IN BANKRUPTCY.

Press, Volume LXVI, Issue 20086, 15 November 1930, Page 11

IN BANKRUPTCY.

estate of h. and e. BUTLER. meeting of creditors. LIKE PBBBS Special Service.] AUCKLAND, November 14. A deficiency of £2999 was shown in the estate of Harry Francis Butler, :etired, of Rerauera, who, with his wife, -Ethel Harriet Isobel Marion Butler, met his creditors to-day before the Official Assignee, Mr A. W. \Vatters. Mrs Butler's affairs showed that the claims of unsecured creditors were £l5O lis 6d, and the total debts £2049. The claiti.s of unsecured creditors against Sutler's estate amounted to £3041 10s yd, and those of secured creditors to £4648, the value of securities being estimated at £4650. Mr HoUow.-iy appeared for both bankrupts. Bankrupt stated that in 191S his father, a retired colonel of the Imperial Army, died and left him a considerable sum of money, sufficient to enable him to live on his means. He was permanently settled in New Zealand .xt this time, living at Marton. tie received inonev from his father's estate by progress payments, and invested the major part of them in New Zealand. One security in his father's estate was a mortgage on farming land in New Zealand far £BSOO, and lie took this over in part payment of h'is share. With further funds he bought a warehouse known as the Quay Bond Store, in Auckland, for 614,800, paying £4OOO in cash and leaving the balance on mortgage. The remainder of the money from his fnthor'n was f<->r t'no most part invested in farms or mortgages in New Zealand. *A considerable sum out of the money he received was misappropriated by an agent who was managing his affairs. He also lost a considerable amount during; the post-war slump _in connexion with two farm securities. Further, owing to adverse trade conditions in connexion with the running of the Quay Bond Store (in which he ivas merely the "sleeping" owner), he got into arrears with interest on .the mortgage and ultimately the mortgagee realised his security and bought in the property for £9500 After detailing further business transactions, the statement added that a 6uru of £SOO per annum had been settled "on his wife in order to support the family and educate the children. Replying to Mr Johnson, bankrupt said his father left him £31.000. Mr Spedding, one of the principal creditors, mov>;d that Butler's discharge be facilitated and this was carried. The Assignee remarked that Mrs Butler's discharge was not likelv to he opposed, provided her husband's was granted. It seemed fairly clear that neither of the bankrupts had incurred liabilities since their insolvency became apparent. *