THREE TIMES BANKRUPT

Sun (Auckland), Volume III, Issue 791, 11 October 1929, Page 10

THREE TIMES BANKRUPT

DEBTOR’S AFFAIRS FOR CROWN SOLICITOR MORTGAGE DIFFICULTIES ■ Bankrupt for the third time. John Edward Mortimer, agent, of "Wallace Street, met his creditors this morning. Dissatisfaction was expressed at the meeting, and the creditors referred Mortimer's affairs for investigation by tho Crown Solicitor. Mortimer explained in his statement that most of his debts were through mortgages. It was alleged that Mortimer had not stated full facts to his creditors. The acting official assigne, Mr. A". R. Crow - hurst, in agreeing with the creditors’ | resolution, said he would have referred : Mortimer s position to the Crown j ! citor even if the creditors had not car- ■ ried tho motion. Mortimer owed £SSI 2s 3d to unsecured creditors, the sum representing his total debts. Although he owed : £ 8,938 to secured creditors, there were ; securities valued at £9,175. The assets were £3OO 19s 3d. In his state- j ment. Mortimer explained his difficulties with mortgages. He had bought 1 a Wallace Street property in 1927 with j equities from a Morrinsville farm and j a city property. Mrs. Mortimer liad j given him £ 450. and he borrowed £1.250 for the second mortgage. He j built flats on the property, and suffered a loss when a lire took place, j Kents went down, and ho was not able i to till the flats. An action, as the re- J suit of the fire, was brought against j him, and cost him about £2OO. He ! had prospects of. a clearance of mort- ! gages, and oi a sale of the flats, but ! the chances did not eventuate. BORROWED £5.750 — " To relieve the position, he borrowed i £5,750 on the flats and the car. Tie t also took over a petrol station from j i the man who became his major crediI tor. The results were not up to expecI tations, and Mortimer said he begged ! the creditor to take the station back. The bankrupt said he was satisfied he could have cleared his personal debts had he been given reasonable ! time. Under examination. Mortimer said he had been bankrupt twice before. He had made two trips to America, Several creditors taxed the bankrupt with not having explained his position, and Mr. Biernacki, representing Mortimer, made an objection to the attitude of the major creditor. who was said to have forced the bankruptcy. A creditor* said the major creditor had been supported by other interested concerns in his actions. A committee of main creditors was formed to arrange details. Mr. Biernacki mentioned that Mrs. Mortimer, had the creditors been inclined to facilitate Mortimer’s discharge, would probably have been prepared to transfer a mortgage which [ would possibly meet the demands of | the unsecured creditors. A creditorsaid that such a possibility should not bo overlooked, and the question was 1 left in the hands of the committee.