BANKRUPT SOLICITOR.

Waikato Times, Volume 107, Issue 18024, 20 May 1930, Page 7

BANKRUPT SOLICITOR.

A BIG DEFICIENCY. FROM' WEALTH TO POVERTY. (Bj> Telegraph.—Press Association.) GISBORNE, Monday. A surplus of over £46,000 in 1921 and bankruptcy in 1930 with an estimated deficiency of over £24,000 was the position revealed to-day at a meeting of creditors of George Henry 'Lysnar, solicitor and sheepfarmer. '... At the conclusion of the meeting the official assignee.suggested that in view oL the. full statement by bankrupt no further examination was necessary and the meeting was adjourned sine die. Bankrupt’s financial, statement estimated the deficiency at £24,350. In a detailed statement' bankrupt mentioned that in March, 1921, his financial position showed assets £100,790, which, after deducting liabilities,- left a. surplus of £46,425. In January, 1927, the assets, valued at £92,819, were sold under a forced sale for £61,055, making a loss of equity totalling £31,754, and his liabilities increased to £72,100.

Bankrupt attributed his failure to the following causes:—(l) Depreciation in the value of wool and meat, which had the effect of lowering prices of all property. (2) To Harbour Board litigation which cost him about £SOOO. (3) Through arrears in payment" lands valued at £48,620 were sold for £31,000. The statement concluded as follows : —“I regret very much having to say I am unable to make any offer to my creditors. 1 also much regret the amount owing by me to. my individual creditors, especially my brother, W. D. Lysnar, who is wholly unsecured and who has advanced me in cash, including money guaranteed, over £IB,OOO. I cannot help admitting that he has been much too good to me. At the same time I would like to point out to all my creditors that I have lost all, both money and property. I started life as a boy at the age of 14 with nothing, and am now, after 53 years of pioneering work, winding up with nothing.”