UNUSUAL BANKRUPTCY

Patea Mail, Volume XLIX, 3 August 1928, Page 3

UNUSUAL BANKRUPTCY

MEETING LASTS ONE MINUTE

ONE BIG CREDITOR BUT NO

ASSETS;

Bankrupt; no assets; one creditor and a deficiency Of £4572 17s 5d were the most unusual circumstances revealed at a bankruptcy meeting lasting for -only one minute (before the D.O.A. at Hawera, Mr. R. S. Sago, when William -Maurice Harrison appeared together with the district Public Trustee," Air. G. Freyberg (C. C. Wood’s deceased estate).

Bankrupt is a farm labourer, and was formerly a fanner at Waverloy, where he assumed land and liability jointly with his brother eight yeans ago. He had paid -no cash, his brother: linancing the deal. Complications had involved the brother, who had filed and left bankrupt 'to cany on. A motion- recommending that bankrupt's discharge be facilitated was carried. The deficiency represented the balance owing on mortgage of a freehold farm at Waverloy after realisation by mortgagee 's sale. 'Bankrupt, in his personal statement, said he had started farming with his brother, H. W. Harrison,'at Waverloy. The farm had been taken in their joint names, and the liability on the mortgages amounted to the deficiency stated. No money had been invested by bankrupt in the farm. His brother had obtained the stock and given a bill of sale to the late C. 0. Woods. When tho slump came bankrupt's [brother had been forced to take back a farm which, finally had caused his bankruptcy, It had been found his position was so difficult that it had- been agreed bankrupt. should strike out for himself. Unfortunately no action had been taken to relieve bankrupt of his joint responsibility for the mortgage debt of £4572 17s sdj and he now found he was liable to' the Public Trustee as administrator of C. C. Woods' estate. Bankrupt was at present not in a position to moot the liability on the property, so he had bebn forced to file. He had. no other debts. Mr, Freyberg saidiic understood the position -and asked whether bankrupt could make ' any offer: Tho reply was that • bankrupt could >do nothing. It was agreed the , discharge should be facilitated and applied for in. November. ■ 1