BANKRUPT DISAPPEARS.

Auckland Star, Volume LVI, Issue 66, 19 March 1925, Page 8

BANKRUPT DISAPPEARS.

CANNOT GET HIM BACK. DEBTS AMOUNT TO £1750. LATE AUCKLAND LAND AGENT. When Arthur Leopold Raven, land agent, of Auckland, disappeared about eight months ago, he left an accumulation of £17">0 owing to proved creditors. A list of the claims was submitted by the Official Assignee (Mr. \Y. 8. Fisher) to-day to a meeting of creditors in the bankrupt estate. Mr. Fisher said that the amount of £1750 all appeared to him to come within the provisions of the Land Agents Act, entitling the creditors to payment under a fidelity bond. A letter from the Under-Secretary of Internal Affairs stated that Raven was adjudicated a bankrupt on February -7 by Mr. Justice Reed, on the petition of Mr. A. H. Paul. The question -arose as to the distribution of £500 of bond money. The Official Assignee was requested by the Under-Secretary to investigate tlic bankrupt's affairs and furnish a report upon the moneys owing by bankrupt ir his capacity as a land agent. The costs of the bankruptcy proceedings, it was stated, would be met out of the bond money if no other assets existed. Mr- Fisher gave particulars of the investigation that had been made. A Creditor: Where is the bankrupt? Is there, any chance of getting him here? Mr. Fisher: I don't know where he is. It would probably take a large part of the £500 to get him back. Bankrupt's Property Interests. Details of bankrupt's interests in property around Auckland were given in a statement by the solicitor who had acted for him for somo years while in business here. ; One-twelfth interest was held by bankrupt in Grand Vue Estate, Milford, consisting of 20 sections. All had been sold but the final sale of seven sections was made after Raven's disappearance and required confirmation. The balances of purchase money totalled £2447, and the property was subject to two mortgages totalling £1150. In addition, expenses amounting to about £115 remained to be paid. The excess of assets was £11S1. Bankrupt's share would amouut to approximately £09. A motion was passed by the meeting authorising the Official Assignee to confirm the sale of the residue of the sections in the Grand Vue Estate. Bankrupt further held one-tenth interest in Campbell's Beach Estate, valued at approximately £350. This property ■was described as consisting mainly of unsold and unproductive land at* the back of Campbell's Bay, difficult tc realise. The creditors "authorised the Official Assignee to dispose of bankrupt's in this property. Very little furniture had been owned by bankrupt for some time, and after his disappearance the furniture in hi? house was eventually sold for £42. All Raven's books were found in hir office and his solicitor promised that these would be delivered to the Official Assignee. No bankbook was found, but it was known that bankrupt had operated solely on his trust account and had drawn his personal expenses from it The solicitor remarked that the books bad been "faked" all through to sret a fictitious balance, and some cheque "tratts that had been found were blank. The Official Assignee was instructed to employ an accountant to examine bankrupt's books, after which legal advice could be obtained on the question of the various claims.