DEFICIT OF £7152

New Zealand Herald, Volume LXXV, Issue 23117, 16 August 1938, Page 12

DEFICIT OF £7152

BANKBEPT LAND AGENT NOW WORKING FOR WIFE CREDITORS REQUEST INQUIRY [by telegraph—riu:ss association] MARTON, Monday A meeting of creditors to-dav carried resolutions seeking a magisterial inquiry into the ' affairs of Robert Wakefiold Harris, land agent, of Marton, who was adjudged bankrupt on August 3. The excess of liabilities over assets is £7152. Debts to unsecured creditors amount to £8213. The meeting decided that bankrupt and' his wife or any other person as provided for under the Bankruptcy Act be summoned by the assigneo to bo examined before a magistrate. In bis statement bankrupt attributed his failure to the effect of the depression on farming properties in which he invested moneys and to a decline of tlio estate business. "At thc ( present time my wifo holds a hind agent's licence," he said, "and I am working for her. I regret that I can make no offer to creditors." Cross-examined, bankrupt said ho could not give an accurate statement of his transactions with his wife, as ho had not kept books. A new car recently bought by his wife was not yet paid for. Since the transfer of the licence he had been working for his wife as a salesman for £2 a week. Ho admitted obtaining .credit in the last three years, thinking he would be able to pay the accounts and decrease his debts by commissions on deals. He had kept no books recording his liabilities, but thought ho could provide a fairly accurate statement of his transactions since 1935. He had applied for _ relief under i.bo Mortgagors Rehabilitation Act, but his application as a farmer applicant was disallowed. He considered if relief had been granted to a reasonable extent he could have rehabilitated himself.