HOOLEY'S SON BANKRUPT.

New Zealand Herald, Volume XLVIII, Issue 14819, 24 October 1911, Page 9

HOOLEY'S SON BANKRUPT.

HEAVY LIABILITIES

. [FROM OUR OWN CORRESPONDENT..] London, September 15. Tkkak Franklin HOOLEY, son of Ernest Tenth Hooky, the well known financier, is now in the Bankruptcy Court. Proofs of debt total some £68,000, and the case will be a heavy and complicated one. The debtor, who is juet 29 years of age, is described as a farmer, of Papwoith Everard anil Dry Drayton, Cambridge:. The statement of affairs lodged by the debtor showed liabilities £122,533, of which £17,666 were returned as expected to rank against the estate, and estimated the net assets at £8826. In his deficiency account the debtor returned a loss of £15,991 in respect to liabilities incurred in connection with the purchase and sale of estates and other dealings of his father, Mr. E. T. Hooley. Tho official receiver reports that the debtor attributes his failure to lending money to hi* father and signing accommodation bilk at his request. He began cattle-deal-ing about eight years ago with £400 received from his mother. Pour years later he began farming at Dry Drayton, with a capital of £1000, part of which consisted of stock and implements. In addition he has from time to time received capital in various forms from his mother; but the exact amount cannot be stated. Sometimes with his knowledge and sometimes without (although he afterwards tacitly or otherwise confirmed), he has been concerned with his father in land purchases and sake for the lasi two years. Ho declares it was only six months ago he knew he Mas held liable fur moneys, damages, and costs in connection with several of these ventures, for which he has received no consideration whatever, and in some instances lie has repudiated liability.