BANKRUPT LAND AGENT

Sun (Auckland), Volume IV, Issue 1049, 13 August 1930, Page 13

BANKRUPT LAND AGENT

MONEY DUE UNDER WILL Prom Our Own. OorrespoHilr.it TE KUITX. Tuesday. * A meeting of creditors in the estate of John Ramsay Morton, bankrupt land agent, formerly of Te Kuiti, and now of Auckland, was held at Te Kuiti on Tuesday. Mr. K. Low was appointed chairman and Mr. Bryce Hart, of Auckland, represented bankrupt. Bankrupt’s liabilities were shown at £872 14s to unsecured creditors and assets nil. In his statement, bankrupt set out that in 1919, after his return from the war, he and a partner entered the land agency business in Te KuiTi. During the boom of 1920-21 business was very good. When the slump came, bankrupt bought out his partner and carried on alone. Up to December, 1925, when bankrupt married lie had been making a good living. Business then went from bad to worse, and shortly before Christmas, bankrupt broke down in health, and went to Auckland. He had been ill ever since and had recently suffered a broken leg. He was still receiving treatment at Auckland Hospital. About seven years ago business was so slack that he had to borrow £SOO from a relative, agreeing to pay 6 per cent. Bankrupt said he was prepared to agree that his discharge should not be granted till he could pay the sum of £2OO to his creditors. He had not pledged his interest in a relative’s will, under which he would be a substantial beneficiary. Mr. W. J. Cochrane, representing Messrs. Barraud and Abraham, Ltd., declined to apeept this offer. Replying to another creditor, bankrupt said he thought lie would benefit under the will referred to to the extent of several thousand founds at least. The meeting was adjourned for one month in order that the position may be placed before the official assignee, and that a search be made of the will mentioned by bankrupt.