IN BANKRUPTCY.

Manawatu Standard, Volume XLI, Issue 9224, 28 May 1910, Page 7

IN BANKRUPTCY.

A meeting of creditors in the estate of Guy H. Kingdon, Otaki, farmer, was held at the D.O.A.'s office yesterday, Mr G. J. Scott presiding. There were only three creditors preeent, and the meeting terminated without passing any resolutions. The following written statement was submitted by debtor: —l have been for some time carrying on business at Otaki as a sheep-farmer on the property known as Waimanu. The Kingdon Trust, of which I am a trustee and out of which I am entitled to a third share thereof at the death of my mother, held certain mortgage securities. As these fell due my cotrustee and I purchased certain city properties in Wellington, and for the purpose of raising sufficient money we borrowed part of the purchase money. The "Eagles," one of the properties, was a boarding house in Courtenay Place, upon which is a firet mortgage of £3000, and a second mortgage of £1000. This latter mortgage subsequently became vested in Mr Acheson Gray, and we were unable either to redeem or renew it upon maturity, the income of the estate not being sufficient to keep down expenses. The first mortgagee sold under the conduct of the Registrar, and bought the property in. I was personally liable for the covenant to pay £100, and it is in respect to the non-payment of this sum that I have, been adjudicated bankrupt. I am unable to giv.e particulars with regard, to the dealings in the Trust as the business thereof was conducted by my co-trustee. He 16 absent from New Zealand, and I cannot find his books. I fear that without assistance the. other properties purchased by the Trust may fall into the hands of the mortgagees. I would now be solvent but for having made myself personally liable on the covenants in the mortgages in respect of the Trust properties, coupled with the fact that it is now very difficult to realise upon town properties. Dal-: gety and Co. held a mortgage over my stock, and at the end of January last they seized it and advertised it for sale. My wife purchasedvthe stock from Messrs'Dalgety and Co., and her solicitors called upon me to execute a lease in her favour. The farming business is now carried on >by her, and the furniture is also hers.

There were no creditors present at the meeting called in the eetate of 0. N. Carter, and it lapsed. Debtor submitted the following statement:—ln 1906 my wife was laid up for one year and six i months with rheumatic fever, and I at the same time was laid up with a broken "collarbone. Shortly after my boy of twelve years of age was laid xip for seven months. In 1907 I shifted to Levin for the benefit of my wife's health, but could not get much work. I was unemployed for the most of the winter when my wife was ill. When I got notice to leave the house I was living in I got work at a sawmill, and took my family there. In two months' time the mill stopped for want of water. Before I got started again the mill was burnt down. I then got a few months' work at six shillings a day in fine weather, out of which was deducted a rental of 7s per week. Had borrowed £5 to bring my,family back to Shannon, and got work a month after my return at driving an engine in a flaxmill, but had to board there, and keep my family at Shannon. A month or two ago I went home on account of an attack of pleurisy. A fortnight ago I got notice to leave, the house I was living in. I have had to shift to Palmerston, and am a man of 60 years of age with three children and a wife to keep, and am unable t.o compete* with younger men.