£20,000 INVOLVED IN BANKRUPTCY

Sun (Auckland), Volume I, Issue 148, 13 September 1927, Page 15

£20,000 INVOLVED IN BANKRUPTCY

SWANN’S CREDITORS MEET CONCEALED ASSETS SUSPECTED Press Association. DUNEDIN, To-day. The first meeting of creditors In the bankrupt estate of George Thomas Swann, who was sentenced on February 11 to three years for obtaining money under false pretences, was held this morning. It was stated at the time that the sums involved probably totalled £20,000 and Mr. C. J. L. White, for petitioning creditor, stated that the reason for the bankruptcy proceedings was that, it seemed incredible that Swann could have gone through that sum. Concealed assets were suspected. Bankrupt was not present, but his solicitors submitted his statement as to machinery deals that formed the basis of his transactions. He said that his memory was impaired as the result of a strain, and he must have been mentally unbalanced during the last year of his trading. People with whom he had traded got all the profits, barring expenses. The official assignee said that arrangements would have to be: made with the prison governor to bring the bankrupt down for examination, and the meeting was accordingly adjourned.