LAND AGENT FAILS

Sun (Auckland), Volume III, Issue 635, 11 April 1929, Page 10

LAND AGENT FAILS

INVOLVED PROPERTY DEALS FARMS THAT CAME BACK Involved deals in properties, farming and house, were the subject of investigation when Ernest Charles Hurrey, a land agent, of Auckland, met his creditors in bankruptcy before the Official Assignee, Mr. G. N. Morris, yesterday. Bankrupt’s financial statement showed a deficiency of £I2G. His unsecured creditors were owed £lßl, and his.assets were given at £ls for book debts and £SO for furniture. Secured creditors were owed £2,145, and the value of securities was given at the same sum. In his statement bankrupt said his position was all right four years ago, although a farm at Woodcocks had come back on his hands and he had to pay out £245 to meet its debts. After that he got bad tenants. Tie had five houses, valued at £7,480, and heavily mortgaged, in Grey Lynn, but he lost a great deal of rent on these and had to make good considerable damage by tenants. Finally, he sold these houses, taking over properties and money, the money being used to square up. He afterwards lost all these. His business was not doing well, and was affected by loss of commissions due to bankruptcies. Finally, the Woodcocks property again came back on bis hands, and bankruptcy resulted. He had sacrificed his properties to try and meet his obligations. Examined, Hurrey said he had no books. They were destroyed IS months ago, when the business was closed down. He explained his statement by saying that l>e lost some £2,000 over a Te Atatu property, and difficulty over the finances of his house property in Grey Lynn resulted in the other party resuming possession of the property. Bankrupt also lost his equity in the Grey Lynn houses. Bankrupt said he had difficulty in meeting his obligations early in 1928, and had nothing left except a prospect that did not materialise 10 months ago. He hung on, hoping for better times. Mr. Morris suggested that if bankrupt had filed last July the creditors would have got their money, but in the meantime bankrupt had been living on it. Bankrupt asserted that he had lived on a few small commissions. His wife had earned enough with dressmaking to keep the house going. Mr. Morris said he would have something to say when bankrupt applied to the Court for his discharge. Hurrey intimated his willingness to nay something off his debts if he were in the position. There was not a quorum of creditors, and the estate was left in the hands of the Official Assignee.