BANKRUPT’S DEBTS

Hokitika Guardian, 8 September 1927, Page 4

BANKRUPT’S DEBTS

AN EXTRAORDINARY STORY. WELLINGTON, 'Sept. 6. An extraordinary story was unfold- . oil to tho Official Assignee this morn- . j ing at a meeting of creditors in the bankrupt estate of James Douglas Adams, formerly of Levin, now of Wellington, who recently retired from the Bank of Australasia Most of tlie creditors were from Levin and the bulk of the debts was for money lent, only a. small proportion being to tradespeople. There were no secured creditors, and the only assets were setdown at- £35. The debts owing to unsecured creditors totalled £BSO. The largest individual sum was £2OO, others being £S7, £7O and downwards. A statement hy bankrupt was read. “Some years ago, a friend of mine had to meet a debt of some £150,” stated bankrupt. “This he had promised he would do on a certain date. On this date lie promised to have the money for certain the next day. 1 foolishly borrowed tho money and paid it myself. He did not keep his promise and I could get nothing from him and he kept putting me off from time to time. This preyed upon me to such an extent that though 1 was not then a, teetotaller, T took to drinking whisky. Unfortunately instead of trying to get assistance from relatives or friends, I contracted the whisky-drink-ing habit and borrowed more money from time to time and lived beyond my means. “Eventually, when I received pay- I meat of most of tlie £l5O mentioned, I found myself more in debt than ever and I kept ou drinking myself info a stato of oblivion. I"have no assets with tho exception of household furniture, say £4O, and I have been unable to obtain work of any kind for ten months, with the exception of an odd clay here and there. Tf T am spared, I shall endeavour to make restitution as far as T can, but at present I can see no hope and can make no offer. I have nothing to offer in excuse for my backsliding, and can only say in explanation that when I take whisky it affects mo as I understand opium dees its addicts.”

In answer to questions, bankrupt said that ho had resigned from tne bank on an intimation from tho bank that he would have to do so because it was found out that ho was indebted and was drinking to excess. He had nothing coming from the bank, but bis wife had received £219 10s as' compassionate allowance on the understanding that none of the money should he applied in payment of bankrupt’s debts.

After questions find been put, it was resolved that bankrupt be publicly examined before a Dlagistrate.