CAUGHT BY SLUMP
UNLUCKY SYNDICATE GUARANTOR’S FAILURE How an unfortunate joint-and-several guarantee devolved on one of the guarantors and brought about his bankruptcy was related this morning in the office of the official assignee* when John Thomas Barry, company manager, formerly of Whakatane, appeared for examination. Bankrupt owed £5,931 to unsecured creditors and £1,280 to secured creditors. The value of securities was given as £1,500. The only assets consisted of £220 surplus of securities. The deficiency was £5,711. In a statement Barry said that before 1919 he was a land agent at Whakatane. His business was successful and hp became one of a syndicate for the purchase of a large block of land for subdivision. He and others gave a joint-and-several guarantee for £5,500.
In 1922 he came to Auckland and took on the management of a wine business but this subsequently went into liquidation and his salary was never fully paid. He attributed his position to a slump in land values. After a brief examination the assignee remarked that the case was one of misfortune. Unless Whakatane creditors raised any objection he saw no reason for opposing debtor’s discharge. _______
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https://paperspast.natlib.govt.nz/newspapers/SUNAK19280516.2.185
Bibliographic details
Sun (Auckland), Volume II, Issue 355, 16 May 1928, Page 15
Word Count
190CAUGHT BY SLUMP Sun (Auckland), Volume II, Issue 355, 16 May 1928, Page 15
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