SYMPATHETIC CREDITORS

Otago Daily Times, Issue 22053, 8 September 1933, Page 6

SYMPATHETIC CREDITORS

BANKRUPT ESTATE AGENT FALL IN LAND VALUES. (Per United Press Association.) AUCKLAND; September 7. Debts totalling £4281 18s were revealed at a meeting of the creditors of William Henry Madill, a land agent, to-day. The creditors agreed to facilitate the discharge of the bankrupt, who attributed his position to the eerious fall in land values. Previously he had met the outgoings on his own properties from his profits in business, but his business had fallen to practically nothing. His .life insurance policies and other liquid assets had been realised in an endeavour to preserve the assets, but the continued slump had prevented recovery. He regretted that he was unable to make an offer to his creditors. After the bankrupt had been questioned at length by the Official Assignee, one creditor said it appeared to be one of those unfortunate cases in which a man had bought land, and the land had no value to-day. It was an encumbrance. It was unanimously decided to facilitate the discharge, and the bankrupt remarked: "It is very nice to have your sympathy at this period."