LAND AGENT’S FAILURE

Hawke's Bay Tribune, Volume XXIII, Issue 227, 7 September 1933, Page 7

LAND AGENT’S FAILURE

£4281 IN DEBTS. THE FALL IN LAND VALUES. (By Telegraph—Press Association.) AUCKLAND, Sept. 7. Debts totalling £4281 18/- were revealed at the meeting of creditors of William Henry Madill, land agent, today. The creditors agreed to facilitate bankrupt’s discharge. The bankrupt attributed his position to the serious fall in land values. Previously he had met the outgoings on his own properties from his profits in business but his business had fallen to’ practically nothing. His life assurance policies and other liquid assets had all been realised in an endeavour to preserve his assets but the continued slump had prevented his recovery. He regretted that he was unable to make an offer to his creditors. After bankrupt had been questioned at length by the Official Assignee one creditor said it appeared to be one of those unfortunate cases where a man had bought land, and land had no value to-day; it was an encumbrance. It was unanimously decided to facilitate his discharge and the bankrupt remarked: “It is very nice to have your sympathy at this period.”