STOCK AND CHATTELS SEIZED

Northern Advocate, 21 July 1933, Page 7

STOCK AND CHATTELS SEIZED

FIRST MORTGAGEE FILES. HARDSHIP PLEA PUT FORWARD. Press Association. —Copyright.) CHRISTCHURCH, This Day. A bankrupt fruiterer and storekeeper, Croydon Lee, who met his creditors before the official assignee yesterday, pleaded hardship following upon recent legislation affecting mortgages. He attributed his bankruptcy, he said, to one class of mortgagor being protected and others unprotected. He was a lifst mortgagee over land and had been unable to obtain money due to him under his mortgage before the time when he was required to pay certain money under his own chattels, security to the public trustee, whereupon the public trustee seized his stock and assets, which were his means of livelihood.

If this had not been done, he claimed he could have carried on or realised on his business and obtained more than sufficient to satisfy his creditors. Bankrupt's financial statement showed that the amount owing to unsecured creditors was £233, and to secured creditors £316, the latter holding securities valued at £650, The total assets were shown at £506. It was explained on behalf of the public trustee that bankrupt had been given twelve months in which to meet his liability under the chattels security. He bad been approached many times in an effort to Come to an agreement.