FULL DIVIDEND LIKELY

Sun (Auckland), Volume III, Issue 789, 9 October 1929, Page 10

FULL DIVIDEND LIKELY

DEVONPORT RESIDENT’S BANKRUPTCY BUSINESS DEAL IN VIEW If a deal in the estate of Philip Fielding Farnworth, settler, of Devonport, is completed, it is expected that a dividend of probably 20s in the pound will be paid to his creditors. Farnworth’s solicitor, Mr. W. Kells Mason, explained this at a meeting of creditors this morning. Farnworth did not attend, and a medical certificate testified that the bankrupt was not able to attend to his business. The financial statement said that £673 4s 5d was owing to unsecured creditors. In the assets, a transaction was estimated to produce £6OO, and there were book debts totalling £197 10s. No statement of causes was presented and the acting-official assignee. Mr. V. R. Crowhurst, said this would be required. Mr. Kells Mason, explaining Farnworth’s position, said certain negotiations were pending to realise a considerable sum on a deal which had been signed up before bankruptcy. Because of this, Mr. Kells Mason suggested an adjournment for a week to enable the deal to be completed. Mr. Crowhurst gave it as his view that Farnworth should have attended, and lie said he would subpoena the bankrupt to secure his attendance at a further meeting. The creditors, on a vote, agi*eed to the adjournment. A committee of three was appointed to investigate, with Mr. Crowhurst and Mr. Kells Mason, the bankrupt’s position.