BANKRUPTCY

Manawatu Herald, Volume XLV, Issue 2665, 29 November 1923, Page 2

BANKRUPTCY

MFFTTXG OF CREDITORS.

A meeting of creditors in the bankrupt estate of Robert McMurrav, junr., flaxmiller, of Foxton, was held at the Courthouse,.Palmerston X. on Tuesday afternoon, the D.0.A., Mr 0. E. Donipsv, presiding. There were also present the bankrupt and his solicitor, Mr Cooper, Mr B. J. Jacobs, for himself and Wm. Wood, Ltd., .T. Prentice, C. Whitehead for the D.0.A., Xapier, and J. P. Times for the Xew Zealand Refrigerating Co., A statement of bankrupt’s assets and liabilities was submitted as previously published. After a statement in which bankrupt attributed bis failure to loss on farming and flaxmilling, had been read, he was examined. To Mr Tunes bankrupt stated that his father held security over a motor car now at his place at Foxton, and the security was given three years ago. His wife had the furniture and a house at Eoxfnn. There were two mortgages on the house, amountng to £l.lOO. She had only paid C 25 on Hie property which was taken on the lease and purchase system. She had some of the furnimre given her when she was married, and ilia balance she had bought, out of money made from cows, and her house allowance. The furniture had always been insured in her name. Bankrupt said he gave up iiaxniilling three years ago, and practically all his debts were 1 Tien owing. Tie kept hooks showing his transactions and he would hand them to the D.O.A. He did not think there was any equity on the Foxton property. Since he gave up milling he had been IS months on the farm, and the balance of (he time he had been canvassing. In answer to questions by Air Jacobs, bank nipt said that the anioiint due to Wood was made up as follows :—£Bso fibre paddock, and £1,850 main buildings. The interest on the £BSO was 12 months in arrears. The Tangiwhai was a company debt and he thought, the valuation of Foxton mill, buildings etc. was about £2,100 Tor removal at time of proposed auction sale. Scott’s mortgage was originally about. £2IOO and this had been reduced by payments off fibre to £325, and interest for twelve months. To Mr Whitehead: —He received £lB7 from the Liquidator of the W.C.S.S, and Trading Co., and in order to get this he had to borrow £145 from his sister. To the D.O.A. —He had provided very little money for household expenses during the past 12 months. He had not at present any prospect of paying his creditors. The meeting was adjourned sine die.