BANKRUPTCY

Hokitika Guardian, 22 October 1930, Page 6

BANKRUPTCY

OF CITY REGISTRAR. vßy Telegraph—Press Association). WELLINGTON, October 21. A meeting of the creditors of William Walters Sismon, Registrar, Wellingwas held to-day. The statement of accounts showed £1745 2s owing to unsecured creditors, £BOSB 17s 3d to secured creditors, less the estiated value securities Total debts : £9,782 19s 3d ; total assets. £8450, deficiency £1332 19s 3d. The unsecured creditors were Tobacconists unsecured creditors were Tobacconists Ltd., care of the Official Assignee., £1745 2s. - In ' a sworn statement, bankrupt said that in 1927, being in very indif‘‘erent health, lie seriously contemplated resigning from the Government service, and going on the land. H 1 purchased a farm at Ongaroto (Waikato) from T. Sheen for £8073, paying at the ra’te Of £lO 10s per acre 523 was paid as deposit. A first mortgage for £3500 was taken over by the bankrupt. The balance £2050 remained as mortgage to Sheen. As he improved in health he deided to tain his position, and engaged a manager to work the farm. He had a number of managers, but the farm did not pay. It was an expense and lie had to find money every years to make up the deficiency on the operations. If the mortgagees had been reasonable, and assisted him to put the sale of the farm through, his financial position would have been assured.

In reply to questions, he snid that he had only one dependent. He drew a little over £1.2 a week, and would offer the creditors £2 per week. After some discussion ns to the position of the mortgagee the Official Assignee said he would have to consider whether it would not he his duty to raise the question under Section 62, in respect to the amount of che offer made. The meeting was adjourned sine die.