BANKRUPT ARCHITECT

Sun (Auckland), Volume III, Issue 661, 13 May 1929, Page 11

BANKRUPT ARCHITECT

ESTATE WHICH PROVED UNSALEABLE DISCHARGE FACILITATED Deals involving several thousands of pounds and attempts to sell sections for summer residences at Beachlands and Piha were discussed at a meeting of the creditors of William Kibblewhite today at the office of the official assignee. Mr. G. H. Wallace represented bank- i rupt, an architect, of Safe Deposit j Buildings, High Street, and Mr. W. P. I Hopkins appeared for Beachlands, Ltd. I The deputy-official assignee, Mr. V. j R. Crowhurst, presided. Kibblewhite’s financial statement showed a nominal surplus of £1,814 16s Sd. Claims of unsecured creditors amounted to £2,372 11s 6d, and those of secured creditors £11,347. The estimated total value of securities was set down at £15,680 9s 7d. Assets were £4,337 9s 7d, being the surplus from securities in the hands of secured creditors, property valued at £SO, and furniture at £SO. In his statement, bankrupt said that he acquired the Beachlands Estate in an exchange in 1922. It was subject to a first mortgage of £7,500 and a second mortgage of £3,000 when he acquired it. PIHA ESTATE PURCHASED He commenced to subdivide and road the property, and a little later sold a half share At the end of 1923 a small syndicate was formed. He then purchased an estate at Piha for £12,090 for the syndicate, but in his own name. A deposit of £1,500 was paid, and a first mortgage of £10,590 was taken over by the bankrupt. The syndicate liroceeded to develop the property and some thousands of pounds were spent. In the meantime, bankrupt said he was continuing to dispose of Beachlands sections and had rearranged the finance by raising an overdraft of £4,000 with his bank. The original syndicate continued to deal with Piha until 1925, when he bought it out. He then held both Piha and Beachlands in his own name. In the meantime, the sale of sections at Beachlands had decreased, partly on account of the market and partly because the place needed roading. He carried on until March, 1927, when there was approximately £7,600 owing to him for the balance of purchase money for Beachlands sections which he had sold. He had been endeavouring to dispose of the Piha property to the City Council, as it was then thought that the council would purchase it as a reserve. After lengthy negotiations, nothing eventuated. He kept up the payments at Piha as well as he was able, but last year he was in arrears, and .after attempts to sell had failed, he was compelled to hand the property back to the mortgagees. During the past two years he had exchanged a number of Beachlaud sections for various properties about Auckland. At the end of last year, he said, he sold his remaining interest in Beachlands to a company called Beachlands Limited. Out of this sale the company had paid him £750 to date, and a further sum of £250 was payable this month. This sum had been used in paying ol’f his bank overdraft and arrears of rates. “LOADED WITH PROPERTIES” The exchanges which he affected for Beachlaud sections prior to disposing of this property proved unsuccessful, as he found himself loaded up with a number of encumbered properties which he could not get rid of. He attributed his bankruptcy to this fact, and also to the facts that practically the whole of the profits he derived from Beach- ! lands were spent on the Piha | property, which proved unsaleable. ' Questioned by Mr. Crowhurst, banki rupt said be had never drawn more than £6 a week himself. The Deputy-Official Assignee thought it would bo advisable for creditors to appoint a committee to go into the question when he had obtained further particulars. A committee of three was appointed accordingly. In moving that every facility be given Mr. Kibblewhite to affect his discharge, one of the creditors said that his present position was due to land values and not to any extravagance on his part. He was most unfortunate to be in his present position. The motion was carried unanimously. Mr. Crowhurst Intimated that he had written away for information regarding the properties, and would call the commitige together on receipt of it. If necessary, another meeting of creditors would be held.