FARMER’S FAILURE

Sun (Auckland), Volume III, Issue 652, 2 May 1929, Page 11

FARMER’S FAILURE

£14,000 SUNK IN MINING VENTURE NO ASSETS FOR CREDITORS (From Our Own Correspondent) HAMILTON, Wednesday. Since 1917 William Duncan, described as a farmer, of Hamilton, has paid £ 14,000 into a mining: concern at Thames. Most of the money was vested in the old Zeehan Consolidated, which was formed into a new company in December. 1925. At that time the amount owing to his brother John and himself was £14.984. of which his portion was £13,099. One of the terms of reconstruction was that £ 25,000 should bo raised on debentures to put the company on a working basis. These were to take priority over moneys owing to him. In December, 1926. ho conferred with the directors in Auckland, and was told the works would be stopped owing to the shortage of money, unless he gave a guarantee for further debentures. He did this, but the works nevertheless stopped. Duncan has now filed his petition in bankruptcy, and to-day his creditors discussed the validity of bankrupt’s shares, the possibility of selling them, and the question of disposing of bank rupt’s freehold farming properties a Frankton. Assets were stated :n the schedule at nil, and liabilities al. £1,677. The meeting was adjourned