A FARMER'S BANKRUPTCY

Dominion, Volume 11, Issue 288, 24 August 1918, Page 10

A FARMER'S BANKRUPTCY

MEETING OF CREDITORS. nicctinpr of creditors in tlio bankrupt estate of John William Walker, farmer, llintoul Street, Wellington, adjourned from Thursday, wa,s bold yesterday morning. The Official Assignee (Mr. 'S. Tanslcy) presided. Mr. H. F. O'Lonry appeared for the bankrupt, and llr. 0. Beore for H. G.. Butter and Co. Tlio bankrupt, on being questioned, said ho had no properly at Ngaio. The property llioro belonged to his wife. It consisted of a four-roomed house, about ii acres of vacant land; also a five-room-ed house in Kniwarra. His wife also possessed a house in Kintoul Street, but that had not yet been, transferred to her. In December last his wife sold a property at Daunevirke lor 4:700, and xlbti ot that amount was stiil due. Sim becamu the owner of the property and a. store at Ormondville through the exchange of property at Umutaoroa, consisting of two farms, each of 'M acres. The exchange was elfeeted on May 1, 1917. Ho intended the transaction to bo in the nature of a gift. At that tniia the bankrupt said lie, owned about acres at lWscwood aud till acres at Umutaoroa. The i\orsewoucl property was sold for JC&W, and the land at Umutaoroa was exchanged for land at Taita. To Air. Bcere: While owing money, practically three-quarters of the amount of his debts, he .sold the store at Ormondville, and transferred the property so acquired into his wife's name. Mr. Beere: Did you imagiuo that was permissible? Bankrupt: It was the only thing I could do. Continuing, bankrupt said that his wife acquired the property at Dannevirko by will (produced), and admitted that his wife had refused to hand over to the estate the properties at IS'gaio and Kaiwarra. He also admitted having written (o Messrs. Snrgood, Son and Ewcn, "Napier, stating (lint lie. owned 1726 acres, although he only owned IMG acres, tlio balance of 400 acres having been transferred to ly's wife some weeks previously. Ho might not. have chosen the right words in conveying the information owing to a nervous breakdown. The meeting resolved: "That the Official Assignee take the necessary steps to have the gift to Mrs., Walker made on May 1, 1017. at Ngaio, Kaiwarra, and Wellington vested in the Official Assignee in this estate." The meeting then adjourned.