DEALINGS IN LAND.

New Zealand Herald, Volume LXV, Issue 19976, 19 June 1928, Page 12

DEALINGS IN LAND.

'dull times cause loss. bankrupt' without assets. SYMPATHY OF THE CREDITORS. "I do not quite sec (lie object in forcing 'his man throng!) bankruptcy," said the official assignee, Air.'G. N. Morris, at a meeting of creditors of Thomas Darby, of Auckland, yesterday. The general tone of the meeting was sympathetic toward bankrupt, and a motion was passed suggesting that discharge should be facilitated. Bankrupt's schedule showed lie owed £sl to unsecured creditor',, and £1265 to secured creditors. The value of securities was placed at £1265 and, as he had no assets, there was a deficiency of £sl. In his statement, bankrupt said he was the owner of various properties up to about seven years ago. At that time lie owed no money except that secured by mortgages against various properties. In his opinion, t lie security adequately covered the mortgages. The reason for his seeking the protection of the Court was that he had been sued on a mortgage raised on a property some 11 years ago. lie had disposed of the property seven years ago. The purchaser apparently had not met his obligations under the mortgage and, although in his opinion there was ample security, he had been sued for the principal sum. Having no assets he had no alternative but to file. "Had the slump not come in New Zealand," bankrupt said, "I have no doubt 1 would have realised to considerable advantage on the properties. Owing to the slump I was compelled to lose all my interest in them." In answer to questions, bankrupt said he had been in ill-health for some time, and had not done any work. His wife had money from an estate. He had had an interest in a quarry, but had transferred it to his brothers three years ago. A company was formed and he had 110 interest in it. "1 was honest to my creditors," he added, "and not one of them mistrusted me. I told them I had not got a 'copper.' " The Assignee: Have you any profession or business '!■ Bankrupt: A land speculator. I bought and sold, and lost money. "We know perfectly well that Mr. Darby is only one ot many who have had vicissitudes in land dealing," said a creditor. "We have all experienced them more or less. Personally, I am prepared to waive any demand. I know if at any time Mr. Darby were in a position to pay his liabilities, he would do so. I move that his discharge be facilitated." Mr. Adams, on behalf of the secured creditor, objected, but. was prevented from exercising a vote by the assignee, who said Mr. Adams proxy was not in order. The motion was carried.