IN THE FEDERAL COURT OF AUSTRALIA GENERAL DIVISION BANKRUPTCY DISTRICT THE STATE OF NEW SOUTH WALES AND THE AUSTRALIAN No. W551 of 1977 CAPITAL TERRITORY No. 123 of 1961 RE: JUSTIN GEORGE TAYLOR Judge making order: Beaumont, J. Date of order: 21 July, 1983. Where made: Sydney ORDERS THE COURT ORDERS: i. The public examination of the bankrupt shall be deemed to have been concluded on 20 February, 1978. 2. I order the discharge of the bankrupt in respect of the 1961 bankruptcy and the 1977 bankruptcy. 3. The operation of the orders of discharge shall be suspended for a period of six months from this date. 4. Order that the bankrupt pay the costs of Mudgee Co-operative Meat Supply Limited. IN THE FEDERAL COURT OF AUSTRALIA GENERAL DIVISION BANKRUPTCY DISTRICT THE STATE OF No. W551 of 1977 NEW SOUTH WALES AND THE AUSTRALIAN and CAPITAL TERRITORY No. 123 of 1961 JUSTIN GEORGE TAYLOR i CORAM: BEAUMONT, J. DATED: 21 July, 1983. REASONS FOR JUDGMENT This is an application by Justin George Taylor ("the bankrupt") for two separate orders of discharge from bankruptcy. A sequestration order was made against the bankrupt on 1 March, 1961, upon the petition of a creditor, Gearin & O'Riordan Pty. Ltd. On 7 September, 1977, the estate of the bankrupt was sequestrated upon the petition of B. & T. Meats Pty. Ltd., a creditor. The bankrupt remains undischarged from the previous bankruptcy made on 1 March, 1961 and thus seeks two orders of discharge under s.150 of the Bankruptcy Act 1966 (Cth.) ("the Act"), in respect of the 1961 bankruptcy and the 1977 bankruptcy. It appears that the bankrupt remains undischarged from the 1961 bankruptcy by virtue of an objection to his discharge by force of s.149 of the Act lodged by the Official Receiver as trustee on 16 February, 1970. The objection, which has not been withdrawn, was on the following grounds: "lL. the deficiency 1s $23,000; 2. contributions made by the bankrupt are not reasonable." . 1961 Bankruptcy It is convenient to first deal with the facts relating to the 1961 bankruptcy. In his statement of affairs, the bank- rupt disclosed the following assets: House property at Lot 7, Jonathon Street, Warners Bay $3,700.00 Less owing under Ist mortgage to A.E. & M.M. Russ 1,932.00 Less owing under 2nd mortgage to J. Mansini 1,370.00 3,302.00 398.00 Trucks 400.00 Less owing under a bill of sale to A.L. Peate & E.B. Tandy 1,370.00 Deficiency 970.00 = =Haae= Cash deposited with solicitor 50.00 Machinery 1,500.00 2,500 $2.00 shares in County ) Chemical Co. Pty. Ltd. ) 1 $2.00 share in Justin Taylor) No amounts Pty. Ltd. ) shown $1,948.00 The Official Receiver stated in his report that the bankrupt has to date not supplied details of sundry debtors but the bankrupt claims such details were in fact provided. The property at Lot 7, Jonathon Street, Warners Bay, was sold by the first mortgagees exercising their power of sale. The proceeds were used to discharge the first mortgage and to pay the costs of sale. The second mortgage debt was not ex- tinguished and the second mortgagee, Mr. J. Mansini, has since lodged a claim in the estate for the balance owing under his mortgage and for a personal loan of $1,852.00. The shares in County Chemical Co. Pty. Limited and the machinery proved to be valueless. An amount of $14,000.70 was brought to the credit of the estate as follows: Deposit on petition $20.00 Balance of bank account at Westpac Banking Corporation, Pyrmont 43.77 Cash on hand 58.00 Interest 1n deceased estate of H.E. Taylor and B.I. Taylor 11,450.66 Proceeds from sale of stock and plant of butchery business at Pyrmont 2,271.27 Contributions 1964 $12.00 1966 44.00 1967 101.00 157.00 $ 14,000.70 The proceeds from the sale of stock and plant relate to assets of a butchery business operated by the bankrupt from rented premises at 186 Harris Street, Pyrmont, after the date of sequestration. The interest in the deceased estate of H.E. Taylor and B.I. Taylor relates to the bankrupt's entitle- Ments under the will of his parents. In his statement of affairs, the bankrupt disclosed forty five creditors for liabilities totalling $25,017.49 and the secured creditors detailed earlier. The Deputy Commissioner of Taxation was also disclosed as a contingent creditor for income tax for the years ended 30 June, 1959 to 30 June, 1961, inclusive. Thirty one claims against the estate have been admitted to rank for a dividend as follows: Subject to priority under s.221P(1) and (2) of the Income Tax Assessment Act 304.00 Ordinary 21,650.00 $21,954.00 After payment of the priority claim, the petitioning creditor's costs and the fees and costs of the administration, a dividend of 49.8506 cents in the dollar on ordinary claims has been paid. The bankrupt's public examination was held on 14 December, 1961 and again on 20 February, 1978 in relation to the 1977 bankrupty when