IN BANKRUPTCY.

Press, Volume LVIII, Issue 17401, 11 March 1922, Page 3

IN BANKRUPTCY.

—« LAND SALESMAN'S FAILURE. A meeting of creditors in the bankrupt estate of Sydney Harold Cummins Christchurch, land salesman, was held yesterday, tho Official Assignee, Mi A. W. Witters, presiding. Debtor was not represented by counsel. Mr T. W. Howe appeared for L. W. Balkind. , , The unsecured debts were set down at £lB4 9s. The only secured creditor was L W. Balkind, financial agent, £59 15s, the security being furniture, the estimated value of which was £IOO. (I'iie sui(p!.us from the security was £4l 6s, leaving a deficiency of £143 4s. The principal unsecured creditors were L. M. Duviea, Papanui road, grocer, £25; J. Ballantyne and Co., Ohristchurch, drapers; £l4 5 Strange and Co., drapers, Christchurch, £26; A. W. Grimmer, Christchurch, butcher. £10; McCormack and Pugh, Ohnstchurah, picture dealers, £l7 10 s; D. Stock, christchurch, land ugent, £7® 12s. A Security over goods and chattels was given to Stock, but debtor was advised that, as it was for past services, it was void as against the Official Assignee. The bankrupt, in his sworn statement, said that for the past two years he had been employed by D. Stock as a land salesman. During that time his weekly earnings had not averaged more than £5. He left Mr Stock's employ early in December, 1921, ana since that time had only been casually employed. He had not earned £lO since ne left Mr. Stock's eniploy. He attributed his failure to th«s fact that he was employed on a commission basis and the slump in the property market made his earnings veiy- small for the past twelve months. He was a married man with two children. He had no interest in any property other than that shown in his statement, and could make no offer to his creditors. The Offioial Assignee said that Mr Balkind's security was good, as it had been given in respect of money lent .at the time and not-for paefc services. The opinion of Crown ' Solicitor •would be sought to ascertain whether Mr Stock's security was good., Mr Rowe said that he was inolined to think that Mr Stock's security Was void. • , , • The meeting waa adjourned sine die. the Official Assignee to obtain legal opinion as to the validity of Mr Stock's security.