AN AUCKLAND BANKRUPTCY.

Dominion, Volume 2, Issue 492, 27 April 1909, Page 11

AN AUCKLAND BANKRUPTCY.

A BTJSH CONTIUCTOR'S AFFAIRS. : (bi TELEOiiii'ii—rnEss, »ssoCi\Tio:;.): ' Auckland, April 25. W. J.. Stokes, bush 'contractor,. of /, Kara Karo, near Auckland, - bankrupt',- lias sworn his liabilities at £17,895.. _Thero are: 81.unsecured creditors for £8395, and two secured creditors i for £9500. Securities to the. 'latter are estimated; at £11,191, the surplus (£4694), i with stock ; of timber, book debts, and bthor property, -."bringing the total, assets to £6877; leaving ;• a gross . deficiency of,;' £1518.... The principal. unsecured ; creditors arc: National Bank of Now, Zealand, Auckland, £27-13; 11. C. Downer, Helensviilo, £1806 /. tfeo. Frriser ; and ' Sons, Auckland, £513; and the following ' Auckland merchants : J. Burns and Co., Ltd., £466; Wingate and Co., Ltd., £391; Heather Roberton and' Go., £256; . John Chambers fand Son, Ltd.-,.- £177.. Mr.- B. . C. i Beale,'. solicitor, figures. as- an unsecured 1 creditor for ' £450, : and there arc a large number of wages claims. Bankrupt's sworn , statement set forth that a' year ago ho'aiid E.' 1 C. Bealo, Walter Dyer, and Robert Downer,; and Annib. Slator, entered- a partnership known, as the Kare , l£are Timber Company. / The fljusineSs. was t .under-capitalised, /and;,in three' .months the", firm. was;"brought" tt> financial- ruin. An attempt to . form ; a", syndicatei.to' take over the business,, which,, for. convenience,, was ,as- ■ .signed to : ; bankrupt, bailed. .-Then,'the original : vendors began .to rescind' their';. agree-. . ments,'. and. .terminiitej their: leases,' .and thus destroy iassetsl. " . : Bankrupt , .'.concludes : "MyVpriva'te property; and. that of, my'wjfo, amounting to over £4000, is gone; my hard- . earnings for 40.years arc gone; and;!'am : a 'ruined man.".': Tho secured. creditors are i- Jas. Moore'-and Sons, •.Melbourne,' ; -£7500;: . aiid Thos.-Ussber, 1 land"'agent, Auckland, ' £2001). ' .Tlio .first meeting of creditors. ;is , fixed for Tuesday. '. \