BANKRUPTCY BUSINESS.

Auckland Star, Volume LII, Issue 187, 8 August 1921, Page 6

BANKRUPTCY BUSINESS.

LAND AGENT WITH SURPLUS. Hugh Burnaby Sparrow, land agent, of Thames, has furnished the Official Assignee in Bankruptcy a schedule showing unsecured creditors £2105 1/41. The secured creditors totalled £15,SG) fi/3. The estimated value of the securities was put down as £22,480, leaving a surplus to contra of £0,010 13/0Another £150 raised the total liability to £2255 1/4. The apparent credit surplus in the estate thus stands at £4035 12/4 J. Creditors meet at Thames Courthouse on August 17. FARM WORKER'S FAILURE. Alexander James Wikon Annan, farm worker, of Otorohanga, has submitted a statement in bankruptcy showing total unsecured creditors £109, and no assets: Of the total indebtedness £82 was on a Supreme Court judgment. Debtor states that had it not been for the judgment he could have paid his creditors* in full. UNSUCCESSFUL CONTRACT. •William Bernard Cox. farmer, formeriv of Whangarei, in a schedule forwarded' to the Official Assignee in Bankruptcy, puts down his unsecured creditor™ at £.190, and secured creditors at £1725. The value ot the security given is estimated at £3000. The total assets are £1410, which leaves an apparent surplus of £782. Bankrupt's sworn statement shows that in 1916 he purchased a farm of 307 acres at Whananaki for £2050. paying £200 caeh for the land and £100 for the cattle. He entered into a contract to supply 2000 tons of firewood delivered on the teach for 5/ per ton. One lot of 20 tons was • washed away.The captain of the scow said it was a bad place for loading, and advised him to cut wood at Helena Bay. He stacked 118 tons on tha-t beach, but it was not called for until long afterwards. Another 400 tons stacked in a paddock were accidentally burned. Ho expected to cut some 12.000 tbns. which would have returned £3000. and incurred debts on account. He sold the cattle at Whangarei. and leased the farm. He bousrht another place at Buckland for £2250, the amoiyit of the existing mortgage, and costs. ne did not pay any cash deposit. Finding the firewood contract a fa : lure. he sold the farm he had leased and lost £200 on it. He took a road-makinT contract for Franklin County Council, but an accident prevented its completion. Debtor then changed the Buckland property for 404 acres at The value was £3000, and £4125 was allowed for the Buckland property.