UNLUCKY VENTURE

Sun (Auckland), Volume II, Issue 610, 12 March 1929, Page 13

UNLUCKY VENTURE

COMMERCIAL TRAVELLER FAILS PAYMENTS FOR PROPERTY A debt resulting from a property venture at Parnell caused the bankruptcy of Bertram Eiwin Bird, commercial traveller. "hen Birds affairs were investigated by the official assignee, Mr. G. -V Morris, this morning, it was stated that Bird owed £960 15s 3d to one ■-‘reditor alone. He had no liability outside that debt. His assets were a building society. The representative of the creditor isked Bird, who said that his earnings averaged £8 a week, if he could not j make an offer. Bird’s reply was that he had to keep up appearances for business purposes. J° Mr. Morris, he said that he allowed •Us wife £ls a month but could not aee his way clear to make an offer. Mr. Morris: Many people can live on *oss than that. "hen the creditor’s representative •‘Sain pressed bankrupt for an offer, :ie was told by the assignee that it was n °t likely that he wolud make headThe assignee knew of a case in "hich a court judge found that £SOO not too much an annual salary for 1 bankrupt to have exclusively in exceptional circumstances. Bird said that his sole liability was Incurred in 1921. He bought a leasehold property for £1.4*23, which, with * 4 mortgage, would cost £2.925 altogether. The vendor was paid £350 was given a second mortgage for £1.975. About £l5O was spent in improvements and alterations and Bird managed to keep up payments and reduce the principal to £875. In 1927 b® found he could not let his flat and bis present creditor acquired the mortgage. a writ was issued and judgment was entered in July, 1925, for the amount of his debt.

The meeting was held over, but the creditor's representative intimated that discharge would be opposed because no offer was made.