it was adjourned to a date to be fixed. The bankrupt 1S a married man aged 51 years with no dependants. He 1S employed as a project manager by Austec International Pty. Limited on a net weekly wage of approx- imately $428.00. He pays rent of $85.00 for his present residence. Details of the bankrupt's taxable income, ascertained from copres of income tax returns lodged with the Official Receiver, were as follows: 1978 $ 3,468.00 1979 10,187.00 1980 15,727.00 1981 26,978.00 1982 30,830.00 The only asset disclosed by the bankrupt to the Official Receiver as at 4 August, 1982 was cash at bank of $660.00 which the bankrupt claims 1s held in an account operated solely by his wife, to which he is not a signatory. In October, 1956, the bankrupt commenced to operate a bo1rling down works on leasehold land at Windale. Loans from S.H. Wansey Pty. Limited and James Mansini, each for $1,000.00 respectively, were used to erect a building and to purchase a motor vehicle and equipment for the business. The land was leased on an annual basis. The business employed five employees, with average weekly wages of $130.00. The business was said to be successful until the end of 1956 when sales were affected by a drought in the area. The bankrupt continued the business until April, 1958 when complaints from the local Council forced him to move his business premises to Young Wallsend. The bankrupt purchased land at Young Wallsend for $600.00 and obtained new premises and more modern plant. The bankrupt advised he continued the same type of business but produced a different product. He claimed the business was successful until the end of 1958. In August, 1958, a company, Justin Taylor Pty. Limited, was formed by the bankrupt, with the bankrupt and his wife, Jeune Marie Taylor, the only shareholders. Each held one $2.00 share. The company's object was to take over the boil- ing down works and operate it. The bankrupt advised that the company was registered but that the transfer of the business was not completed. The Official Receiver's investigations revealed that the company was never registered. Trade began to decline after January, 1959 due to overseas and local competition. The bankrupt had difficulty un meeting his current obligations as they fell due and according to him, he ceased trading 1n April, 1959. The bankrupt unsuccessfully attempted to sell his business as a going concern. His assets at that stage comprised: Land and buildings $ 8,000.00 Plant 12,000.00 Lorries 4,000.00 Goodwill 10,000.00 $34,000.00 The bankrupt disputes the report of the Official Receiver dated 20 May, 1980 which states that he eventually sold the land and buildings to Gearin sO'Riordan Pty. Limited for $6,000.00 and part of the plant to U.K.I. Meat Co. for $5,200.00. The bankrupt claims that the agreement for sale with the said Gearin & O'Riordan Pty. Limited was not honoured and that the company in fact owed him £4,500.00. In November, 1959, a company, County Chemical Co. Pty. Limited was formed with the bankrupt and Mr. Harry O. James as shareholders and directors. The bankrupt disclosed that he held 2,500 shares in the company. The business of the company was the recovery of waste materials from local industries and the supply of refined chemicals from these wastes to Courtaulds (Aust.) Limited. The Official Rece1lver in his report says that the company did not trade successfully and by the year ended 1963 had incurred substantial losses. However, the bankrupt claims that in 1962 the company made a profit of approximately $16,000.00. The company's plant and operations were sold to another company in late 1968 and on 21 February, 1975, the company was struck off as a defunct company. The bankrupt was employed on a salary or wage from the date of his 1961 bankrupty until July, 1975, when he commenced a butchery business in partnership with David Robert Barrett. Throughout most of this period, he had four dependent children. The bankrupt's partnership and subsequent dealings from 1975 onwards will be dealt with when considering the application for discharge from the 1977 bankruptcy. The debt due to the petitioning creditor, Gearin & O'Riordian Pty. Limited was one incurred in respect of an agreement made between the bankrupt and the petitioning cred- itor for the takeover of the bankrupt's business as Young Wallsend. The Official Receiver says that he 1s not in a position to comment further on the bankrupt's trading activities or as to the adequacy of records kept since such records were not produced by the bankrupt. The bankrupt, on the other hand, claims that all records relating to the business were in fact produced to the Official Receiver. The bankrupt believes that the main causes for the 1961 bankruptcy were the competition within the industry and an unsatisfactory settlement on the sale of his business. The