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IN BANKRUPTCY.

—_s ESTATE OF C. H. TURNER. A meeting of creditors in the bankrupt pstut" of Charles Henry Turner, farmer, of Kaikoura, was railed b»fore the Official Assignee (Mr A. V.". Watters) yesterday afternoon, but lapsed for -want of a quorum. The amount owini." to unsecured creditors M-i-s X-;:i 9s, and secured creditors £1077 5s :)'!. There were no securities, and the total debts amounted to £2OIO 14s Pd. On the credit side the stock-in-trade was valued at £2O and the furniture £4O. making ,l!e total assets £6O. The deficienrv was £1950 14s 9d. The nn!v unsecured creditor was the Ivaikourn County Council, £oo 9s, the amount being for rates. The secured creditors were: The trustees of T. T. Bovd. deceased, security under power of sal- in first mortgage, i'laS" 10s; Xew Zealand Farmers' Co-op. Association, Ltd., security over stock realised balance owing .fUDo 13s 9d. In his sworn statement, bankrupt said that in 1920 he purchased a small grazing run in the Hundalee survey district from T. T. Boyd. The purchase price was £5700, inclusive of stock and implements. He paid £SOO cash, and had very little money for working: expense.-. He obtained a loan of £2.100 from the Crown under the Discharged .Soldiers' Settlement Act. The vendor took a second mortgage over the land for £1250. Ke obtained an advance from the Canterbury Farmers' (.'nop. Association for £1430, and tlie Association took security over the stock and implements. He then took possession and began to work the place. All receipts were paid into the Canterbury Farmers' Co-op. Association, Ltd., at Kaikoura, and all accounts were paid by them on his cheque. The slum]) came about six months after he took possession. H» continued to work the property, and resided there for about three years. Ho was unable tr. pay any interest to the Crown, and was able to pay only half a year's rent. He also paid halt' a year's interest to Mr T. T. Boyd. On account of the slump he made no profits out of the property, but held on in the hope that prospects would improve. In August, iy2:j, the Farmers' Co-op. sold the stock-in-trade under the power of sale in their security, but failed to realise the value of the debt. " He then took a position as manager for Mr J. G. Armstrong, Marshland, and went to reside on his farm. The Commissioner of Crown Lands sold bankrupt's property in January, 1925. He resigned from his position with Mr Armstrong in March, 1925, as there was no school to which he could send his children. He then moved to Oaro, where he since had been employed in rabbiting and mustering. The meeting was adjourned sine die. CONTRACTOR'S FAILURE.

