AN ACCOUNTANT'S BANKRUPTCY

Poverty Bay Herald, Volume LIII, Issue 16375, 24 June 1927, Page 8

AN ACCOUNTANT'S BANKRUPTCY

C. G. PIESSE MEETS CREDITORS There was only a small attendance at the meeting of creditors to-day in connection Willi the petition in bankruptcy of Christopher Oisborne I'iesse, public accountant and land agent, of Oisborne, but a number of other creditors were represented. Mr. C. Blackburn, deputy Official Assignee, presided. Bankrupt was represented by Mr. John Kinder. Replying to question by the D.CAA., bankrupt said that in 1022 he first found that he was being hedged round with too many mortgages. Ho started his brother in the jewellery business by a. guarantee of £3OO to the bank. During the. first year the profit in this business was £650. Business later fell oil' on account of jewellery becoming a luxurv line. The D.O.A. (after further questions): It is very difficult to git down to bedrock as there seems to he one business swallowing another and all lhe equity lading away. Tq further questions, bankrupt said that, apart front two sections at, Mangapapu, none of the property was in his wife's name. His life insurance totalled £3250, but some moneys had been borrowed against this amount. Mr. D. Cbrisp said that the names of Messrs. Allen 13ros. and Johnstone and Mr. Cox were brought into rather an unfavorable light in bankrupt's statement, and he wanted bankrupt's statement that these people had done nothing to which bankrupt had taken exception. Bankrupt said he bore no malice against those mentioned. After explaining the negotiations with various creditors from time to time, bankrupt said: "If I had known then that 1 was not going to pull through, 1 would have'gone under then." The p.p.A. said he did not think there was any equity anywhere. The prospects were not bright for disposing of the property, while the creditors* could not hold them indefinitely. Mr. Chrisp: Is there sufficient equity in the property to pay off the National Bank'/ They have to lie paid first; Mr. Kinder: The first mortgages aye fairly sale. The D.O.A. : I don't think the creditors cati look for anything in any line at all. Mr. Kinder: The amount of the hank mortgage is too large. The D.O.A. said he would discuss the matter with the bank manager, and if necessary call another meeting of creditors. He would also go into the whole position to see if any of the properties were worth holding.