SURPLUS OF ASSETS

Evening Post, Volume CXII, Issue 117, 13 November 1926, Page 8

SURPLUS OF ASSETS

BANKRUPT'S" STATEMENT,

(By Telegraph.)

(Special to "The Evening Post.")

AUCKLAND, 12th November.

The schedule of Frederick Nelson, a bankrupt commission agent, this morning showed debts at' £4957, and aasets at £6805, with an estimated surplus of £1848. In a statement, he said that for some years prior to June, 191j?, he had a 'farm of 153J acres at Tlorsham Downs, near Hamilton, which he sold on £100 deposit and took a third mortgage of £2680. He then went to Christchurch to a position of salesman. When the 1922 slump came, the owners abandoned the farm, and he had to resume possession, but had no capital. He considered the farm was a good one, if a man had the money to work it properly. He bought the farm four years ago at £37 10s per acre.

A creditor: "It is doubtful if it would realise that under a forced sale." Bankrupt: "She will float now; a new third mortgagee says he will forego the interest for this year so long as she floats.".

A creditor said that a house purchased in Christchurch in 1922 was still owned by Nelson, but had tho borer.

Bankrupt: "I have titivated it all up and it will go woll."

The Assignee decided to have the farm valued and hold a further meeting at Hamilton.