BANKRUPTCY BUSINESS.

Stratford Evening Post, Volume XXIX, Issue 138, 3 August 1911, Page 7

BANKRUPTCY BUSINESS.

Two meetings of cred'tcrs in lankrupt estates ume called tins ..'-ok. Ju uoitjier case did any creditors attend. ROLAND V. EDWARDS. In the case of Roland Vincent Edwards, painter, the liabilities weio set down at £GJ J/s 3d, and the assets at £io, leaving a deficiency of £sl i/s dd. 'lac cnioidebt was one of £2/ ids, owing to the Stratford Hospital Hoard. Utber debts Were:—Co-op. Store £8 13s, J. Masters and Son LG da Gd, \V. Cameron and Co. JL3 3s, C. B. Walsh £3 3s 3d, and W. G. Malone £2. Jne balance of the liabilities was made up of small amounts owing to various tradesmen. Bankrupt made the following written statement: —During the three years i have been in Stratford my wages have varied considerably. Some weeks 1 averaged from £‘2 to £1 ss, out of which i had to pay rent, keep myself, and wife and live children, i also had *to incur expense because of sickness in the family. During previous winters 1 had been out of work lor from six to seven weeks at a time. From the middle of September to the middle of January one of my children was in the hospital with a had leg, which ran me into considerable expense. Dining the last six months 1 nave lost a lot of time through having no work in wet weather. From wnat spare money 1 had 1 paid small instalments olf accounts, besides paying cash, for groceries and other necessaries, widen iett us sometimes without a penny in the house. ALBERT’ B. CLARK. The mooting in this case was called for yesterday. Debts owing to unsecured creditors totalled £/3 ns Gd, tiio amount being due to sundry creditors in Wellington and Lower Hurt. The secured debts totalled £205 ,1s 9:1, this being covered by securities estimated to be worth £-133, leaving a credit balance on this account of (L'iG/ 15s 3d. I lie real .estate was .made up of £i2o due to. bankrupt on the, sale of house and section, and £303, the value of a section at Lower Halt. On the figures given a credit.,balance of £95 os 9d was shown. Lhe bankrupt made tiic following written statement:—My bankruptcy is., due to depreciation of property in Wellington district.’ Having entered a, land syndicate with the expectancy of .gaining, the land immediately receded ui value, and alter paying the sum of £2/0 1 was pleaseu To be released' or same bv guiding a person to take over the liability, as 1 could no longer go on paying calls, in the second place i purchased a six-roomod house and an acre of flat land in the Tiutt Valley for £GSO, paying £ioo deposit, the arrangement being that 1 should have my own terms to pay the balance. The vendor immediately unloaded himself to a speculator ,who demanded the balance over mortgage £150) at three months’ notice. Tins i could not do, and had the time extended to nine mouths, in the meantime paying off £SO. Mr. Bovvers, the creditor Having the interest in the proparty, then commenced pressing me, and I endeavoured to meet him \iy paying 15s per week, but J could not continue the payments. 1 then offered him the property, he to sell and give me the difference. ’1 his he would not do, and continued pressing until others followed in his wake. 1 also offered Messrs. Bowers and Burt my equity in section at the id net, valued at £303 (135 feet at £2 5s per foot) with a balance of £l2O to pay to the syndicate. Since then 1 have been unable to overtake the demands, having paid a number oT amounts out of my wages, and keeping expenses down to the lowest ebb. The position is now thus: Assets, equity in section (on Mi. Bowers’ valuation), £183; third mortgage due two years hence (Mr. Bovvers, holding writ of attachment against same), £95 5 total assets £2/8. Had I boon free to work out the matter; in my own .way things would have, righted themselves, as I had a furthpr valuation of the -section and could have secured a loan of £2OO, which was ■ passed by the hoard to whom i submitted it. 1 have not been extravagant in any way, my family having to faro in a worse manner than over previously.