MOTOR-DEALER FILES

Sun (Auckland), Volume II, Issue 440, 23 August 1928, Page 13

MOTOR-DEALER FILES

SURPLUS SHOWN EMBARRASSED BY LAND DEAL With £354 listed as assets, and his total debts at £2Bl 13s, Bert Arthur Mayhill, a bankrupt motor dealer, was able to show a surplus this morning, instead of a deficiency. Amounts owing to unsecured creditors were £2Bl 13s. Secured sums reaching £896 were countered by £1,150, the estimated value of the securities. Mayhill said he filed because he took over a Baetihi property, on which the mortgage had been called up. He offered his equity of £4OO, but the mortgagees would not take over. The tenants had fallen into arrears and debtor had not been able to pay interest and rates. Debtor also lost money on two car deals. In one, he endorsed bills for a man for monev borrowed on a car, which proved to be overloaded. In adjourning the meeting, Mr. G. * S ' Morris, the official assignee, remarked that much depended on an investigation into the car transactions.

(The cable news in this issue accredited to “The Times” has appeared in that Journal, but only where expressly stated is such news the editorial opinion of “The Time*,”)