EFFECT OF PRICE FALL
STOCK PURCHASE FAILURE
A meeting of creditors in the bankrupt estate of William Henri Frederick Valery J^an Androehe de-la-Tour d'Auvergne-d' Abrantes, of Wellington, man servant, was held yesterday at the office of the Official Assignee (Mr. S. Tansley). Mr. E. C. Wiren appeared for the bankrupt.
The statement of accounts showed:— Amount owing to unsecured creditors, £145 12s 3d; secured creditors, £830; less estimated value of securities, £350; surplus to contra, £480; total debts, £625 12s 3d; assets, nil. The principal creditors were:—Secured: Wright, Stephenson, and Co., Ltd., stock agents, £830; estimated value of security, i £350. Unsecured: Mrs. M. J. McEveady, [Taneatua, Bay of Plenty, £116. I In his sworn statement bankrupt said that in 1929 he arranged with friends in the Bay of Plenty for them to graze certain Jersey pedigree stock which he intended to buy. He purchased stock in that year; also more stock in the following year. Bankrupt made certain monthly payments, .mt ,was not able to make the payments in full. Owing to loss of stock and fall' in prices, he found it difficult to meet his monthly payments, and various arrangements were made from time to time. He offered to return the stock, if he' was released from the purchase, but the offer was refused. His debts, apart from the price of the stock, were small. He was a single man, and his pay was £9 13s 7d a month. He attributed his bankruptcy (1) to purchasing the stock at peak prices; (2) to losses of stock from death; (3) to refusal of transfer of pedigree certificates; and (4) to the ruling economic conditions which had greatly depreciated the value of pedigree' stock.
In reply to questions^ bankrupt said he could not make any offer to his creditors.
The Official Assignee remarked that in his opinion bankrupt's financial position did not warrant him going iato tho stock purchase speculation. He ought to pay from his wages something off his debts. Mr. Wiren said he would go into the question with bankrupt,as to whether the suggestion of the Official Assignee could be carried 'out. . ;
The meeting was adjourned sine die.
EFFECT OF PRICE FALL
Evening Post, Volume CXVIII, Issue 78, 29 September 1934, Page 15
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