UNSOLD SECTIONS

Evening Post, Volume CXIII, Issue 28, 3 February 1932, Page 9

UNSOLD SECTIONS

SALESMAN'S BANKRUPTCY

The depression making it, impossible to find a purchaser for five building sections at Miramar .was blamed for his insolvency by.' George Kennedy Elliott McLean,' a salcsmtin, i'ormerly of Wellington,; and'-,' now living in Auckland, when, he faced a meetingof ins creditors before the Official Assignee, Mr. S. Tansley, to-day.' ; : : , .' On paper the estate showed a, surplus of £35 13s lOd. The sections, which were stated to :be the only'assets, were valued at £1250, and-the, amount owing to tho. unsecured creditors; -was £12J4 65.2 d. The/principal, creditors; were Grainger and' Co., £250 0s 6d; D.1.G., Ltd., £101 115.9 d; F.Cassin, ' £5,00; Kirkcaldio' and Stains, 'Ltd., £82 Is Id;,and W.s A.'Parton,/£52. .-',: , . The amoun|, "owing to ;Mr. Gassin was lent to the.bankrupt to enable'him to make a trip- Home on the business of a syndicate in which Mr. Cassia was interested.' .' l .-:-.-.. ;;' : :

-In- reply, to, questions, McLean said ,thathe had no-assets other than the sections;- He/ had .shares in- Universal Distributors, Ltd.,. a company .which' had gone into liquidation, and an in^ terest in Rod's Patent, Ltd;, but:both of these were'worthless. He did not own. a. motor-car and was at present living in two rooms,.for which he paid £2 per week. He was earning'between £6 and £7-per week'by doing advertising on a commission basis. He had sold some of his furniture before he ana.his family left, for England, and the remainder of it since, the proceeds, wheh were small, being given, to his wife. About a year ago there had'been an opportunity - of disposing -of the sections, but the deal'had,been"' held up owing to some ~ difficulty with the City Council; dn . regard to the subdividing of an adjoining block of land. -McLean offered to pay 10s weekly as long as he was able, and the meeting was adjourned sine, die to enable the Official Assignee to' take steps to decide whether the bankrupt is actually the owner of ...tho sections. :'■'..