BANKRUPTCY COURT, LONDON
Friday, June 29.
(Before Mr. Commissioner Fane.)
IN RE THOMAS VOKE.
The bankrupt was a confectioner, of St George’s-square, Portsea. He came to the Court on his own petition, on the 18th May last. This was the examination meeting.
The balance-sheet, prepared by Mr. Thomas, accountant, shows unsecured debts of 879l., with assets stated at 220l. Two years ago the bankrupt was in a deficiency of 78l.; his profits had been 485l.; expenses, 573l.; personal ditto, 195l.; law costs, 28l.; losses, 146l.
Mr. Whiting, for the assignees, stated that the accounts were not thoroughly satisfactory, but they did not think it necessary to oppose the bankrupt’s passing.
The Commissioner—You say not thoroughly satisfactory; in what respect are they unsatisfactory?
Mr. Whiting said there were several items which were not satisfactory in themselves; but he had made inquiry about them since he was in Court, and did not think it necessary that there should be an adjournment of the sitting.
The Commissioner—What assets will there be?
Mr. Canaan, the official assignee—We have got about 100l., and the debts are about 900l. He puts down his assets at 170l., but. unfortunately, on the day when he came here on his own petition a creditor took his goods under execution.
The Commissioner—Properly speaking, he ought to be punished for letting one creditor get so great an advantage.
Mr. Whiting—I shall feel it my duty to bring that before your Honour at the certificate meeting.
The Commissioner—I shall deal with it most assuredly, unless he can explain it in some way.
The bankrupt was examined. He stated that a sheriff’s officer was put into his premises on the 16th May. He went to Petersfield the next day to see his father-in-law, and ask him his advice. He told him to go to a respectable solicitor. He accordingly went to Mr. Minchin on Thursday afternoon. Mr. Minchin advised him to be made bankrupt immediately, and he took steps for that purpose.
The Commissioner—How came you, when you knew that you were unable to meet your engagements, to sit down quietly, and let this man commence an action, recover judgement, and issue execution, before you took any step to protect your other creditors? The result has been to let him carry off all the property, and they are left in the lurch.
The bankrupt—When the writ was issued I paid 25l. on account, and they agreed to stay proceedings.
The Commissioner—I suppose you thought that though you could not meet your engagements, it was never too late to be a bankrupt. You commit an act of injustice to your creditors generally, in order that one may obtain payment in full, and that only at a most wasteful expense. It involves every sort of injustice,—a waste of money in unnecessary law expenses, and a very unjust distribution, because the execution creditor gets the bulk of the property. If traders conduct themselves in that way, they cannot expect any favour at hands of Court.
Ultimately the bankrupt passed, questions of conduct being reserved for the certificate meeting.