UNFORTUNATE BANKRUPT
CREDITORS SYMPATHETIC DISCHARGE FACILITATED Claiming that be was bankrupt owing to the fact that he had been found liable for "unreal” debts James Tombs was sympathetically treated when he met his creditors before the assignee tliis morning. Bankrupt, who was formerly of Hamilton, and now lives in Epsom, showed the following financial position: —Unsecured creditors £1,630: secured, £1,239 (value of security £1,600); furniture, £120; surplus from securities, £361; deficiency, £1,149._
Of the unsecured creditors £1,587 was a debt to James Tombs and Company, Limited, now in liquidation, and formerly motor dealers. Bankrupt said that the liquidation of the company had caused the bankruptcy. He held 40 per cent, of the shares. A. C. Cooper and Sydney Tombs being the other members. The company had branches in Auckland and Hamilton and did well with both. Bankrupt drew £8 13s 2d wages and during his connection with the company drew continually for expenses connected with car sales. It had always been intended that these "drawings” should be adjusted, but they never were. Cooper wanted to go to his farm, and Sydney Tombs desired to apply himself solely to his picture interests, and the company went into voluntary liquidation, then appearing to be in a perfectly sound position. The liquidator then called on bankrupt to make good his “drawings,” which had continued over several years. The liquidator stated that the company appeared likely to pay about 10s in the pound, so that there was no surplus. Bankrupt said the greater portion of the amount owed the company was for the travelling expenses. They were spread over a long period. “My opinion is that bankrupt is unfortunate,” remarked a creditor. “It is not an ordinary bankruptcy,” said the official assignee, Mr. Morris. "1 can see nothing against Mr. Tombs, and my attitude is that I will raise no objection to his discharge as soon as the necessary two months have elapsed.”
The creditors expressed their agreement, and the estate was left in the hands of the assignee.
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https://paperspast.natlib.govt.nz/newspapers/SUNAK19290411.2.129
Bibliographic details
Sun (Auckland), Volume III, Issue 635, 11 April 1929, Page 10
Word Count
335UNFORTUNATE BANKRUPT Sun (Auckland), Volume III, Issue 635, 11 April 1929, Page 10
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