PROPERTY EXCHANGES.

Auckland Star, Volume LIII, Issue 104, 4 May 1922, Page 8

PROPERTY EXCHANGES.

>\ A COMPLICATED BANKRUPTCY. ■ i Tty> first meeting of creditors in the I bankrupt estate of Alfred Cooper, a ! carpenter, of Devonport, was held in the Official Assignee's office yesterday. Mr. .W. S. Fisher presided, and there were i two creditors present. Mr. Thwaites appeared as 'bankrupt's solicitor. i The bankrupt's schedule showed the I amount owing to unsecured creditors as . £530, and to secured creditors £15,640. The estimated value of the securities 'was given as £1C.500, leaving a nominal I ' surplus against the unsecured debts of I ..£B6O. I Mr. Fiaher said he understood that ! the 'bankrupt was somewhat confused I about some of his dealings, which had .resulted in his present position. ,! Mr. Fisher asked Mr. W. .J. Gatenby, 1 who had for same time acted (' as the bankrupt's solicitor, to make a I statement as to bankrupt's dealings • under his supervision, i Mr. Gatenby stated that he first met Cooper afbout December, 1921. A man ! named Otto introduced bankrupt to wit- . ness. Otto was anxious to finance the i Mason's Gardens deal. At this time I Cooper Tvas in need of mbney to buy . stamp duty on the conveyance of i Mason's Gardens. Otto represented it to be a most important matter. Sellar, Grey and Delamore were acting for the barikrupt. Witness did not look on ■bankrupt as a client, as he had already Been Mr. Grey about the matter of the conveyance. At that time he considered that bankrupt was 'becoming a client, as Mr. Grey was acting for bankrupt and two other parties who were engaged in the business. The other two parties were Reginald Noel Hepple and Andrew Joseph Farmer, both of whom > had dealings -with bankrupt. Witness, jon going into affairs, found out that ! bankrupt had exchanged properties in ' iPalmerston North and Wellington for I some Maori leases in Te Kuiti, Hepple j being the other party. He was informed i <by bank-rupt that the latter had made a I deal in some property in Wellington and Palmerston North which had been exchanged for some Maori leasehold property in Te Kuiti. He also considered ! that Cooper had exchanged these leases j for the Salutation Hotel, Thames. Thl-s i exchange, however, was repudiated by i another party named Farmer, who had an interest in the deal, and who alleged that the.salesman handling the business had misrepresented matters in connection with the native leases. It was proposed by Otto that a loan of between £3000 and £4000 should be raised on the hotel to finance Mason's Gardens, but ■when this was not poseible, Cooper cold ihis motor car. Mr. Gatenby eaid that it was bankrupt's interest in Mason's Garden* that he was to protect. It was estimated to be worth £20,000. Bankrupt regarded the native leases as a bad 'bargain. He had made it clear to bankrupt that all he had to show for his Wellington and Palmerston properties was what he had under the agreement of contract in respect of these leases. The meeting was adjourned to enaWe the Official Assignee to investigate the papers in connection with the various | deale entered into by bankrupt.