SOLICITOR'S FAILURE.

Sun (Christchurch), Volume IV, Issue 964, 14 March 1917, Page 3

SOLICITOR'S FAILURE.

W. C. H. WIGLEY'S BANKRUPTCY. CREDITOR'S ADJOURNED MEETING. The -adjourned meeting of creditors in the estate of W. C. H. Wigley, solicitor, of May's Road, Christchurch, was held yesterday in the Courthouse before the official assignee (Mr T. I). Kendall). The original meeting, held on March 6 had been adjourned in order that the Official Assignee and a creditors' committee, consisting of Messrs A. M. Wright, T. Armstrong, and E. B. Sealey, might confer and look into the bankrupt's books. Before the committee's report was forthcoming, Mr Gresson (for the bankrupt) stated that the position of the bankrupt had been misstated in that the Bunk of New Zealand had been*set down as being creditors secured for £1092 8/G. The secured creditor really was Mr Rhodes. Stock had been shown as worth £3BO, whereas it had been found that it would realise only £2BO or £3OO. He also informed the meeting that Mr Rhodes's offer, made on behalf of relatives, to put £250 into the estate, under certain conditions, would be withdrawn. The Official Assignee said that the live and dead stock on the farm had been re-valued by experts at £2BO, which was £IOO less than that assessed the previous week. The full value of the furniture would be £l5O, as previously ' estimated. A report had been received on the Kilbirnie property. This placed the total value at £2750. Thus, the only available assets for unsecured credi-

tors consisted of furniture and farm stock.' Mr Wright said that there was litHe use in continuing the discussion. Only a very small dividend could accrue, and he thought the best plan would he to wind up the estate in the usual way. A creditor asked why Mr Wigley contracted debts when he was earning only fil a week, and had no reasonable prospect of paying them. Mr Grcsson said that the bankrupt had had expectations which had not heen realised. The creditor: So far as I can judge those expectations have been going" on for three or four years. The Official Assignee (to bankrupt): Were these expectations such as to justify vou in incurring these debts? Mr Gresson said that the bankrupt had had for some time reasonable expectation of receiving £3OOO. In reply to a question as lo whether £2OOO of this amount bad not been received, Mr Grcsson said that whatever amount had been received had gone into the estate. The Oflicial Assignee said that what the creditors wanted to know was whether he was clear in 1014, since when £2300 worth of debts had been contracted. Then a sotto voce discussion took place between the bankrupt and the Oflicial Assignee near the rostrum, a discussion which was not intelligently audible at the press table. At this stage Mr Wright left the room. The Oflicial Assignee: Then, all these debts were contracted on the expectation of receiving this money? The bankrupt: They were. I've been farming for three years without getting profit. A creditor: AH I have to sav is that a man, esoecially n solicitor, i who contracts £2OOO worth of debts shoidd be absolutely ashamed of himself. A solicitor is supposed to have brains. The Oflicial Assignee said that the position for the creditors was not too bright. It looked as though the estate would realise only 2/- in the £. Mr Gresson: It. will realise 4/- if the bank does not prove. A creditor asked whether Mr Gresson had taken any steps to see if bankrupt's friends would make any" offer. Mr Gresson said that as bankrupt's friends were living too far away no opportunity had arisen for his approaching them. He did not, moreover, wish to compromise relatives in any way. He did not wish that they be mentioned. A creditor: Do you think that time would soften the matter? In reply to a creditor the Official Assignee said that the only debt proved since last meeting was one of £3O odd for rent. Mr Sealey said that the position was most unsatisfactory. At last meeting the figures had been altered and now, again, at this meeting a different aspect had been put unon the liabilities. The debts had virtually been incurred under false pretences, and he thought that the bankrupt should not be allowed to go until his affairs had been looked into more deeply. He would suggest that a supervisor be appointed to look ■after creditors' interests. The bankrupt had received £6700 during the last three years, and it was only right that they should know what had been done with it. The Official Assignee said that the bankrupt had kept no books, and that his affairs were in a most unsatisfactory condition. V^ The question was asked what expectations the creditors would have from the bankrupt's relations. Mr Gresson replied that he could give no guarantee in that direction. The best way was simply to wind up the estate in the ordinary way, and to await developments. It was decided, eventually, to wind up and realise the estate in' the usual way, and to distribute the amount accruing by wav of dividend. It was also decided that Mr W. M. Tyers, accountant, be appointed to investigate the bankrupt's books in conjunction with the Official Assignee.