WOMAN BANKRUPT.

New Zealand Herald, Volume LXVIII, Issue 20779, 23 January 1931, Page 14

WOMAN BANKRUPT.

HOUSES AS SPECULATION. MEETING OF CREDITORS. Expenditure ori two houses was investigated at a meeting held yesterday in the bankrupt estate of Mrs. V. E. Mackenzie. The official assignee, Mr. A. W. Watters, presided. According to her schedule bankrupt owed £226.0 to secured creditors and £360 to unsecured creditors. The assets were valued at £3070. Mrs. Mackenzie said she commenced building the two houses as a speculation. At the time it appeared to lie a good Undertaking, but she attributed her failure to the high cost of timber and the impossibility of disposing of the houses. Only one house was completed. Replying to the assignee, bankrupt said she had no assets when she commenced. Her husband had been in the building trade and he had arranged matters. Ati explanation of the mortgages on one of the houses was given by bankrupt's husband. 11 You seem to know more ahout the matter than Mrs. Mackenzie," said the assignee. Replying to the assignee, Mr. Mackenzie said he had become bankrupt three years ago and had not yet applied for a discharge. I he meeting was adjourned.