“SLUMP” BANKRUPTCY.

Star (Christchurch), Issue 17351, 16 May 1924, Page 7

“SLUMP” BANKRUPTCY.

A PAINTER’S FAILURE. “This is a slump bankruptcy,"’ said Mr AV. R. Lascelles, who appeared on behalf of a haqjsrupt, William Alfred M’Donald, pointer, of 46 Averill Street, Richmond, at a meeting of his j creditors held this morning. Mr Las- | celles explained, that M’Donald pur- ! chased a house at “peak” prices and i had put £250 worth of improvements j into it. If he could secure his full equity in This house he would be able to satisfy his private creditors at least. In the absence of the Official Assignee Mr A. AY. Watters, who was indisposed, Mr D. Nicholson, one of the creditors, occupied the chair. The bankrupt estimated his deficiency at £123 2s lOd. There was owing to secured creditors £1203 18s 4d, j and the estimated value of the securities was £1550 leaving a. surplus of £346 Is Bd. Debts to unsecured partnership creditors amounted to £297 12s 3d and to unsecured private creditors £l9l 12s 3d. Stock in trade was valued at £2O. The secured creditors were Aliss R. Ritchie. £9lO B,s 4d and

A. J. AA’hitehead, jeweller, Colombo Street, £293 10s. The unsecured partnership creditors were :—Ashbv Bergh and Co, Ltd, £223 14s, R. AY. England and Sons, Ltd. £4O 8s 9d, Smith and Smith. Ltd. £23 9s 6d. The principal unsecured private creditors were:— Beatli rind Co, Ltd, £ll 13s lid; R Sutherland, grocer, Richmond. £35; S. Farrow, butcher. Richmond. £6; City Council £8 Is; Mrs Alary Palmer. St Albans, £l4 13s 6d ; Dr Bates, Christchurcn. £5 10s: Roc Paint Co, Ltd. £l6; Mason Struthers, Ltd, £73 10s od. The chairman stated that if bankrupt’s estimate of his equity in his house property was realised he‘would be able to pay about 15s in the £. However bankrupt’s estimate was fairly liberal. The Official Assignee’s value of the property was £I2OO, compared with bankrupt’s valuation of £1550. It was doubtful if the creditors would get anything out of the estate. . Air Lascelles said that if bankrupt could realise his equity in the house the creditors would be paid practically \ £ for £. The bankrupt said that the house in Averill Street was put up for sale by auction tnree weeks ago. The best bid received wr.s £1250. It was decided that the estate should be placed n the hands of the Official Assignee for realisation ; also that the bankrupt should be allowed to retain his tools of trade. The meeting was adjourned sine die.