for his good years foi the restaurants during the ttai. Eraser stated that he had been losing money on Is meals in 1018, and had to increase to Is 6d and afterwards to IS Tlfc’ official assignee said that he ™r,ri™ penal clauses ol the Ait. as Ltiinr under false pretences light throiigh, making false itatemen s a u giving valueless el.etpics. As a iniuui of fact ho was bankrupt in 101 b. I'k,,, ~..1 »*»*> £ UP before the Crown 'Law Office loi further proceedings. it was then moved that all papeis should he handed to the Crown 1 rosecutor to institute proceedings The motion was carried unanimously.