LOST ON CAR DEALS.

Auckland Star, Volume LIX, Issue 198, 23 August 1928, Page 8

LOST ON CAR DEALS.

AUCKLAND TRADER'S FAILURE. A meeting of creditors of Bert Arthur Mayhill, formerly trading as a motor car dealer at 8, Lower Albert Street, was held to-day before the Official Assignee (Mr. G. N. Morris). There was no quorum.

Claims of unsecured creditors amounted to £281 13/, and those of secured creditors to £896, whilst the value of securities was estimated at £1150. Total debts were returned at £281 13/, and assets at £354, leaving a nominal surplus of £72 7/. Debtor said he filed firstly because he took over a Raetihi property on which the mortgage had been called up. He offered his equity of £400, but the mortgagees would not take over. The tenants had fallen into arrears, and he had not been able to pay interest and rates. He had also lost money on two car deals. In one he endorsed bills for a man for money borrowed on a car, which proved to be over-valued. He sold another car for £45, but the buyer had defaulted to the amount of £18 15/. The case was left in the hands of the Official Assignee.