A meeting of creditors in the bankrupt estate of llobcrt Ferguson Campbell was held in the office of the Official Assignee (Mr A. W. Wallers) yesterday morning-. Mr A. A. HcLachlan appeared for the bankrupt. The statement of bankrupt's position showed (hat assets were estimated at £lO (furniture £5 and a mare £5). The amount owing to unsecured creditors was £SOB 4s 2d. For a debt of £305 to John Chambers and Con there was the security estimated to produce £350, lea-ving a deficiency of £45. The total deficiency, therefore, was £513. The principal unsecured creditors were: Vacuum Oil Co., £37 ss; T. and A. Bullock and Co., £ll. 15s; W. H. Simms and Sons, £l2 103; Massey, Harris, Ltd., £l9 03 id; M. Maindonald, £34 8s 7d; Rekl and Gray, £2B 8s; J. Johnston and Son, £l4 6s £d; J. T. Skilling, £27 16s Gd; G. Watson, £2B; National Mortgage, Ltd., £26 14s; W. H. McGruer, £l2; N.Z. Farmers' Co-op., £l2; F. D. Kesteven, £100; J. B. Struthers, £3l 18s 7d. The bankrupt, in a sworn statement, said that ho commenced business as a ploughing contractor in the Cust district about seven y-earß ago, buying; a second-hand plough and four horses and harness. He did) fairly well, and was able to pay off the amount owing on the plough. He had a family of five children, one of whom was at home, and the others attended school. About a year after he commenced contracting- his wife died, and ho had to incur a good deal of expense. He endeavoured to carry on the home with the help of his eldest girl, who was fifteen. He found that the householdexpenses were greatly increased. Ho was earning only sufficient to pay rent and living: expenses. At this time he had a bad run of luck with his horses. Seven of them died within thirteen months. He managed to buy four other horses on terms, and endeavoured to carry on with contracting. Horse-feeds increased in prico to £8 per ton, and he found that contract ploughing with horses was not a paying proposition. He gave it rip early in 1924, and decided to »ent aMr Howe's - farm. He did not go into occupation immediately, but went on contracting with a Case motor tractor, which ho obtained' on hire purchase agreement. The prico with a four-furrow plough was £693. The clearing sale at his old place realised £267 16s 6d, which went as a, deposit on the outfit. Eventually he paid £3OO in all, leaving a balance of £395. After being on the farm about twelve months he found himself able to pay only rent. He still did contracting jobs with the assistance of his eldest eon. He also found the tractor expensive to run, and; could not make headway on contract prices. He was unable to meet the seoond instalment on the tractor. As there seemed to be no chance of getting ahead, he arranged to hand back the tractor to John Chambers and Son. The children were now able to work for themselves, but at the time his wife died tbey were not, and ho had' to bring them up himself. He attributed his failure partly to the loss of the horses—this involved him in expense and set him back a, long way—and partly to the fact that the ploughing by tractor did not turn out as anticipated. In reply to the Official Assignee, the bankrupt said that he went into his position before he gave up the ploughing by horses, in February, 1924, and he estimated that he owed between £250 and £3OO then. The Official Assignee said) that, after examining the statement, ho estimated, that another £l6O must be added, and the total deficiency would be about £7OO. Mr Struthers said bankrupt had made the statement in Cust that he had' ploughed about 3000 acres. Bankrupt said that ho had ploughed a httlo over 1000 acres. Mr Struthers: What was the idea of making the statement that you had ploughed 3000 acres—to obtain more credit?

Bankrupt: No. ~,,.-,.,. Mr Struthers said Campbell had said that if anyone pressed him he would file. The representative of W. H. Simms and/ Son ■"aid that if that were the case it looked asSif debtor had obtained credit from hia firm knowing himself to be insolvent. Mr Struthers said he had had promises to pay, but these had not materialised. He did not think the bankrupt had been truthful. . , , . Mr McLachlan: From your point of view. Mr Maindonald: "I reckon I have been treated badly.'' The speaker said that he let his account run on a good bit, and then decided to stop credit. Then Campbell ordered some crushed oats. In the absence j of the speaker, delivery was given with- ] out payment. . Mr Struthers: Do you think it was right to attend the races at Rangiora and also on June. 3rd, on the inside? Bankrupt: I would have gone anywhere to get the worry off my mind. You had money to invest? —I had ss. You get a good "divvy" at Rangiora?— Gut of S3? Mr Struthers: You struck Gay Life. Answering other questions, bankrupt said that up to the time he went to Rangiora he had not been on a racecourse for twelve months. It was stated that John Chambers and Son held a.'chattel security over bankrupt's plant and stock at the time of the clearing sale, and Mr' McLachlan pointed out that therefore Campbell could not have used the proceeds oi the sale to pay his creditors oven if he had desired 1 . Tho question of disposing of the assets was discussed. Mr Watson said that Campbell was probably the most hard-up in the room. From what the speaker heard, bankrupt was a man who spent money and material in an offhand way. Mr S. Wood said that Campbell was a hard-working man, but he was not a business man. "I don't like to see a man getting torn to pieces as he has been to-day," said Mr Wood. . . A creditor: It wont make any impression. The meeting was adjourned to enable bankrupt to submit a statement of receipts and payments from the time he purchased the tractor. '

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/CHP19250625.2.17

Bibliographic details
Ngā taipitopito pukapuka

Press, Volume LXI, Issue 18417, 25 June 1925, Page 5

Word count
Tapeke kupu
1,491

IN BANKRUPTCY. Press, Volume LXI, Issue 18417, 25 June 1925, Page 5

IN BANKRUPTCY. Press, Volume LXI, Issue 18417, 25 June 1925, Page 5

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