BANKRUPT’S AFFAIRS

Hokitika Guardian, 18 November 1930, Page 7

BANKRUPT’S AFFAIRS

LOSSES ON WAREHOUSE AND

FARMS.

AUCKLAND, November 14

A deficiency of £2999 13s 8d was shown in the estate of Harry Francis Butler ,retired, of Arney Road, Remuera, who with his wife, Mrs Ethel Harriet Isobel Marion Butler, met his creditors to-day before the Offiical Assignee, Mr A AV. Watters. Mrs Butler’s affairs showed claims of unsecured creditors amounting to only £l5O 17s sd, and total debts amounting to £2049. Air Holloway appeared for- both bankrupts. The claims of unsecured creditors against Mr Butler’s estate amounted to £3041, and those of secured crediaprs to £4648 the value of securities being estimated at £4650. Bankrupt stated that in 1918 his father, a retired colonel of the Imperial Army, died and left him a considerable sum of money, sufficient to enable him to live on his means. He was permanently settled in New Zealand at this time and was living at Marton. He received the money from his father s estate by progi’ess payments, and invested the major part of them in New Zealand. One security in his father’s estate was a mortgage on farming land in New Zealand for £BSOO, and he took this over in part payment of his share. With further funds he bought a warehouse known as the Quay Bond Store in Auckland for £14,800, paying £4OOO in cash and leaving the balance on mortgage. The remainder of the money from his father’s estate was for the most par tinvested in farms or mortgages in weNaeldZp 1 , rwaeansk mortgages in New Zealand. A considerable sum out of the money received was misappropriated by an agent who was managing his affairs. He also lost . a considerable amount during the post-war slump in connection with two farm securities. Further owing to adverse trade conditions in connection with the running of the Quay Bond Store (in which he was merely the “sleeping” owner), he got into arrears with the interest on the mortgage and ultimately the mortgagee realised Iris security; and bought in the property for £9500. After detailing for other business transactions the statement added that' a sum of £SOO had been .settled on his wife in order to support the ifamily and educate the children.

One of the principal creditors said it was clear that Butler’s position was not due to any fault of his own. (Exception to this statement was taken by Mr Johnson, representing one of the creditors.

Replying to, Mr Johnson, bankrupt said his father left him £31,000. Mr Johnson: And the whole of that lias geneP—Yes.

Hew iaiig Is it since you had regular employment f— As ft Cadet in 1897 1 Questioned regarding a debt of £66 to a wine and spirit merchant, bankrupt said it was at least five years old and none of it had been incurred since he had realised that he was anything but solvent.

Mr Johnson moved that; no steps be taken to facilitate debtor’s discharge lentil, .something had been done to satisfy the claims of the largest creditors. An income of £SOO, he said was sufficient to allow a margin out of which something should be paid. The motion lapsed for the want of a seconder.

Mr J. C. Spedding, one of the principal creditors moved that Butler’s discharge be facilitated, and this was carried.

The Official Assignee remarked that Mrs Butler’s discharge was not likely to be opposed provided her husband’s was granted. He said it seemed fairly clear that neither of the bankrupts had incurred * liabilities since their insolvency became apparent.