A NATIVE BANKRUPT.
MOHORANGI PAT ERIK FS AFFAIRS. MEETING OF CREDITORS. A meeting of creditors in the bankrupt estate of a Maori named Mohorangi. Pateriki, was held at the office of the Deputy Official Assignee (Mr. J. 8. S. Medley) yesterday afternoon. Mr. P. B. Fitzherbert appeared for Mohorangi and four creditors were represented. The statement of assets and liabilities showed unsecured creditors totalling £225 and secured creditors at £675. The unsecured creditors were: E. M. Reynolds, storekeeper, Oaonui, £25; Phoenix Motors, Ltd., New Plymouth, £7O; Stainton and Co., Garage, New Plymouth, £100; and T. Elliott, motor mechanic, New Plymouth, £3O. The secured creditors were: Sarten, farmer, Tikorangi, £450, apd P. B. Fitzherbert, solicitor New Plymouth, £225, the securities being valued at £2OOO, leaving a surplus to contra of £1325. to which £5O of books debts owing to bankrupt must be added, leaving an apparent nett surplus over all liabilities of £ll5O. In a written statement bankrupt said that in September, 1921, he had had no debts with the exception of £25 owing to Mr. E. M. Reynolds and £166 and interest to Mr. Fitzherbert. At that time he owned two motor cars and a second mortgage of £1560 over 153 acres of farm land at Oaonui. In November he came to New Plymouth and decided to go in for fishing, for which purpose Mr. Fitzherbert bought a motor launch, while one of the cars was converted into a motor lorry. Subsequently a loan of £450 was obtained and the nett proceeds ( £426) were spent by Mr. Fitzherbert for him in various ways, together with another £226 2s supplied by Mr. Fitzherbert. Some Madtis had taken his car from Puniho and the damage they did to it necessitated the expenditure of another £92, while the motor lorry had also become damaged. Neither Stain ton and Co. nor the Phoenix Co., who had executed the repairs to the respective vehicles, would let them go until payment had been made and bankrupt estimated that had he had their use he would have made sufficient to pay the accounts. He had also had trouble with his launch. Prior to incurring these liabilities negotiations were proceeding to ibuy in his mortgage, but they fell through. Before going bankrupt he had given the Phoenix Co. power to sell hie lorry at a sacrifice in order to square their account. Mr. Fitzherbert stated that provided Mohorangi were given a little time there was not the slightest doubt that he would be able to pay all. In addition to the assets disclosed there was some money, which was not available in bankruptcy, from the sale of some property five years ago, and if this came in there would be sufficient to pay his liabilities. The Nat ive Laud Board had approved the sale, but there, was the question that, when the balance owing had been paid, would bhe board allow the money to be used to pay off the debts? He suggested that the easiest way out would be for the Phoenix Motors to sell the lorry and get what they could for it. and for the D.O.A. to see’ if he could arrange with Mr. A. A. Bennett, who had acted for Mr. Greenaway, the purchaser of Mohorangi’s place, for the balance of the purchase money and apply to the Native Land Court for it to be .paid in settlement of the debts. Mr. C. H. Croker, representing the Phoenix Motors, inquired into the bill of sale over the launch and other chattels held by Mr. Fitzherbert, who explained that he would not let his bill stand in the way of settling the debts. It was eventually decided to see if a loan of £950 could be raised on the •whole of the assets, and also that the D.O.A. get in touch with Mr. Bennett as suggested by Mr. Fitzherbert. The meeting was then adjourned sine die.
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Taranaki Daily News, 15 August 1922, Page 5
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651A NATIVE BANKRUPT. Taranaki Daily News, 15 August 1922, Page 5
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