SOLICITOR’S BANKRUPTCY

Hokitika Guardian, 6 November 1930, Page 5

SOLICITOR’S BANKRUPTCY

AUCKLAND, November 4. Difficulty in realising his estate ivas attributed bv Even William Alison the younger, of Auckland, a solicitor, as the reason for his bankruptcy. The first meeting of creditors in his- estate and also that of his wife, Winnie Alison, was held before the Official Assignee (Mr A. W. Watters) yesterday afternoon. Bankrupts were represented by Mr Vialoux and the petitioning creditors, Mrs Agnes Boyd, of Tauranga, by Mr Grant. Bankrupt’s schedule showed that the amount owing to secured creditors was £6-5,317, while the estimated value of securities was £129,887, leaving an apparent surplus of £64,570. Creditors were unsecured to the extent of £4623; and other liabilities totalled £2557, including insurance, rates and taxes £2209. Included in the assets were unsold sections and properties estimated at £60,570 shares in properties £5150 and balance due in connection with properties £1461. In addition, there was included a mortgage secured to the Bank of New Zealand £25,000, houses on a property known as Lake View £23,598 and loans, mortgages and overdue interest due to bankrupts £12,053. “The estate is such that T do not doubt that 20s in the £1 will be paid, and there will be a handsome surplus,” said another creditor. “It is one of those bankruptcies caused not by rash expenditure, but by hard times. This is one of these cases where the bankrupts are victims of circumstance.”

Counsel for petitioning creditor said the estate was going back at the rate of £2OOO a year. According to a bal-

ance which had been taken out, there was not a clinnco of getting 20s in the £l.

The Official Assignee was instructed to consult the accountant supervisor for mortgages and call a meeting when the position could he reviewed.