DISASTROUS EXCHANGE.

Auckland Star, Volume LIX, Issue 239, 9 October 1928, Page 9

DISASTROUS EXCHANGE.

FARM FOR SHOP PROPERTY. CONDITION DESCRIBED AS "TERRIBLE." MAUKU MAN'S FAILURE. A disastrous investment in city shop property was stated at a meeting of creditors in Auckland to-day to hare been the main cause of the bankruptcy of Henry Vincent Dyke, farmer, of Mauku. "I know the property well," said one of the creditors, "and it is in an absolutely terrible condition. Two years ago you could stick your hands through the cracks in the walls." Dyke's financial statement showed debts amounting to £1100, being the claims of unsecured creditors. The claims of secured creditors were £4723. Book debts were estimated to produce £211 15/ and total assets were returned as £2088 5/. Dyke was questioned as to his wife's assets, which he said were the furni* ture, a motor car, and a section of land in the Kermadec Islands. He strenuously denied the suggestion that he had concealed any of his own assets. Replying to a creditor, he admitted that his wife had made a trip to Sydney, but said that she had paid all the expenses. "I know the shop property," said another creditor, "and I know the state of the shops is absolutely terrible. You could stick your hand through the cracks in the walls two years ago." The Official Assignee's suggestion that the unsecured creditors should be given an opportunity to ascertain, by -means of valuation, whether there was any equity in Dyke's assets was agreed to. The meeting then concluded.