BANKRUPT SOLICITOR

Waikato Times, Volume 108, Issue 18167, 4 November 1930, Page 7

BANKRUPT SOLICITOR

MEETING OF CREDITORS. AUCKLAND, Tuesday. The first meeting of creditors in the estate of Ewan William Alison, the younger, of Auckland, solicitor, and his wife, Winnie Alison, was held before the official assignee, Mr A. W. Watters, yesterday. Bankrupt’s schedule showed £65,317 owing to secured creditors, the chief being the Bank of New Zealand, £33,522, while the estimated value of the securities was £129,887, leaving an apparent surplus of £64,570. The amount owing to unsecured creditors was £4623, while other liabilities totalled £2557. Bankrupt attributed his bankruptcy to the difficulty in realising his estate. When ihe petitioning creditor refused to enter the arrangement he had no option but to become bankrupt Both the estate of his wife and his own were involved, and one .was guaranteed fcy the other, the effect being to make them one estate. “The estate is such a one that I do not doubt that 20s in the pound will be paid and that there will be a handsome surplus,” said a creditor. “It is one of those peculiar bankruptcies which are not caused by rash expenditure, but by hard times. The only course for the creditors to pursue is to be patient. This is one of those cases where bankrupts are literally the victims of circumstance.” Creditors instructed the official assignee to consult Mr R. A. Spinley, public accountant and call -a meeting when the position could be reviewed.