A BANKRUPT HONORED.

Hokitika Guardian, 12 March 1925, Page 1

A BANKRUPT HONORED.

CREDITORS PRESENT HIM WITH GOLD WATCH. [IY TKLKGIUrn —PRESS ASSN., COrYBIGnT. AUCKLAND, March 10. One of the rare instances in which a bankrupt voluntarily honoured his obligations to his creditors was illustrated before the Official Assignee, the other day. when a meeting was held in the estate of Henry Driver, formerly a fruit preserver, of Whangarei. In July, 101-1, Driver was adjudicated a bankrupt on his own petition, with liabilities of £1338 (is 2d, and nominal assets of C 1.503. These assets depended on the realisation of the bankrupt’s factory at AVliangnrei as a going concern. The factory had eventually to be disposed of at a nominal price, which returned the creditors a dividend of I nit (id in the Cl. 4he creditors sympathised with the bankrupt, and asked tlie Official Asignee to facilitate fiis discharge. This was done, and a discharge was obtained in 1915.

The bankrupt reported to the Official Assignee, and then went to the Thames, where in* worked at his trade of a carpenter. He was successful, and became possessed of three mortgages, and, although there was no obligation, lie handed these over to the Assigneee For the benefit of bis creYlitors. The mortgages were subjected to tlie provisions of the moratorium, and were not realised until just recently. The sum of £SOO apart from interest was derived lrom them, and tin's enabled a further dividend of Gs (id in the £1 to be paid, making a total of 7s in the £l. Bankrupt went to California in 1920, and was reported to be carrying on his trade as a carpenter with success there. It was stated that Driver intended to pay his creditors in full if he was ever in a position.

It was further stated that bankrupt was a. married man with five children. which circumstances made his action all the more honourable. Tlie meeting passed the following resolution: “That the creditors greatly appreciate Drivers’ action in having handed, over to his estate all the profits received from Lis business at Thames carried on subsequent to his discharge from tlie Court. As a result of this a substantial dividend will be payable in the estate. To show their appreciation of Driver’s action, the creditors instruct the Official Assignee to purchase out of the proceeds and forward to him a gold watch suitably inscribed.”