Official Receiver is of the opinion that a contributing factor was the lack of working capital. The Official Receiver reports that the conduct of the bankrupt during his 1961 bankruptcy has been unsatisfactory in that during the period 25 July, 1975 to 7 September, 1977, whilst an undischarged bankrupt and carrying on business as a butcher either in partnership or as a sole trader, he in- curred debts in respect of which creditors have proved in his 1977 bankruptcy for $30,928.00. It is also reported that the bankrupt failed to notify the trustee in writing between 28 July, 1971 to 28 June, 1977 that he had changed his address. No matters pursuant to s.150(6) of the Act were reported. In answer to these charges, the bankrupt says that he was under the mistaken impression he had automatically been discharged as a bankrupt by the time he commenced carrying on business as a butcher in partnership or on his own account. He based this belief on reports in a newspaper in the late 1960's and as a result of this mistaken belief, he failed to notify the trustee of his change of address. The bankrupt in his affidavit an reply to the Official Recelver's report states that he did not realise that he was an undischarged bankrupt until March, 1976 when he was advised of this by the Bank of New South Wales at Pyrmont. 1977 Bankruptcy As I have said, a sequestration order was made against the bankrupt on 7 September, 1977 upon the petition of a creditor, B. & T. Meats Bty. Limited. An objection to the discharge of the bankrupt from this 1977 bankruptcy, by force of s.149 of the Act, was lodged on 23 June, 1980 by the Official Receiver on the following grounds: (1) The bankrupt has a deficiency in excess of $40,000.00. (2) The bankrupt is undischarged from a previous bankruptcy made on 1 March, 1961. The objection has not been withdrawn. -10- A notice of intention to oppose the application for order of discharge 1n relation to the 1977 bankruptcy has been filed by a creditor in the sum of $6,129.79, Mudgee Co-Operative Meat Supply Limited. In his statement of affairs, the bankrupt disclosed the following assets: estate Cash in hand S$ 15.00 Household furniture and effects 200.00 $215.00 A sum of $11,421.56 was brought to the credit of the as follows: Deposit on petition $20.00 Refund of bankrupt's half share of purchase price of Manti Investments Pty. Limited 120.00 Payment of account of liabilities 1,141.56 Contributions: 1977 160.00 1978 320.00 1979 1,560.00 1980 1,800.00 1981 2,700.00 1982 2,480.00 1983 1,120.00 10,140.00 $11,421.56 The payment on account of liabilities represents tax refunds due to the bankrupt, for the years ended 30 June, 1972 - il - to 30 June, 1981 inclusive. The bankrupt disclosed thirty unsecured creditors for liabilities totalling $43,289.91. Twelve proofs of debt have been lodged against the estate and admitted to rank for a dividend as follows: Subject to priority under s.221P(1) and (2) of the Income Tax Assessment Act $ 3,249.00 Ordinary 27,679.00 $30,928.00 After payment of 100 cents in the dollar on the priority claims, the petitioning creditor's costs and fees and costs of administration, a dividend of 19.5 cents in the dollar on ordinary claims was paid. Sufficient funds are at present held to pay a further dividend of .06 cents in the dollar. The public examination of the bankrupt was held on 20 February, 1978 when it was adjourned to a date to be fixed. On 25 July, 1975, the bankrupt and David Robert Barrett commenced business in partnership as butchers under the name of Meatwise. It was agreed that profits and losses were to be shared equally. Mr. Barrett was already operating an existing butchery business at Chiswick and it was agreed that the lease of these premises should be retained in his own name. - 12 - Premises at Darling Street, Rozelle were also leased by the partnership using the trade name of Tiger Butchery. Fittings and refrigerators for the shops were purchased at a cost of $4000, which amount was required to be repaid in four equal instalments. Overdraft facilities of Mr. Barrett's existing account at the Bank of New South Wales, Drummoyne were used to finance the partnership's operations. The part- nership had three employees, two at the Rozelle shop and one at Chiswick. Each partner drew $150.00 per week from the business. After some months, the partnership extended its business to two additional shops, one at Drummoyne and the other at Pyrmont. More staff were employed. In November, 1975, the bankrupt and Mr. Barrett bought the company structure of Manti Investments Pty. Limited for $240.00 with the intention of changing the company name to Meatwise Pty. Limited. The company was to take over the part- nership business. However, the partnership was dissolved before the change of name was effected and the company, Manti Investments