FORCED TO FILE

Sun (Auckland), Volume III, Issue 624, 28 March 1929, Page 13

FORCED TO FILE

KTTCITY

BANKRUPT SECRETARY’S COMPLAINT ECHO OF COURT CASE From Our Own Correspondent) WHANGAREI, To-day. At the office of Mr. E. P. Ramsey acting for the official assignee, Auckland, this morning, the first meeting of creditors in the bankrupt estate of W. Webster was held. Webster filed his petition on March 16. In a statement to the meeting, bankrupt said he had been out of work for a long time after coming to Whajigarei, but last year, from his employment by the Racing Club and Building Society his income would be over £SOO. He had no books, these having been retained by the companies he served, and he had no assets or securities. The cost of his bankruptcy and his Expenses in attending the meeting had been met, it was stated, by the Building Society. 110 also said: “Owing to the Whangarei Building Society, of which I was secretary, obtaining judgment against me for £1,578 in respect of a deficiency of its cash, which 1 never used, nor had any benefit from, and for which I was charged in the Auckland Supreme Court and found jiot guilty, the Building Society served me with a bankruptcy notice under a threat from the society to make me a bankrupt if I did not pay the amount, i filed my petition.” The Building Society had obtained judgment for £1,578 12s, increased by interest and costs to £1,608 4s 4d. Other unsecured creditors brought the fcotal to £1,750 3s 6d. A bank overdraft of £3OO was the only secured credit, and the valuation of security ; was set down at a very small amount. Under cross-examination, Webster showed that he had paid off, while in Whangarei, debts owing when he came Taranaki. No steps were taken by the meeting which adjourned.