Nothing Left After 53 Years’ Pioneering

Sun (Auckland), Volume IV, Issue 976, 20 May 1930, Page 1

Nothing Left After 53 Years’ Pioneering

GISBORNE BANKRUPTCY DEFICIENCY OF £24,000 Press Association GISBORNE, Today. “I started life as a boy at the age of t 4 with nothing and am now, after 53 years of pioneering work, winding up with nothing.” THUS concluded the statement read yesterday at the meeting of the creditors of George Henry Lysnar, solicitor and sheepfarmer. The official assignee suggested that In view of the fullness of bankrupt’s statement, further examination was unnecessary and' the meeting was adjourned sine die. “I regret very much,” the statement continued, “having to say that I am unable to make any offer to my creditors. I also much regret the amount owing by me to my individual creditors, especially my brother, W. D. Lysnar, who is wholly unsecured and who has advanced me in cash, Including money guaranteed, more than £IB,OOO. I cannot help admitting that he has been much too good to me. At the sime time I would like to point out to all my creditors that I have lost all, both money and property.” Bankrupt’s financial statement estimated the deficiency at £24,360. Debts due to unsecured creditors totalled £14,482. and- to secured creditors £30,704,* the estimated value of securities being £25,000, leaving a deficit of £5,704. There were also shown contingent liabilities of £4,379 covered by William Douglas Lysnar’s guarantee to Mrs. L. T. Burnard, and further liabilities totalling £485. ASSETS OF £100,790 In the course of a very detailed statement bankrupt mentioned that In March, 1921, his financial position showed assets £100,790, which, after deducting liabilities, left a surplus of £46,425. In January, 1927, the assets, which comprised freehold lands, station stock, wool, dairy farm, town property and leasehold lands, valued at £92,819, were sold under a forced sale for £61,055, making a loss of equity totalling £31,754, and his liabilities increased to £72,100. Bankrupt attributed his failure to the following causes: (1) Depreciation in the value of wool and meat, which had the effect of lowering prices of all property. (2) To Harbour Board litigation which cost him about £5,000. He said he prepared a plan of the Gisborne harbour and when he submitted it to the board the latter agreed to pay a certain sum in certain conditions. Bankrupt considered that if the board had not acted ar, it did he would not be bankrupt today. (3) Through arrears in payment lands valued at £48,620 were sold for £31,000.