FORCED INTO BANKRUPTCY

Gisborne Herald, Volume LXVI, Issue 20054, 28 September 1939, Page 16

FORCED INTO BANKRUPTCY

SHEEPFARMER’S, CLAIM i. - NO LIQUID ASSETS • > (Per Press' Association.) ; • CHRISTCHURCH, this day:' “I had not the liquid assets available do meet the judgment, and so I was unable to oppose the summons fbr ah order judging me bankrupt.” This explanation for filing was giveri ‘by Leslie Robert Cathcart MacFarlane, a bankrupt sheepfarmer, c f Culverden, at a meeting of creditors before the official assignee, Mr. G. W. Brown. Bankrupt stated that on July 14, 1939, judgment was obtained against him |or' £1232 14s 8d by Ethel Best. At that-time ihe considered that the balance of .value of 'his assets over liabilities was about.£Booo. The assets were- mostly - under . security, and were' charged, to various creditors.

The statement of accounts showed a surplus of assets over liabilities of £B4OO-4s 10d. Assets totalled £ll,060 9s lOd and the total debts were £2600 ss, of which £1343 17s 8d were unsecured . liabilities. Secured liabilities amounted to £19,766 10s 2d, and the Estimated value of the securities was £24,055., ‘ , ,

There '.wgs.. not a quorum of creditors present; . and the meeting was adjourned '■sine die when the statements -had been read.