BANKRUPTCY

Grey River Argus, 22 October 1930, Page 5

BANKRUPTCY

Of City Registrar (Per Press Association.) WELLINGTON. Octobt r 21. A meet*ng of creditors of William . Walters Simsoji, Registrar, , Welling ton,, xvas held to-day. The- statement of accounts showed' £1745/2/- owing to unsecured credit- 1 ors, £BO3B/17/3 to secured creditors, loss the estimated value securities 1 £8450. Surplus to contra £412/2/9. Total debts: £9782/19/:’.; total assets ; £.8450. deficiency £1332/19/3. The unisecured creditors were Tobacconists i 'Ltd., care of the Official Assignee, £1745/2/-. I In a. sworn statement, bankrupt • said that in 1917, being in Very ind:t' ; ferent health, he seriously contem- ■ pllateiil resigning ffrom the nerxicP. and going on the land. Ko purchaser! a farm at Onga.roto (Wai- ; [kato) from T. Sheen for £8673. payt inir at the rate of £lO/10/- per acre. 1 ! £2523 was paid as deposit. A fn-sr ♦ mortgage for £3500 was taken over. ,bv the bankrupt. The balance £2650. remained as mortgage to She n. As he improved in hcaltlk ho decide' to tTqtain his position, and engage •* a. i manager to work the farm. He ha.l a number of managers, but >Uhe farm did not pay. It xvas an expense, and he had to find money every year ro Tnako up the deficiency on the operaions. If tho mortgagees had been reasonable, and assisted h,'m to p:t tho sale of the farm through, his fmancial position, would have been assur

ed. In reply to questions*, he sai / that the had only one dependent. He drew a Little over £l2 a xveek, and xvoul l offer the creditors £2 a xveek. After 1 some discussion a A s to the position of I the mortgagees the Official Assignee said ho would have to consider whether it would not- be his duty io raise ' the question under Section 62, in respect to tho amount of the offer made. | The meeting w’a-; U' joiiriicd sine du-.