IN BANKRUPTCY.

Press, Volume LXI, Issue 18413, 20 June 1925, Page 5

IN BANKRUPTCY.

AN AGENT'S FAILURE. A meeting of creditors in the, bankrupt estate of Jumes Ban - , of North Loburu, agent, was hcldi in the office of the Official Assignee (Mr A. W. Waiters') yesterday. The amount owing to unsecured creditors wa.% £758 Ss, which conrprißed the total indebtedness and there were no assets.

. Tho principal unsecured creditors were:— Health Supply Co., Chrigtchurch, £65; Dr. 3i. T. D. Acland, Christchurch, £4O; Misses do Kenzy, Christchurch, masseuses, £55; John Cock, Christchurch, £25; Hampton Bros., Christchurch, £l4; N.Z. • Government' Land Tax Department, £7O; N.2. Farmers' Co-op., Christchurch, £135; James Nelson, Christchurch, .£29; K. D. Benjamin and Co., Christchurch, I £2O; J. Ackroyd, Waddington, £29; F. D. Kestcven, £27; B. B. Wood, Christchurch, £62 10s; —. Edgen, Greylnouth, £22; D. Chapman, West Eyreton, £l7; R. Twyneham, Christchurch, £10; Phillips Estate, Christchurch, £18; — : . Join's, Cliri3tchurch, £ls. Bankrupt's statement showed that from 3919 to 1923 lie was buying and Belling for W. B. Clarkson and Co., at- a:weekly wage varying from £5 to £6. For, another year, ho ww working on 10 acres afc Eiccarton, belonging- to' his wife. Than he went to work on' a farm at Loburu, making what he could by running stock. These farming activities had -shown practically no profit for the past five years. His residential property at St. Albans was sold in August, 1924, by the mortgagees for £1375. This property consisted of a nine-roomed house and ]J acres of land, and was valued at considerably more than the mortgagees' price. Tho Land Tax Department, about two yearsEgo, demanded £375 for or eight yeai-3* arrears of land tax, but he had reduced this amount to £7O. The tax was due in respect of a farm at Marshland, tho sale price of which was not quite sufficient to pay tho National Bank, and also in respect of ft farm at Southbridge, which also had to be sold to pay the bank.' In reply to the Assignee-, bankrupt said that when on the 10 acres at Hiccarton hohad: tried to run a boarding-house and kept racehorses. These had been seized by the bailiff. The property at Christchurch was valued at £I4OO. The bank had paid much of the arrears of land tax, charging it to his account. He had been at Loburn for a year, and at the present time had no stock on the land which ho was- looking after for his mortgagees, and making life could out of it. His wife made au exchange of the Hiccarton property for the Loburn property. It was just on 1300 acres'. The price at which bankrupt's wife took it over was £4 an acre, and the two mortgages were £3OOO aud a little over £2OOO respectively. In reply to creditors, bankrupt said that he had been a bankrupt 38 years ago, but was discharged. The second mortgagee was Mr J. A. Flcsher, and he (bankrupt) was working on the farm a* a. sort of caretaker, expecting to receive something when he saw how things were going to turn out. Mr Fkshcr had stocked' the place with sheep, and bankrupt was under the impression that he would get some money from the proceeds of the farm work. Ho'thought the farm belonged- to his wife, but ho received no wages. - He was working for his wife. The Assignee: Wo arc not concerned with any arrangement between Mr Flcsher and tho bankrupt, but --rather between bankrupt and his wife. . Bankrupt said he had never used' dummies" in racehorses. He had not had ar.y wages but had handled the cream chorne. Mr P. P. -T. Amodeo; Do you make anything out of the''cows?—Only a living. About these sheep;: ia-Mr Flesh«r going 'to pay you a'bonus?—No, there is no arrangement with Mr Flesher. . . Bankrupt said that he had run up an account with tho Farmers' Co-op. at Kangiora, ' A creditor: someone will get. tho sack. " Mr Amodeo: 'lf'Secnis to be a hopeless i mess. ~ Bankrupt, in reply to a creditor, said that he had not been on tho racecourse since last Grand National. Idrs had had money left to her by her father. The estate was left in the hands of the Assignee, Mr Anlodeo, the mover of the motion, remarking that tbo bankrupt abould not be allowed his discbarge until some effort was made to do something for his creditors. Bankrupt: That docs net give me a chance. It is" rather-unfair. Mr Amodeo: Oh, no, it's not; there's nothing to prevent you working and endeavouring °to see what you can do in the way. of paying something to your creditors. ' The meeting was adjourned sine die