BANKRUPT’S CONDUCT

Sun (Auckland), Volume IV, Issue 989, 4 June 1930, Page 1

BANKRUPT’S CONDUCT

CREDITORS DISSATISFIED FURTHER INVESTIGATION Dissatisfaction with bankrupt’s conduct was expressed at a meeting of creditors of Vesta Doree Hay how, draper, of 145 Great North Road, before the official assignee, Mr. A. W. Watters, this morning. The schedule showed a total of £556, the total liabilities owing to unsecured creditors. Assets, including stock in hand, valued at £325. totalled £425, leaving a deficiency of £l2O. Bankrupt said that she started in business in December, 1926, purchasing the business for £l4O, of which, she payed £IOO as deposit. She had to borrow* in order to pay the balance of £4O. She attributed her failure to increased competition, and also to an accident which had disabled one of her hands, which had compelled her to employ an assistant.

Replying to the assignee, bankrupt said that two principal creditors had refused an offer of 15s in the £.

A representative of a principal creditor questioned bankrupt regarding a loan she had told him that sh« had made to her uncle. Bankrupt admitted she had told a lie, and that the loan was not made. Replying to questions by other creditors bankrupt admitted further falsehoods. The Official Assignee: What was your object in misleading creditors? Bankrupt: I thought I would be able to improve my position and pay my creditors.

The Official Assignee: Now we can understand why the offer of 15s in the £ was refused.

A motion that the official assignee be recommended to oppose bankrupt’s discharge until 15s in the £ had been payed lapsed for want of a seconder. It was decided that as the position as shown to creditors had turned out to be so unsatisfactory further investigation should be made, and the meeting was adjourned. The question of tho disposal of the stock and fittings was left in the hands of the official assignee.