BANKRUPT COMMENDED

Sun (Auckland), Volume IV, Issue 1012, 1 July 1930, Page 8

BANKRUPT COMMENDED

TRIBUTES BY CREDITORS RESOLUTION OF SYMPATHY Tributes to bankrupt’s honesty and endeavour and sympathy with him in his position was expressed at a meeting of creditors of Fritz Graham Jackson, agent, of 63 Queen Street, before the official assignee this morning. The statement showed a deficiency of £1,510, unsecured creditors £2,471, and secured creditors £3,054, with total assets of £960. In his statement, bankrupt said he was farming at Tauranga at the time of the slump in 1921, and second mortgages which he held on other properties came back on his hands and were sold by the other mortgagees. In 1924 he came with his creditors to ceirry on business. In January he discovered that his position was insecure. He had in curred no further liabilities since last January. During the last three years he had been employed in land agency work and believed that his creditors were satisfied with his work. Bankrupt attributed his failure to the slump in land in 1921 and 1922, to the insecure position in which he had been placed in January last, to not borrowing more mouey since discovering that position, and to the present slump in suburban properties. Replying to the official assignee, bankrupt said he had not been in business on his own account, but had been selling on commission. A Creditor: I think that Mr. Jackson has been quite honest. The Official Assignee: I am impressed by the way he has not incurred further debts since be was pressed by one creditor. Several creditors and creditors’ representatives paid tribute to bankrupt. and said that where other men would have taken advantage of the privileges of the Act. bankrupt had battled along in the endeavour to pav his creditors 20s in the £, incurring no further debts while doing so. The meeting unanimously decided to allow bankrupt to retain his motorcar, expressed sympathy with him in his position, and requested the official assignee to expedite his discharge.