BANKRUPTCY CASES.

New Zealand Herald, Volume LXIV, Issue 19779, 28 October 1927, Page 14

BANKRUPTCY CASES.

NETHERTON FARMER FAILS. FLOODS AND MORTGAGES. [BY TELEGRAPH. OWN CORRESPONDENT. 3 PAEROA, Thursday. A meeting of creditors in the bankrupt estate of J. H. Carter, farmer, of Netherton, was held at Paeroa to-day.

The schedule showed that the total debts were £18,604, against which the estimated value of assets was £13,459, leaving a deficiency of £5225. The amount owing to secured creditors was £14,867, and to unsecured creditors £3816. The value of unencumbered assets was estimated at £369 3s.

Bankrupt attributed his failure to the constant flooding of his farm at Awaiti, and to loss of stock. He claimed that had he been allowed to carry on for another two years he would have been able (o pay in full. He said he was forced to file because the first mortgagees. on two of his properties had given notice of intention to exercise their right to sell the_ properties. A resolution was passed requesting the official assignee to sell the assets as soon as possible." Creditors said bankrupt had no possible chance of making good when he was struggling under such heavy liabilities. No further resolution was passed. CREDITORS DISSATISFIED. "GRAVITY NOT REALISED." [BY TELEGRAPH. OWN CORRESPONDENT. 0 CHKISTCHURCH, Thursday. Dissatisfied with a statement of his financial affairs, a meeting of creditors of Edwin Walter Dann, engineer, of Spreydon, to-day resolved that ne should face a public examination of his financial position in the Supreme Court. "The way the bankrupt has carried on seems to "indicate a total lack of responsibility on his part," said the official assignee, Sir. A. W. Watters.

The total debts due to unsecured creditors were £3OO, and the assets were valued at about £2O. The §rst meeting was held on June 24, and was adjourned in order to give bankrupt a chance to produce • receipts showing his expenditure. Mr. Watters read bankrupt's statement, which he described as merely an estimate and not very reliable. It showed that bankrupt had not kept proper books and had no knowledge of book-keeping, and that a good deal of the money had not passed through the bank. The amount of expenditure over receipts from August, 1923, to May, 1927, was £7lB. A Creditor: He does not seem to realise the gravity of the position. Mr. Watters: That seems to be the case. He must have known his position. He does not seem to have had a proper sense of his responsibilities. BATTERY SERVICE VENTURE. FULLER STATEMENT DEMANDED. [BY TEI.EO RATH. —PRESS ASSOCIATION.] WELLINGTON, Thursday A meeting of creditors of Roy Hamilton Bellow, battery service proprietor, was held to day. Debts were shown as £392 16s lid and assets as £285. Bankrupt's statement was to the effect that he started with a capital of £SO, building, charging, and repairing batteries. He attributed his position to a falling away in the motor trade, keen competition, and th« fact that he took a contract to supply 12 to 20 batteries a month to a Christchurch firm at a price he found left no margin. Had ho been wiser he would have filed three months ago, but he took over a new agency in the hope that by this means he would put himself in a sound position again. Tho creditors, however, showed dissatis faction with the books kept, and it was decided that Bellow should complete his books and draw up a statement showing his financial position, and also give particulars of the accounts he owed prior to commencing business on his own account.