A SOLICITOR'S BANKRUPTCY.

King Country Chronicle, Volume V, Issue 391, 30 August 1911, Page 6

A SOLICITOR'S BANKRUPTCY.

DUE TO ILL-HEALTH. William Robert Franklin, solicitor, of Tc Kuiti has filed a petition in bankruptcy. He stales that his total debts amount to ,£l-30 Ss, and assets £IO2O, including surplus from securities in the hands of secured creditors, £'looo. There is an amount owing to secured creditors of ,t'SOO, and the estimated value of securities is £IBOO. There i« a surplus in the estate of ,£S7O 12s. ''l have been in practice as a solicitor in Te Kuiti for about eight years," he adds. "My first and second years were the Lest, as I made in them a profit of £l5O each. The remaining years would not average more than £IOO profit each at the outside. I am (he owner of estates of leasehold in section 7, block 10, Te Kuiti, for a term of twenty-one year', with right of renewal, valued at £800; leasehold in sections 1(5 and 17, block 15. Te Kuiti, for twenty-one years, with right of renewal, £IOO. On section 7 there is a cottage producing a rental of 15s per week, and also an office which is not at present let. I have been holding it with a view to re-engaging in business when my hsalth improves. On section 17 one cottage is erected, and two cottages stand on section l(j. These produce a total weekly rental of £2 2s (id. The leases under which the properties are held are the usual Native. Township leases. My position financially is a perfectly sound one. and my estate will without doubt realise more than 20s in the £. My bankruptcy has been caused through a paralytic stroke which I received in March of this year. Since that time I have been affected mentally and bodily, and have been quite unable to attend to any business matters whatsoever. In conclusion I would like to state that Mr J. R. Graham, of this town, agent, is at present negotiating with an Auckland syndicate for the 3a!e of section 7 at £\SOO, and is of opinion that business will result at that price." The first meeting of creditors will be. held at the Court-house, Te Kuiti, on September Ist, at 2.30 p.m.