BANKRUPTCY NEWS.

Auckland Star, Volume XVIII, Issue 202, 30 August 1887, Page 8

BANKRUPTCY NEWS.

The first meeting of Mrs Margaret Beifch's creditors was to have been held at noon today, but lapsed for want of a quorum. Geo. Hatcher's Insolvency. — Geo. Hatcher was examined on oath by the l^cial Assignee to-day, and made the ti;Uow,J ng statement:—" I have been in hnwnPßft aa a builder on my own account •™ S" T- had then about £200 in cash, and free from debfc" J enfcered into land occupied; it is in an imJ msh"* .sfc aJ?. Another lot I sold at api Tjlf?',.* l went to the mortgagee, becav'96^e declined to release it unless the pure.™? 6, ™ney was handed to him. On a <~m «* 1 realised at a loss of £75. The reunaminP two lots are now on my hands ; thej cost £180 and aro mortgaged for £140, ana £ quarter's interest (£3 10s) is overdue. I have tried to sell both bjT auction and private treaty, but without avail. The house, and allotment on which it stands, are well worth the mortgage, but I am doubtful whether they would fetch the money (£250) if forced. I consider that I am quite £300 out of pocket by these land speculations. For the first four years I did very well in my building business, but the last two years have been exceedingly bad, through slackness of trade and unproductive jobs, and my profits of the preceding years have been absorbed in expenses of living. I held on in the hope of a revival of trade, and most of ray creditors were satisfied with my good intentions that I desired to pay everyone in full if allowed time. One of them sued me for £6 2s Bd. I confessed judgment, and a bailiff was put in possession. On my representing this to my principal creditors, they recommended me to file a petition of insolvency. My liabilities are as follows:-Secured, L 418; unsecured, £42 17s. The assets consist* of my furniture and tools, which have been valued by the Assignee's agent at £518s 6d, and whatever may •be realised on tho . secured properties, and also on the workshop built on my mother in-laws property, which can be removed subject to a lien of £26. Beyond this I have no property, or interest on property, in any shape or form. I have paid the costs of filing and advertising, but cannot see my way to offer anything in the. nature of a compromise."