“FISHY BANKRUPTCY”

Sun (Auckland), Volume I, Issue 201, 14 November 1927, Page 13

“FISHY BANKRUPTCY”

DALMATIAN’S FAILURE TALE OF FISHING VENTURE “This is certainly fishy. It is perfectly obvious that this man has not dealt with his property as he should have done. He quite forgot he had a partner when he sold property worth over £IOO for £15.” Thus the official assignee, Mr. G. X. Morris, summed up his examination of Joe Kostanich. a bankrupt fisherman, of Helensville, who appeared to explain his failure this morning to an assembly of his creditors. Kostanich,* who is a Dalmatian, could not understand English and the assignee’s cross-examination had to be carried out with the assistance of an interpreter. Debts amounting to £314 were shown in bankrupt’s schedule owing to unsecured creditors. There were no assets. In a statement Kostanich said that in December, 1U26, he entered into a partnership for the purpose of fishing on the Kaipara Harbour. At that time he had about £IOO, of which £3S had been borrowed previously, the lenders agreeing to the use of their money for the fishing venture. His aprtner had £SO and further sums amounting to £l4O were borrowed from various people. A launch was purchased for £2OO, of which £IOQ was paid as deposit. Expenses and further deposits involved an outlay of £155. Fishing was carried on from February to October during which time the takings were £250 and expenses £220. In October the launch was sold -up by the mortgagee, thus leaving no hope of their paying their debt. As legal proceedings were being taken and his position was hopeless he had to file. Questioned by Mr. Morris, bankrupt said that he and bis partner, a fellowcountryman, entered into a verbal agreement for six months, at the end of which he was to be paid back and the agreement terminated. Apart from running ordinary tradesmen’s bills the partners each drew about 10s a week. Debtor was criticised by Mr. Morris for sacrificing the launch for £145 and the fishing gear which cost the partners over £IOO, for £ls. He had been in New Zealand for 31 years and out of his earnings he sent money periodically to his native country for the maintenance of his wife and mother. I-Ie was now share-fishing with other of his countrymen. Asked liow much he was making, bankrupt said, “That depends on the fish.” . A resolution was passed instructing the assignee to make further investigations into certain allegations of fraud and to make inquiries regarding property in Dalmatia said to be coming to Kostanich. The meeting carried a further resolution instructing Mr. Morris to oppose debtor’s discharge until he should make an effort to pay something off his liabilities. m