Pty. Limited, did not operate prior to the date of the second bankruptcy. It appears from investigations that the bankrupt and Mr. Barrett were only registered as directors of the company on 10 October, 1975 and never as shareholders. The bankrupt's wife, Jeune Marie Taylor and his daughter Fleur Irene Taylor, became registered as directors on 31 December, 1975. The bankrupt became a co-signatory to the partnership account at the Bank of New South Wales, Drummoyne, with Mr. Barrett about three or four weeks after the commencement of the -13- partnership. It appears that Mr. Barrett was mainly concerned with the running of the Rozelle shop whereas the bankrupt was concerned with the processing of meat for sale. The bankrupt kept most of the financial records of the partnership. He says that, overall, the shops were initially profitable. Friction developed between the partners because of a dispute over the retail prices of meat which the bankrupt main- tained were too low and the leasing of the shop at Drummoyne by Mr. Barrett without consent. In December, 1975, the partners agreed to dissolve the partnership after the bankrupt discovered discrepancies in the records kept by Mr. Barrett. Partnership creditors at this stage were approximately $28,000.00. The partners agreed that Mr. Barrett should sell the shops at Drummoyne and Chiswick and utilize the proceeds in paying out partnership creditors. The bankrupt advised that he received no funds from the sale of the shops and that Mr. Barrett kept the proceeds for his own use, without paying the partnership creditors. The bankrupt claimed that he was never supplied with any accounting of how the proceeds were utilized. The partner- ship ceased business on 30 December, 1975. On 21 January, 1976, the Bank of New South Wales, Drummoyne, granted an overdraft on an account in the name of D.R. Barrett and J.G. Taylor for approximately $14,886.00. This overdraft was for payment of partnership creditors and both the bankrupt and Mr. Barrett were required to make payments - 14 - of $135.00 to $270.00 per week to the special account until the debt was liquidated. The bankrupt disclosed that he was still indebted to this creditor for $4,792.04. Mr. Barrett executed a deed under Part X of the Act with his creditors on 7 June, 1977. The bankrupt claimed that all books and relevant partnership records were given to Mr. Barrett in March, 1976 and were never returned to him. The only details known of the partnership's financial affairs are taken from a copy of an income tax return for the year ended 30 June, 1976 as follows: 1.7.75 to On salary and wages $ 420.00 11.7.75 Add lump sum payment on retirement (1/20th) 22.00 25. 7.75 to Gross profit $22,916.00 30.12.75 from partnership business Less expenses 19,479.00 3,437.00 $3,879.00 No accounting as to winding up was supplied to the Official Receiver. The bankrupt continued to operate the butchers shop at Pyrmont in his own account with three employees. Transactions were mainly on a daily cash basis, though it appears that some credit was extended to the bankrupt by some creditors. The bankrupt paid himself wages of $150.00 per week from the business. - 15 - Turnover of the business in early 1976 was said to be in excess of $4,000.00 on a weekly period. The business whilst the bankrupt was running it solely was said by him to be trading successfully but it had to service the debts arising from the previous partnership. The bankrupt said that in March, 1976 when he applied to the Bank of New South Wales, Pyrmont for overdraft facilities to expand his business, he was informed that he was an undischarged - bankrupt. He claimed that he curtailed his operations after this discovery and ceased dealings with boarding schools and Government departments who were his main customers. Staff was reduced to one employee and he endeavoured to operate on a cash only basis. As a result, his turnover dropped and his business became unprofitable. In July, 1977, the Official Trustee in Bankruptcy sold the business at Pyrmont as an after acquired asset of the 1961 bankrupty to the bankrupt's wife, Jeune Marie Taylor. When the business ceased the bankrupt took up employment as a butcher with Manti Investments Pty. Limited and at the date of bankruptcy was still employed by the company. The claim of the petitioning creditor, B. & T. Meats Pty. Limited, relates to a District Court judgment obtained on 14 December, 1976 for $2,014.37. This creditor has not lodged a claim in the bankrupt's estate. Although the bankrupt says that books of account and other records for his Pyrmont business were handed to the Official - i6- Receiver, the Official Receiver stated in his report that such records have not been produced. Mention should be made of the bankrupt's commercial dealings with the opposing creditor to this