BANKRUPT FARMER.

Hauraki Plains Gazette, Volume XXXVI, Issue 4824, 24 April 1925, Page 2

BANKRUPT FARMER.

CREDITORS EXPRESS SYMPATHY

A meeting of creditors in the bankruut estate of Paul Paulsen, farmer, KcvciicChi. was held at tlie Courthouse, Paeroa, on Wednesday. Mr C. N. O’Neill appeared for bankrupt, ar.d Mr R. S. Carden on behalf or M’s M. A. Paulsen. Mr D. Leach was elected chairman.

owing to secured creditors were shown as £5138 8s 10d, and to unsecured 'creditors £235 0s lid, less an estimated value of assets amounting to £4875, leaving a deficiency of £l9B 9s 9d.

Bankrupt was examined at length as to his income and expenditure, and also regarding an advance of £6OO secured by bill of sale to his daughters. Mr O’Neill said that the bankruptcy was totally different from the major- x

ity of bankruptcies in that the debtor had had no intention of filing and hail evt'»-y prospect of being able to pay his liabilities. Bankrupt had been forced to lile-in fairness to his creditors owing to his divorced wife (Mrs M. A. Paulsen) having attached ins dairy cheque for arrears due under a maintenance order. Thta would have deprived him of his total income for months. The maintenance order was ardor review in tlie Supreme Court, and' bankrupt had made an offer which was being considered. The meeting expressed sympath-v with bankrupt and passed a’Tesolution that £2O in cash be handed to him out of the assets, and that his discharge be expedited.