BREACHES OF THE BANKRUPTCY ACT.
In the Supreme Court at Palmerston North yesterday morning, Albert Robert Musgrove and Albert Thompson, who traded as stock dealers in Feilding, were sentenced to imprisonment for breaches of the Bankruptcy ActMusgrove received a sentence of four months’ imprisonment, and Thompson, who was found guilty on one count only, got a sentence of two months.
The accused Musgrove stated he made out the balance-sheets and Thompson did the outside work. They had bought 820 rams, 320 of which were shipped to Australia, and it was expected they would realise ,£5 5s a headThe drought prevented the realisation of this price, and the firm filed before the rams were sold.
His Honor, in summing up, pointed out that the Bankruptcy Act was framed to prevent bankrupts or approaching bankrupts from defrauding their creditorsRegarding rash speculation, he said the element of speculation within the Act was that with other people’s money. He pointed out that the accused had had a turnover of ,£68,000 in one year, and he asked the jury how could a man know his position in such circumstances without keeping proper books ?
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Manawatu Herald, Volume XXXI, Issue 450, 20 February 1909, Page 3
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188BREACHES OF THE BANKRUPTCY ACT. Manawatu Herald, Volume XXXI, Issue 450, 20 February 1909, Page 3
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