SETTLER'S BANKRUPTCY.

New Zealand Herald, Volume LV, Issue 16849, 14 May 1918, Page 6

SETTLER'S BANKRUPTCY.

j ESTATE OF CHARLES PHAIR. { The first meeting of creditors in the bankI rupt estate of Charles 0. Phair (Mr. ! Chamberlain), settler, of Taupiri, was to have been held yesterday, but no business j could be transacted on account of there ; being no proved creditors present. BankI rupt's schedule showed that he owed £107 ( to unsecured creditors and £4655 to sel cured creditors. He estimated the value

of the securities held by the secured I creditors at £10,501, leaving a nominal I surplus over the secured debts of £5846. ; Bankrupt estimated his assets at £6032, i this including the nominal surplus of ! £5846, a sum of £125 representing interest i in certain land, company shares, stock and j plant, and a further £60 worth of proj perty. A nominal surplus of £5925. therefore, was shown. In a lengthy statement concerning the various properties he is interested in, I bankrupt said that owing to war condii tions he was unable to dispose of certain j sections at Frankton Junction. A property 1 of 1157 acres at Hoe-o-Tainui North, had , been valued at £3471, while an offer to ! purchase the property had been made j recently by the Government, but at a .' fiirure considerably below the valuation. ■ His private liabilities were small, his . bankruptcy having hern caused by guaranI teeing his wife in connection with another I purchase. Apart from this there would j have been no occasion for him to file. If • an endeavour was made to close the estate j at an early date an injustice would be done j to himself and his creditors, and he urged that reasonable time be given for the | realisation of the assets.

Mr. Chamberlain suggested an adjournment for a short period in order to complete, if possible, the proposed sale to the Government. This was agreed to. and the next meeting will be held on May 24.