application, Mudgee Co-operative Meat Supply Limited. The bankrupt says that after the partnership business ceased trading in late December, 1975, he sought a separate supply of meat. He approached Mudgee Co-operative Meat Supply Limited for a supply of meat on 26 March, - 1976, when he ordered meat to the value of $65.80. After commencing dealings, the bankrupt began to order meat on a regular basis to the stage where meat was being delivered to his butcher shop premises at 186 Harris Street, Pyrmont every second or third day. A representative of Mudgee Co-operative Meat Supply Limited, Mr. Arthur Charles Brackenrig, has provided affidavit evidence relating to conversations he had with the bankrupt during their course of dealings. Mr. Brackenrig was not examined, but the following are extracts from his affidavit of 15 June, 1983: "The bankrupt paid for the first deliveries received by him but thereafter I became concerned by the fact that the bankrupt was placing regular orders for meat whilst current invoices remained unpaid. I have several conversations with the bankrupt in re- lation to his outstanding account. In particular in June, 1976 I remember speaking to the Bankrupt in person at Mudgee. He said to me. 'My business is doing well. I have come to Mudgee in a hire car to see you.' I said. 'What about the money you owe?! He said. 'It will be okay. It's a pity I forgot to bring my cheque book. I could have written out a cheque on the spot.' On another occasion I telephoned the bankrupt and during the conversation I said. 'When are you going to pay the money you owe?! He said. 'A cheque is in the post.' No cheque arrived as promised. By the end of June, 1976 I was becoming increasingly concerned by the fact that the bankrupt was behind in his payments particularly as he had promised on many occasions to bring his account up to date. On another occasion I spoke to the bankrupt by telephone. During the conversation I said. 'What about the money you owe? When are we going to get paid?' He said. 'I am supplying meat to the Universities. You accounts are 7 days but their accounts are 30 days. I'll pay you as soon as the Universities pay me.' At a later stage I was so concerned that payments were not being made that I telephoned the bankrupt and said. "You've promised to send payments but we've got nothing. I want you to give a cheque to the driver when you get the delivery.' He said. 'Yes, Okay.' At no time however did he comply with his arrangement. On 30th August, 1976 a cheque was rece1rved from the bankrupt in the sum of $500.00. This cheque was sub- sequently returned after presentation to his bank having been dishonoured. I telephoned the bankrupt. He said. 'They must have presented the cheque to the wrong account. Don't worry, I'll draw a personal cheque to look after it.' No personal cheques were ever received from the bankrupt. On the 3rd September, 1976 the bankrupt received meat to the value of $731.01. On the 17th September, 1976 the bankrupt received meat to the value of $717.80. Following this last delivery I attempted to telephone the bankrupt at 186 Harris Street, Pyrmont without success. During the 6 months that the bankrupt traded with Mudgee Co-operative Meat Supply Limited he ran up an outstand- ing account in the sum of $6,129.79." - 18- In answer to the evidence of Mr. Brackenrig, the bank- rupt confirmed that he had numerous conversations with Mr. Brackenrig concerning meat and about his being prompter in his payments to the company, but had difficulty recalling the details. The bankrupt said that the normal terms in the meat industry were 7 days and that these were the terms in his dealings with Mudgee Co-operative Meat Supply Limited. However, he agreed that at the time of his dealings with the opposing creditor, wholesale customers were not paying him and that he was in fact buying meat on a 7 day account with Mudgee Co-operative Meat Supply Limited but supplying it on a 30 day account to wholesale customers. Nonetheless, he claimed that it was his belief at the time that he could trade out of his difficulties. The bankrupt commenced to run his business on a cash basis from about July, 1976. He ceased trading with certain large wholesale customers which relied on 30 day credit and commenced to run the business on a retail basis. The retail basis was not enough to support the business and in May, 1977, the bankrupt contacted the Official Receiver's office. The business was still operating 6 days a week up to July, 1977 when the Official Receiver sold the business. On 9 September, 1977, the bankrupt was found guilty of four offences under the Companies Act and fined a total of $490.00. These charges involved the failure to hold an annual general meeting, failure to keep a profit and loss account and a failure - 19 - to keep records correctly in relation to