Bankrupt Proved Not Extravagant

Sun (Auckland), Volume 1, Issue 49, 20 May 1927, Page 11

Bankrupt Proved Not Extravagant

SUGGESTION REFUTED CRITICISM UNJUSTIFIED QWING to his inexperience in business matters and to the fact that he had no solicitor to assist him, Harold Alexander Martin, carpenter, of Panmure, drew sharp criticism from his creditors when he faced them over a month ago to account for his bankruptcy. Subsequently this criticism was found to be unjustified. At a further meeting held yesterday, the official assignee, Mr. G. N. Morris, stated that bankrupt had explained in a satisfactory manner his alleged expenditure of £ll a week on maintaining his family out of a loan by the State Advances Office, which he had received for the purpose of building a home. The following is a statement, by Mr. Morris, which explains Martin’s position: “This man received a loan of £915 from the State Advances Office. At the last meeting- I was endeavouring to arrive at what had become of this money and he gave me particulars of payments he had made in connection with the building of his house totalling £366. It was assumed he had spent the remainder of £549 in living expenses. After the meeting he told me of further payments totalling £172 which he had made, and these I have since verified. It appears therefore, that the amount unaccounted for is £377 instead of £549. In view of the fact that this represents a year's wages while he was building the house and that he has a wife and 11 children, I do not now consider that he has been extravagant. The mistake occurred through Martin’s inexperience and from the fact that he had no solicitor to assist him. It is only fair that the true position should be made public.” The assignee said the meeting this morning was convened in order to determine what should be done with Martin’s property. As the estate had no funds he suggested that two of the largest creditors should share the cost of advertising for tenders for the purchase of bankrupt’s property. It was pointed out that Martin had no chance of meeting the interest on the mortgage on the Government loan as he only earned between £3 and £4 a week for the maintenance of his large family. Mr. Morris said that, before he took any steps for the disposal of bankrupt’s property, he would write to the State Advances Office to ascertain what that department intended to do in the ma**'—