LAND AGENTS BANKRUPTCY

Taranaki Daily News, 22 August 1930, Page 15

LAND AGENTS BANKRUPTCY

PAYMENT IN FULL EXPECTED. SYMPATHY OF CREDITORS. An assurance that th© bankrupt estate would, pay creditors 20s in the pound was given at the meeting of creditors in the estate of Charles Leonard Williams Brown, land agent and twine merchant, Hamilton, at a meeting of creditors on Tuesday. Mr. V. RCrowhuTst, official assignee, presided. Bankrupt is the eldest son of the late Mr. L. W. W. Brown, who died last year and who two years ago inherited two fortunes bequeathed by two uncles in England. The schedule showed that debts totalled £531. An estimated surplus of £424 18s 6d was disclosed. Bankrupt said his father died on September 28, 1929. His father had experienced a good year and he felt justified in carrying on the business. Economic conditions and the fall in the price of primary products resulted m few farms changing hands, and few commissions being earned. Since the(date of bankruptcy he. had .earned £ 14a m commission. Bankrupt said there had been no distribution of his father© estate since his death and lie had had to maintain his mother and four minors. Bankrupt said he expected to be able to pay his creditors 20s in the pound. Mr Crowhurst said that since the date of bankruptcy an employee had put in a claim for £217, including £loo for six months’ wages in lieu of notice. He intended to reject the major portion of that claim and the creditor would have to prove it in court. Bankrupt’s interest in his fathers estate was worth £lOOO and there would be sufficient to pay creditors m full and leave a surplus for bankrupt. It appeared that bankrupt had not had sufficient training to carry on the business. , A motion sympathising with bankI rupt was carried.