BANKRUPT LAWYER

Wanganui Chronicle, Volume LXXXIII, Issue 20126, 20 April 1928, Page 8

BANKRUPT LAWYER

HEAVY INDEBTEDNESS TRUST FUNDS DISAPPEAR. [ Per Press Association. 1 AUCKLAND, April 19. John Henry Victor Mansill, solicitor, of Auckland, was present at a large meeting of his creditors in the Official Assignee’s office this morning. The schedule showed that over £BOOO was owing to unsecured creditors and £3200 to secured creditors. The estimated value of the securities is £5400 and the total debts are valued at the amount owing to unsecured creditors. On the assets side book debts are placed at £1533 and are estimated to produce £l2OO. Cash in hand, £l6 18s; property £5684; surplus from securities in the hands of secured reditors £2190. The total assets were represented to be £9091 odd, and the bankrupt showed a surplus of £9OB 17s sd. Mansill said he commenced practice on his own account in July, 1925, without capital, but a friend guaranteed a bank overdraft for £3OO. Later he found that he was behind to a very large extent, but in view of his previous successes he felt he could, make up the deficiency owing to certain property investments.* Later he found that he had to meet heavy contingencies. In March of this year he was faced with the payment of large sums received on behalf of clients. If he had had courage he would have made public the condition of his affairs two years ago. “My career is blasted,” he concluded. “I do not know where I can now turn my hand, but I will do my utmost to make jfotid in time any deficiency.” In reply to the Assignee bankrupt said that £l6 18s 10d cash in hand represented the whole of the trust funds now in his possession. The Assignee: “That means you have misappropriated some £7500?” Bankrupt: “Yes.” He was not a teetotaller, but did not spend more than 10s to 12s weekly on liquor. He never bet more than £1 on races, and never played cards. None of the money had; gone through personal folly. The bulk of the trust funds had gone and various private assets. The meeting appointed a committee to assist the Assignee to realise the assets.