a company Drum & Tank Pty. Limited which is in liquidation. The bankrupt attributed the cause of his bankruptcy to the failure of his ex-partner, Mr. Barrett, to use the proceeds of sale of the partnership assets to repay partner- ship creditors. The Official Receiver expressed the view that the failure of the respective businesses in which the bankrupt had an interest was also a contributing factor. - The Official Receiver reports that the conduct of the bankrupt during the term of his second bankruptcy has been satisfactory. Moreover, he does not report any matters pursuant to sub-section (6) of s.150 of the Act. The bankrupt has made contributions amounting to $10,140.00 to his estate between 1977 and 1983. The bankrupt commenced employment with Austec International Pty. Limited as a project and development manager after being adjudged bankrupt on 7 September, 1977. He now holds the position of general manager with that company and claims that his future advancement in the company is restricted by his fazrlure to be discharged from the bankruptcies.A director of the said company, Keith Wallace Painter, has given evidence that the company is awaiting the outcome of these proceedings in order to ensure that the position of director in some of its local operations can be taken up by the bankrupt. - 20 - The opposing creditor, Mudgee Co-operative Meat Supply Limited, has based its opposition on two grounds. On the evidence before me, with some hesitation, I hold that I cannot be satisfied that the bankrupt has, after knowing himself to be insolvent, continued to trade or obtain credit to the amount of $100.00 or upwards. In this regard, the absence of contem- porary financial records means that a finding of actual insolvency, let alone knowledge of that fact, makes it difficult in the extreme to make such a finding. Moreover, I am not satisfied that the bankrupt has con- tracted a debt provable in the bankruptcy without having at the time of contracting it any reasonable or proper grounds of expectation of being able to pay it after taking into consider- ation his other liabilities at the time (see Re Todd (No.2) (1910) 10 S.R. (N.S.W.) 490 at 504). In this connection also, the absence of any detailed financial material speaking of the bankrupt's position at the time, makes it difficult to make a finding adverse to the bankrupt, given his assertions of optimism. However, whilst I am prepared to give the bankrupt the benefit of my doubts on the making out of the two specific grounds of opposition, I nonetheless find that the general conduct of the bankrupt in his dealings with the opposing creditor was quite unsatisfactory and reflects poorly on him. I propose to take this matter into account in the exercise of my discretion. -21- As no matters pursuant to s.150(6) of the Act have been reported in either of the two applications for discharge, the court's powers as defined under sub-section (9) of s.150 are either to make the order of discharge or refuse the order or make an order of discharge but suspend the operation of the order either unconditionally or subject to conditions. The court's discretion is to be exercised with regard to the public interest as well as the interests of the bankrupt and his creditor (see Re Haines (1937) 10 A.B.C. 83). In Re Todd(No.2) (1910) 10 S.R. (N.S.W.) 490, Street, J. at p.504 said: "The function of the court is not merely to relieve un- fortunate debtors. It is an equally important part of its duty to protect and unhold commercial morality, and to protect the trading community and the public generally against persons who have shown themselves in the past to be unfit to trade or to be indifferent to or ignorant of those principles of commercial morality by which all honest traders should be guided." The discreditable record of a bankrupt in commercial proceedings is also relevant in an application for discharge; see Re Kolomy (1981) 56 F.L.R. 157. In my opinion, in the exercise of my discretion, it is proper to order the discharge of the bankrupt from each bankruptcy but, in each case, to suspend the operation of the order for a period of six months. In so deciding, I have taken into account the discreditable conduct of the bankrupt in his dealings with the opposing creditor but I have weighed - 22 - against this the amount of the contributions made by the bankrupt and his apparently satisfactory employment relation- ship at the present time. I propose to order that the bankrupt pay the costs of the opposing creditor. I order that the public examination of the bankrupt shall be deemed to have been concluded on 20 February, 1978. ' I certs*w** ss *hi3 and the a prece" *°-s,7..t¢7ea true copy of the Reascrs fer Juavment herein of his Honour Mir. Justice €aqunrenr Dior Associate Dated: Ql Suk (1%3 fay ' sos ey Awe 2 3 ade diz. ie * Se ey Te a