UNPROFITABLE FLATS

Sun (Auckland), Volume IV, Issue 1000, 17 June 1930, Page 14

UNPROFITABLE FLATS

BANKRUPT’S DEALINGS

CREDITORS SYMPATHETIC

“Bankrupt’s position is obviously due to misfortune and his property deal at Devonport has proved most unprofitable,” said the official assignee, Mr. A. W. "Watters, at a meeting of creditors in the estate of Charles W r ilson Travers, a furniture manufacturer, this morning. The property had been bought at a boom period and had been a most unfortunate venture, being a liability rather than an asset, and would now return nothing to the main body of creditors. The creditors agreed that Travers had been unfortunate and passed a resolution unanimously to this effect, also asking that the assignee facilitate his discharge. In his statement, Travers showed debts to secured creditors a_s £2,768. his three properties being valued at £3.350. The claims of unsecured creditors, however, and present values turned this nominal surplus to a deficiency of £l6O. Bankrupt said that he had bought a house in Devonport in 1921 with the object, of turning it into flats. Bad tenants and high interests had led to a loss of about £3 a week being incurred. High rent for his factory in Gittos Street, leased because of its proximity to the new railway station, had also led to his finances dwindling rapidly.