CHINESE BANKRUPTCY.

Auckland Star, Volume LXI, Issue 53, 4 March 1930, Page 9

CHINESE BANKRUPTCY.

due to bad seasons.

CREDITORS SYMPATHETIC.

A meeting of creditors in the estate of two Chinese gardeners, Lim Chin Sam ana Ling Ming (Mr. Tong) was held today. Mr. A. W. Watters, Official Assignee in Bankruptcy, presided. The proceedings occupied some time, as an interpreter was necessary. The two bankrupts had been in partnership with two other Chinese in a garden at Western Springs. Two of the partners returned to China. One took out £47 and the other was bought out for £200. The remaining two sold out the garden at Western Springs and leased an area of 75 acres at Bombay. They owed nothing when they left the Western Springs property and had £352 capital. They borrowed-. additional capital, the owner of the land advancing £161 10/. 'The bankrupts later gave a bill of sale for £200 over the crops, and also a motor truck, which had since been seized. A creditor stated that the truck should have realised enough to pay off I the bill of sale. Bankrupts said it cost £496 and was_ in good order. Mr. Watters said liabilities totalled £1745 7/4, of which £1544 7/4 was unsecured." It was doubtful if there weie any asrets. A creditor said the bankrupts had suffered from- two bad seasons. Instead Gf getting £800 to £900 from an area of peas, they only got about £200, a large part of the crop being spoiled by heavy rains.

Mr. "VTatters said it seemed to be a case of misfortune, . and it was "worth noting that the two largest creditors were sympathetic toward the bankrupts. The meeting was adjourned to enable further inquiries to be made regarding the bill of sale, and what was likely to be realised from the crops still growing.