IN BANKRUPTCY

Taranaki Daily News, Volume LII, Issue 76, 26 April 1909, Page 3

IN BANKRUPTCY

AS UXFORTUXATE CASE.

By Telegraph.—Press Association. Auckland; Last Xiglit. W. J. Stokes, bush contractor, of Kare Kare, near Auckland, a bankrupt, has sworn his liabilities at £17,895. There are 81 unsecured creditors for £8,305, and two secured creditors for £.9,500. The securities to the latter are estimated at £14,104, the surplus ( £4094) with the stock of timber, book debts, and other' property, bringing the total assets to £0877, leaving a gross deficiency of £1,518. The principal unsecured creditors are the National Balk of New Zealand (Auckland), £2743; A. C. Downer. Helensville, £1800; George I'raser and Sons, Auckland, £513, and the following Auckland inert halts: J. •Burns and Co., Ltd., £4Uti; Wingate and Co., Ltd., £3o]; Heather, Robertson and Co. £250; John Chambeis and Son, Ltd., £177. Mr. E. C. lteale, solicitor, figures as an unsecured creditor for £450, and there are a large'number of wa»es claims. Bankrupt's sworn statement sets forth that a year ago lie and E. C. Beale, Walter Dyer, Robert Downer and Annie Slator entered into n partnership known as the Kare Kare limber Companv. The business \vas undercapitalised, and in three months the firmwas brought to financial rum. An attempt to form a syndicate to take over the business, which for convenience was assigned to bankrupt, failed. Tlien t'ie original vendors began to rescind then agreements and terminate then leas.*, and thus destroy tile assets. Bankrupt 1 concludes: "My private property, and tlmt of my wife, amounting to ovei £4.000, is gone. Mv "nurd earnings toi 40 vears are gone, and 1 am a ruined man." The .eeiired creditors ajre Jame* Moore and Son», Melbourne, £i,->no, and Thomas V**ber, land agent, A«ek an£ £2OOO. The first meeting ot creditor h "fixed for Tuesday,