FAILURE AT NGARUAWAHIA

New Zealand Herald, Volume LXII, Issue 19144, 9 October 1925, Page 12

FAILURE AT NGARUAWAHIA

NOMINAL SURPLUS SHOWN. [BY TELEGRAPH. —OWN CORRESPONDENT. ] HAMILTON. Thursday. The issue of a distress warrant was stated to be responsible for his failure by James Mclndoe, farmer, of Ngaruawahia. who has filed a petition in bankruptcy. Bankrupt's statement of accounts shows £399 2s lOd owing to unsecured creditors and £155 19s to secured creditors, less £l4O, the estimated value of securities, making the total debts £415 2s lOd. The assets are set down at £990, consisting of stock in trade £SO, and a second mortgage of £940, leaving a nominal surplus of £574 17s 2d. Bankrupt, in his statement, says he Bold out and has since been doing a little commission agency business, milking a few cows and working sand deposits. He had two properties. One was sold by the mortgagee in 1924, and he had sold the other, over which he had a second mortgage for £940. The majority of the debts ho was at present being pressed for were incurred in improving the latter property. He was now being pressed by Eeveral creditors. Other property consisted of a section at Ngaruawahia valued at £l4O, and mortgages for that amount. He had offered to accept £540 in settle tnent of his mortgage of £940 in order to pay his creditors, but without success.