IN BANKRUPTCY.

Taranaki Daily News, 5 November 1921, Page 6

IN BANKRUPTCY.

AN AUCTION BUSINESS. A meeting of creditors in the estate of Harold Middleton Leo, farm laborer. who had been adjudged bankrupt, was held in the Courthouse. Hawera, on Wednesday afternoon. Mr. R. S. Sage, Deputy Official Assignee, presided. The Deputy Official Assignee said that Mr. Lee" had been in business in Hawera as an auctioneer, and he understood that owing to pressure by creditors he had been forced to file his petition, notwithstanding the fact that hd was'endeavoring to make a private assignment. He (the D.0.A.) had gone as far as possible into Mr. Lee’s affairs as the short time at his disposal permitted. The unseeuyed creditors had claims totalling £1874, and the amount owing ,to secured creditors was £990. The "estimated value of the securities was £1290, so that after deducting the amount due to secured creditors there was a balance of £3OO. The book debts were estimated to produce £160; the cash in hand totalled £lOO. and there was a ear valued at £4OO. The balance due on the stock-in-trade was £lOO. Twelve shares in. the Farmers’ Co-op. were estimated to be worth £3O. and 50 shares in tlfo South Taranaki Amusements Company were also valued at £3O. There were promissory notes amounting to £3OO, and a brood mare, valued at £lO. The estimated deficiency was £444. The bankrupt, in his statement, said that he attributed the diminution of his assets resulting- in bankruptcy to the following causes: (1) A new auction mart opened in Hawera shortly after he commenced business; (2) he had no training in the auctioneering business; (3) the general financial depression. Lie also considered that he paid too high a price for the business. After a long discussion the meeting was adjourned.