FIVE TIMES FAILED.

Shannon News, 4 February 1927, Page 3

FIVE TIMES FAILED.

BANKRUPT’S CAREER REVM PROSECUTION TO BE TRIE! GISBORNE, January I Following on the revelations J at a meeting of the creditors 0™ bankrupt Israel Gelhor, a confectil formerly of Shannon, it has beeuj cided to see whether a prosT'® would be successful. NS During cross-examination the a rupt admitted that it was his j bankruptcy, and that he liad once] lected insurance from a fire. I The present bankruptcy follows I a few months ’ business as a c«u| tioner, and the five biggest credi reside in Auckland. ] There was a good attendance of a itors at the meeting, and the cj 1 xamination was lively at times. The bankrupt alleged that ihs : ure was solely -due to the fact that Auckland firm forwarded him t’vici many goods as lie ordered, and 1 pressed him, but different circumstai v a me to light when the examina proceeded. This showed that he been bankrupt at five different to and in five different occupations. M ovex*, the capital with which he stai the large confectionery business in of the principal Gisborne streets sis-ted of a paltry £25, which he borr td from a friend. Thereafter he tained all the necessary credit and w ahead. FICTITIOUS CAPITAL. It was alleged that he had been ] ting money out of the way; but ba rupt denied this, and said that all ' money received had gone through books.

The creditors present decided tl the bankrupt had been trading on titious capital and instructed the of ial assignee to consult the Crown p seeutor and see whether an action woi be successful. The A&signee stated tl even if no motion had been passed would have taken this action in vi of the circumstances.