FINANCED HIS WIFE

Auckland Star, Volume LXI, Issue 110, 12 May 1930, Page 9

FINANCED HIS WIFE

STATEMENT IN BANKRUPTCY.

AGRICULTURAL INSPECTOR

INVOLVED.

MONEY LOST IN FLATS. (By Telegraph.—Own Correspondent.) HAMILTON, this day. Attributing his failure to the refusal of the mortgagee to compromise over a debt incurred by his wife ■on property in Auckland, Charles Edward Stevenson, agricultural inspector, of Hamilton, to-day stated his case before the Official Assignee, Mr. V. R. Crowhurst. .In his written statement bankrupt said he had been an inspector of agriculture for 20 years. His wife purchased a property in the suburbs of Auckland and converted it into flats. Bankrupt financed the venture. He had not lived with his wife for eight years, bankrupt said, but he had always maintained her and assisted her financially' whenever necessary. During the past four years he had paid her £0 per week, including payments in respect of interest on other moneys. He had a financial interest of about £400 in the property, which was subject to a first mortgage of £1300 and a second one of £800.

Bankrupt said he got into the present position owing to his wife's default in her paynfents under the mortgages and to her being unable to fulfil the guarantee which he personally gave to save her from bankruptcy. His present net salary, apart from superannuation, was £454. He owned shares in the Manaia Building Society valued at £475, on which there was a liability of £300, also property at New Plymouth valued at £1400, on which there was a liability of £730.

After negotiations between the solicitors for the bankrupt and the petitioning creditor (Dr. E. S: Stevenson, of Auckland), the latter agreed to the annulment of the bankruptcy on bankrupt agreeing to pay him £200 cash and to give a second mortgage for £150 over the New Plymouth property.