MILLIONAIRESS' DEBTS.

New Zealand Herald, Volume LXVII, Issue 20668, 13 September 1930, Page 2 (Supplement)

MILLIONAIRESS' DEBTS.

WOMAN BECOMES BANKRUPT.

HOUSE BOUGHT FOR £IOO,OOO.

TOTAL OF £300,000 INVOLVED.

Creditors of a woman who, about 17 years ago, inherited more than £1,000,000 —tho bulk of her father's fortune—mot at tho offices of tho Official Receiver in London last month.

The debtor is Miss Susan Dora Cecilia Schintz, who in recent years has resided at Ottorshaw Park, which has been described as the " wonder house," near Chcrtsey, Surrey. Iler father was Mr. Hans Gaspard Schintz, a Swiss, known as the " Nitrate King." ',lt was stated in tho course of tho proceedings that Miss Schintz had "involved herself to Ihe extent of £300,000."' Tho Official Receiver, Mr. T. Gourlay, after dealing with proofs of tho debt, said that Miss Schintz filed her own petition, and consented to an adjudication in bankruptcy. She was at that time being pressed by tho bank for a debt of about £2400 which sho wus unable to meet, At present sho was very ill and not able to givo any satisfactory explanation of her affairs.

Mr. Gourlay said it appeared that Mr. Hans Gaspard Schintz died in 1913, leaving a vory largo fortune, and Miss Schintz bccamo possessed of over a million sterling. Sho owned a large estate at Kenilworlh, and in 1913 purchased a house property known as Ottershaw Park for £IOO.OOO, in addition to which sho paid £25,000 for fixtures and fittings. It was said that Ottershaw Park had cost a great deal more to build and that Miss Schintz got it as a bargain. She had been u great deal mixed up in lawsuits, ni'ging hor trustees to find money to invest in shares of a tyre company. In fact, largo blocks of securities had been roalisod for tho purchase of such shares. Mr. Gourlay added that Miss Schintz had been associated with a man who was acting as agent for tho management of three rubber companies. Tho sum of £90,000 had been secured for the purchase of shares of theso companies. There had been a groat variety of transactions, involving vory largo sums, between Miss Schintz and the agent sinco 1920. There had been payments to him or his companies, apart from debentures, amounting to £144,000, in addition to the £90,000 already mentioned. Altogether about £234,000 hud found its way to tho agent or his companies. , It was added by Mr. Gourlay that Miss Schintz had also made herself liable for a number of debts of the agent or his companies, and thero were a. number of guarantees outstanding. Tho figure given to him was £40,000. Miss Schintz, added Mr. Gourlay, had involved hersolf altogether to tho extent of £300,000. Thoy did not know that the wholo of tho liabilities was estimated even now, but thoy had been told that the companies had never paid any dividends. He could not say anything definite about that. The only free assets were tho household furniture, valued at £7500, motor-cars at £2OO, and jewellery £7O. There was also a Rolls-Royce car which, ho believed, belonged to Miss Schintz. ' Tho unsecured liabilities were about £17,500, including a claim for super-tax of £BOOO.