In Bankruptcy.

Feilding Star, Volume XIX, Issue 29, 3 August 1897, Page 2

In Bankruptcy.

A meeting of creditors in the estate of J. A. Paine was held at the D.O.A.'s office, at Palmerston, last Monday, Mr G. J. Scott, D.0.A., presiding. Mr F. Vowles and the bankrupt were the others present Debtor, in his statement, said that he and his brother had taken up 700 acres of land, Levin & Co. advancing £300. One of the sections was stocked, the other being sold at a later date owing to the acreage being too large to manage properly. The section realised £80, a loss resulting on the transaction, About ISO acreß were pot in grass on the remaining section, but owing to overstocking another heavy loss was made. HaviDg rates, rents, and interest to pay on £300, the property soon became a drag and it was decided to sell. The place was eventually sold for £675 9s, debtor's share of encumbrance on it amounting to £205, bis brother being responsible for tbe rest. Gave his brother a cheque for £187, £150 of which was to be paid to Levid is Co. and £87 to Mr A. Button. Paid other accounts owing by the firm. Started in business in various lines on bis own account, bnt bad never met with any lack. Had managed to keep bis private debts dowu, bnt conld not pay tbe partnership debts, having already paid bis share. His brother bad left New Zealand unknown to debtorExamined by the D.0.A., debtor said bis statement was quite trne. Had no prop eity at Cheltenham. His wife had a cottage and half an acre of land, wbicb she had bought by teaching music and keeping a private school. Had kept no books. After further questions by the D.0.A., relating to the furniture in the cottage the meeting closed. — Standard.