EXCHANGE DEAL FAILS

Evening Post, Volume CX, Issue 147, 19 December 1930, Page 16

EXCHANGE DEAL FAILS

BANKRUPT LAND AGENT EX-LABOUR FORCED TO FILE

(By Telegraph.—Press Association.) j . C'iIRLSTCIIUItCH, ISth Dec. Starting with £100 and a section live or six years ago, when employed by tli o Christ-church City Council as a labourer at 10s a day, Charles Frederick Pryko ■ undertook speculating in properties, and in three or four years handled about 200 properties profitably. One deal then fell through, and, as a result he mot his creditors to-day. Pryke claimed that if he wero allowed to handle all the properties, subject, to the supervision of the Official Assignee, he could realise equities and raise more than sufficient money to pay all his creditors and annul his bankruptcy. -The creditors agreed to'this course giving tho bankrupt six weeks in which to sell some of the properties and make an offer to his creditors.

The bankrupt's statement showed that lie had an estimated surplus in his estate of £3325 after paying 20s in the £1. The unsecured creditors were shown at £078; the secured creditor totalled £.4205, aud tho estimated value of the securities was £S2SO, leaving 'a surplus of £4003.

The Official Assignee (Mr. J. H. Bobcrtson) said, that tho bankrupt's affairs were rather complicated, but on these figures ho could pay more than 20s in the £1. - .

In his sworn statement the bankrupt said that for five or six years he had bought and sold properties aud built houses, and had done, a good business, making at times about £6 a week over his wages. Tho real cause of his failure was the falling through of an exchange deal. While negotiations were going on, the interest ou a second mortgage had fallen into arrears, and the property was sold, realising £100 less than the mortgage. He was sued for tho balance-and his solicitors, failing to raise the money, had to file on his behalf. .

Under examination'the bankrupt said lie had put through about 200 deals in the last throe or four years, all of them more or less profitable. He had paid £300 in stamp, duty during that time. At £1 for £100. that represented £30,000. Bankrupt still had interests in house properties at Woblsion, Kiccarton, and Sunnier, live sections at Governor's Bay, and a station at Ked Hills, Marlborough. The Assignee suggested that as the bankrupt seemed skilled in property deals ho should be given an opportunity to try to sell some of the properties. The bankrupt agreed tit this course, and the meeting was adjourned.