“NO PROSPECTS OR ASSETS.”

Star (Christchurch), Issue 17836, 3 May 1926, Page 1

“ NO PROSPECTS OR ASSETS.”

DISCOURAGING MESSAGE COMES FROM BANKRUPT

“ I have no prospects or assets,” was a phrase in the statement of a bankrupt at a meeting of creditors held this morning in the'office of the Office Assignee (Mr A. W. Watters). The meeting concerned the estate of Francis Garnet Warring, farmer, of Christchurch. / When the statutory time limit was reached, there was not a quorum present, so the meeting was adjourned until May 17. The position, as disclosed by the various statements,, was an involved one, and dealt largely with land transactions. Mr H. A. Cavell represented, the bankrupt.

The statement showed that there was the sum of £775 15s 2d owing to unsecured creditors. Against secured creditors the total was £8535 18s Id, less estimated value of securities £6636 18s Id, surplus to contra £1899. The total' debts were £2674 15s 2d, and the assets were nil. . • The unsecured creditors were;— Appleby and Son (Kurow) £167, Patkin (Kurow) £l3O, Bigson (Waimate) £36, Massey, Harris and Co., Ltd., £sl, T. Dqdd (Christchurch) £4O, Canterbury Farmers’ Co-op. (Waimatfe) £36, Dalgety and Co. £37, National Mortgage and Agency Co., Ltd., £BS 12s 3d, Bank of New South Wales £76 18s 7d, Spiers, Saunders and Co. £IOO, Mason, Struthers and Co., Ltd., £l2 10s 6d, Ashby, Bergh and Co., £2 18s 7d. The secured creditors were Arthur Fostyn Drayton, Christchurch. £6636 18s Id; T. D. Gellatlev, Richmond, £I7OO.

‘ The bankrupt attributed his failure to the deal he made when he sold his farm at Kurow in April, 1925. He gave the following particulars of his dealings : “I took over for my equity on the farm a mortgage of a face value of £SIOO. and a block of land on the West Coast valued at £ISOO. Against this was a charge for moneys advanced by A. F. Drayton for stock. The completion of this deal was, held ,up for six months by T. G. Gellatley, from whom I bought the Kurow farm, refusing to sign the transfer. Through this delay I was unable to protect my interest in the mortgage, and the position to-day is that eighteen months’ interest is due. The season’s returns from the property were lost through mv not being able to do anything in the matter. Before this trouble developed, I had purchased from A. F. Dravton a property at Puketitiri, Hawke's Bav. Through the trouble in connection with the interest and the position that has developed with regard to the securities, my arrangements for further finance broke down, and some creditors having taken extreme measures, I had no other choice but to file.” Bankrupt added that he was a married man with Hiree .children. He had no prospects or assets. His wife had a small income of her own, and the furniture was hers, having been paid for entirely by her. All the assets he had were covered by Drayton’s security. It would be extremely difficult to say what the properties would realise. He thought that if the mortgagee could take sufficient time to realise, and was able to handle what he (bankrupt) considered an extremely difficult position, the final adjustments

might leave a small balance for the other creditors. He was sorry he could not hold out further hope to his creditors.