MUST TRY TO PAY DEBTS.

Auckland Star, Volume LVI, Issue 199, 24 August 1925, Page 5

MUST TRY TO PAY DEBTS.

ADVICE TO A BANKRUPT. YOUXG HENDERSON FARMER. A young farmer, of Henderson. Neville Jas." Alexander Wiseman (Mr. Bryce Hart), who said to-day that lie could not pay anything off the debts in his bankrupt estate, was told by the Official Assignee I.Mr. \V. S. Fisher) that he had better rouse himself and do more than merely "maintain himself. Bankrupt had liabilities of £4.33 10/ to unsecured creditors and there were not assets. Though he wils married, he said that his wife was away in England and lie had little more to do than maintain himself. In a written statement, bankrupt said he bought a farm at Henderson Valley for £1:500 and took over a mortgage of £.100. which was oji the property. He put £SOO of his own money into the farm. After a feu months' farming he could see that he was going back and so effected nit ewhangr , for an orchard property close to the farm at Henderson, which the owner represented would produce £350 for the next season. Tt did not produce more than £.10. There is no bouse on this property and bankrupt commenced building one. and. failing to arrange a mortgage on it. he had to contract debts to jiet it completed. Most of these debts were "till owing. Bankrupt had tried to sell the property but had failed, owing to the slump: and th<; third mortgagee sold it. causing the loss of all the money he had put into it. Since then he had tried to retrieve his position but had not been able to do so. Examined. Ijankrupt said he had no training for any particular calling. After finishing up witli the farm about the middle of 1021. he started driving on wages nd commission for one of his rreditors. He had nothing whatever when he left the farm and he drove a taxi until the end of 1022, when he obtained work as a motor car salesman for an Auckland firm. The bulk of the liabilities in th<- estate were incurred in 1021. Bankrupt said he was a married man with one child, and was unable to make any offer to his creditors. Mr. Hart explained that Wiseman went to the war at the age of 10 and was married in Enela-nd at 20, which, he suggested, was a rather young age. and had made things difficult for the bankrupt. As there were only two creditors present no resolution could be passed, and the meeting ended with a remark by the Official Assignee that the bankrupt had better rouse himself.