GENERAL TELEGRAMS
UNUSUAL BANKRUPTCY VALUER-GENERAL’S ACTION. RESOLUTION O'F DISAPPROVAL. PER PRESS ASSOCIATIONHAMILTON, March 17. At a meeting of creditors in the bankrupt estate of James Smithy farm-, er, of Ngaroto, the 'Deputy-Official Assignee stated that the case was quite unique, ill that the unsecured creditors’ claims amounted to £lol and the amount bankrupt was to receive from the * dairy company this month was £260. \ Questioned, bankrupt stated that be had filed entirely against the advice of. his solicitor and banker. He had interviewed the Valuer-General, who, after going into figures submitted and obtaining information of the present valuation of the farm, advised him to file and bring matters to a head. The Deputy-Official Assignee said that certainly the. farm was the subject of heavy mortgages, but mortgagers were quite adverse to Smith filing. The creditors strongly condemned the action alleged to have been taken by the Valuer-General, and passed a resolution expressing strong disapproval of his action, seeing there was available over 50a in the £1 to pay unsecured creditors. They were also satisfied that this year’s results from the farm would show a Burplus of £350 after payment of interest.
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Bibliographic details
New Zealand Times, Volume XLIX, Issue 11162, 18 March 1922, Page 11
Word Count
191GENERAL TELEGRAMS New Zealand Times, Volume XLIX, Issue 11162, 18 March 1922, Page 11
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