BANKRUPT FISHERMAN

Sun (Auckland), Volume III, Issue 837, 4 December 1929, Page 13

BANKRUPT FISHERMAN

BROTHER’S OFFER ACCEPTED Creditors of Joe Kostanicli, fisherman, of Helensville, met before the official assignee, Mr. A. W. Watters, this morning. A previous meeting of creditors was held on November 14. 1927. On that occasion bankrupt said that he started business with £62 of his own and £SO of his partner’s as capital. He borrowed £l7B, and bought a launch and gear. The launch cost £ 200, and £l5O had been paid off when it was seized and sold under a bill of sale. He then sold his nets, punts, and gear, worth more than £IOO, for £ls. A resolution was carried that the facts be investigated by the official assignee, and another motion that bankrupt’s discharge be opposed until he made some effort to meet his creditors, and while the question of property in Dalmatia was investigated, was carried. This morning the official assignee said that he had been in communication with the British Consul regarding the property in Dalmatia, and had suggested that enough property be sold to realise £420, which would be enough to pay creditors 20s in the £. However, the reply stated the property would only realise from £39 to £52. Creditors decided to accept an offer of £6O from bankrupt’s brother, and to take no further action.