Speculations Bring Success and Failure

Sun (Auckland), Volume III, Issue 722, 23 July 1929, Page 1

Speculations Bring Success and Failure

____.__.———- [ BANKRUPT LAW CLERK l l ____ i A. H. MARTIN S AFFAIRS 1 Thousands of pounds were in- I volved in the affairs of Alexander ' Henry Martin. law clerk, of Auck- { land, whose bankruptcy was dis- ' cussed today by his creditors. A COMMITTEE of creditors was set up to be associated with Mr. V. R. Crowhurst, the acting official “signee, with regard to the realisa—tion of the equities and to investigate property interests. The question of Martin's discharge from bankruptcy was held over. ‘ Miartin's extensive transactions in; land property were outlined to thel meeting. l Claims of unsecured creditors,‘ shown in the financial statement, amounted to £2,220 11's. and those of secured creditors to £55,718 143 3d. The estimated value of the securities was‘ £12,130, leaving a surplus of £6,411; Ss 9d. The total debts were ziven as £7,939 11s 3d. On the credit side,‘ hook debts were £649 7s 2d. estimated l to produce £475. The total assets were £12,605, leaving a nominal sun‘ plus of £4,665 85 9d. ‘ Martin said he was a. clerk, em-l played by Bennett and Jacobson,‘ solicitors, for some years prior to Feb-max-y, 1928. He lived at home with; his widowed mother, his brother and; two sisters and helped to support‘ them. Since his people went to Wanganui he had been assisting for the pastl nine months the proprietor of an auction mart at Papakura, where he. had been living. GAUGHT BY SLUMP i During his time with the solicitors.‘ he undertook a. few speculations. These proved to be satisfactory, but the slump caught him when he was holding about 40 sections'at Remuera. These were not productive. He originally received about £BOO from his father's estate. ' Martin set out causes which he said made his position dimcult. Other wise his income from investments would have met all interest on his mortgages. Four mortgagees, Martin said, made default in the payment of interest and principal moneys, and one of his houses in Franklin Road was not occupied for a considerable time. An orchard in Portland Road ind not produced a satisfactory reve—nus. “Judgments were obtained against me when l was not in a position to meet them," Martin continued. “A tenant also failed to carry out an moment. My creditors know how I tried to avoid bankruptcy and I believe that, glyen time to realise, I could have paid more than 205 in the pound. I want my creditors to receive full amounts. I have handed to the solicitors for the first mortgazsos authority to collect dues on my properties.” Under examination Martin said he began his speculations about seven Years ago, and had considerable success. He mentioned the existing diiflculty in disposing of land properties. Questioned regarding his personal living expenses. he said there had been a “mere existence” for 18 months past.

To I creditor, he said he had not ruled the creditors before because he hoped to clear his liabilities, but he admitted insolvency for six months. No resolution was passed regarding the bankmpt’s conduct.