MATAMATA BANKRUPTCY.

Waikato Times, Volume 98, Issue 15310, 10 August 1923, Page 4

MATAMATA BANKRUPTCY.

AGENT AND DEALER FAILS

A meeting of creditors in the estate ■of Geoffrey Lawrence Mahon (Mr Leary), of Matamata, agent and dealer, was held yesterday. There were fourteen creditors present. The official assignee, Mr W. S. Fisher, presided.

The statement of assets and liabilities showed debts to unsecured creditors amounting to £1328 Jls 3d, and to secured creditors £BBI 10s 4d. The value of the securities was estimated at £220, leaving a deficiency of £661 tOs 4d in the securities. The assets were shown at £675, including stock in trade, £2oo*; and book debts estimated to produce £4OO. The total deficiency was shown at £1315 Is 7d. In a written statement the bankrupt attributed his failure, to lack of capital and general trade depression. The official assignee remarked that assuming the assets realise i 20s in the £, the liabilities represented a loss of about £4OO a year.

Dissatisfaction was expressed by several creditors that bankrupt Uad, they alleged, contracted liabilities wi& them subsequent to ascertaining '.hat he was £6OO or £7OO behind. It was resolved that the books fee submitted to a public auditor for report, the official assignee to call 9 further meeting of creditors when tlra report is available.

A committee of creditors was appointed to act with the official assignee in dealing with the assets.