SURPLUS OF ASSETS

Evening Star, Issue 23383, 28 September 1939, Page 17

SURPLUS OF ASSETS

UNUSUAL BANKRUPTCY [Peh United Pbess Association.] CHRISTCHURCH, September 27. “ I had not the liquid assets available to meet the judgment, and so I yvaS’-hhable- to oppose the summons for an order adjudging me bankrupt.” This explanation for filing was given by Leslie RofaeH.CathcartMacfarlane, a bankrupt sheepfarmer, of Culverden, at a meeting of his creditors before the official asignee (Mr G. W. Brown). K' The bankrupt stated that on .July Id, 1939,-a judgment was obtained against him for £1,232 14s 8d by Ethel Bedt. At that time he considered that the balance of the value of his assets Over liabilities was about £B,OOO. The assets were mostly under security and were charged to various .creditors. : A statement of the accounts showed a s.urplus of assets over liabilities of £8,400 4s lOd. The assets totalled £ll,060 9s lOd, and the total debts were £2,660 ss. of which £1,343 17s 8d were unsecured liabilities. The secured liabilities amounted to £19,766 10s 2d, and the estimated value of the securities was £2^,055. j There was not a quorum of creditors, and the meeting was adjourned sine die when the statements had been read.