DISCHARGE OPPOSED

Sun (Auckland), Volume III, Issue 711, 10 July 1929, Page 18

DISCHARGE OPPOSED

BUILDER WHO OWED £I,BOO ASSIGNEE NEEDS OFFER Before David Lithgow Jackson, builder, of Mount Eden, can receive his discharge from bankruptcy he will have to make an offer to his creditors. The acting official assignee, Mr. V. R. Crowhurst, explained this at a meeting of Jackson’s creditors yesterday afternoon. Jackson could show no assets and his total liabilities amounted to £1,841 8s 6d. To unsecured creditors, £623 8s lid was owing, and to secured creditors £2,817 19s 7d. The value of the securities was £1,600. Jackson said that he was not in a position to make an offer to his creditors. At a previous meeting he said that since 1927 he had done contracting and a certain amount of speculation. The main cause of his failure was the loss of £ 3,000 on house exchanges. He had made cash payments to creditors who had brought pressure to bear, and Mrs. Jackson had done all she could to help him. At one stage she paid £ 500. Profits made when bankrupt had traded as “Mrs. Jackson” had gone to creditors. One creditor declared that the position was highly unsatisfactory. He had not received a penny on one deal. Jackson said that he had made headway in the past 18 months and had been paying creditors. Mr. Crowhurst was of the opinion that the position was not satisfactory. He pointed out that, although Jackson paid out £l,lOO in 15 months, it had been only to creditors who pressed. The liabilities had been increased by seven claims not shown on bankrupt’s list. “Jackson will have to make an effort before I can consent to his discharge,” the assignee said. “He will have to report to this office in three months for a review of his position.” ___________