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.CREDITORS DISSATISFIED. * OTHER ACTION SUGGESTED. • An adjourned meeting of creditors in the bankrupt estate of "William Henry Aghan, land agent, of Auckland, was held at the office of the Official Assignee this morning. Mr E. Gerard presiding. When the first meeting \v~as hcl3 il Gαtober last the sworn statement of the bankrupt disclosed liabilities amounting to £9818 3/7, and assets amounting to £9473 17/, the deficiency being f 344 6/7. He put his failure down to the depreciation, of property which he had handled. Originally he had promised an additional dividend of 5/ in the £, but at a meeting on December 1 his solicitor stated that owing to the inability of his relatives to give a guarantee the offer must be withdrawn. All that his wife could do was to surrender her equity in the property. For this she had been offered £300. Upon this the creditors decided that .providing lots 1 and 2 of block 40, Surrey Hills estate, be surrendered within a month, or as an alternative a sum of £300, the bankrupt's discharge should" not be opposed. The Official Assignee this morning intimated that the anticipated dividend of 5/ in the £ could not now be realised, as since the previous meeting the proven debts had increased, while the only cash in hand amounted to £20 and the only other source of dividend was from the property in question. All efforts to dispose of this had been unavailing, and the expected £300 was not at all likely of realisation. And now Mr ladingham, a second mortgagee, was pressing Mrs Aghan, and if he (the assignee) did not take action the mortgagee would.

Mr. Hanna, who appeared far thai bankrupt, and also as a creditor, contended that Aghan had carried out his part of tlie agreement, and that no further action could, be taken. The mortgages amounted to" "£750, and the equity was a disappearing quantity, pointed out Mr. Ledingham. Mr. Skelton, on behalf of a creditor, desired to know why the bankrupt had not paid rent for his occupation of the house and property since his failure, but the bankrupt declared he had not earned enough since January 15 to pay office rent. In reply to Mr. Ledingham, the debtor stated that he had been asking £1000 for the property, and denied that he had been asking a high price so as to ensure Ms continied occupation. "I am prepared to pay 15s per week rent, which, is equal to the rate of interest, until such time as the property is sold, or, it necessary, to give up possession at once," said the bankrupt. Sir. Ledinghum suggested that the assignee be requested to realise at once, and that meanwhile bankrupt pay 153 per week rent. To this Mr. Skelton objected, and Mr. Caldville moved—"Thai all papers in the estate be referred to the Grown Solicitor with a view to having proceedings taken against the bankrupt should ihe be of opinion that there is a case." Mr. Walter seconded. Mr. Hanna: In view of this resolution, I will support it. Mr. Gerard: But that does not dispose of the property question. He went oa to say it was not possible for him to put the resolution at that meeting, but Would call a special meeting , for the purpose. The previous resolution agreeing to accept Mm. Aghan's equity of the property would first have to be rescinded. The meeting was adjourned sine die.-

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Bibliographic details

A LAND AGENT'S AFFAIRS., Auckland Star, Volume XL, Issue 76, 30 March 1909

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A LAND AGENT'S AFFAIRS. Auckland Star, Volume XL, Issue 76, 30 March 1909

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