SOLICITOR’S BANKRUPTCY

Taranaki Daily News, 4 October 1929, Page 9

SOLICITOR’S BANKRUPTCY

CAUGHT BY EFFECT OF SLUMP. By Telegraph.—Press Association. Auckland, Last Night. John Francis Pullen, an Auckland solicitor, was to have met his creditors to-day but there wrs not a quorum. Pullen’s statement showed debts of £2OOO and assets over £6OOO. The claims of unsecured creditors totalled £2OOO and secured creditors £5400. The value of securities was estimated at £lO,BOO. The assets included property valued at £B7O and a surplus from securities of £5460. He had made large investments in land and house property when times were good but had been caught by the slump and it had cost him £7OO a year to hold on to the properties. He had to part with a large personal property to pay interest, rates, etc. The worry of it' had unnerved him and he had not practised law for two years. “To-day I have only eighteenpence in the world,” he added. He owed no one a penny for goods. The Assignee said though there was no quorum he would take the opinion of those present. It was agreed to facilitate debtdr’s discharge, the Assignee to investigate with a view to the realisation of the properties.