IN BANKRUPTCY.

Manawatu Herald, Volume XLVI, Issue 2719, 10 April 1924, Page 3

IN BANKRUPTCY.

POULTRY FARMER’S BANKRUPTCY.

The first meeting in the bankrupt estate of L. Ward, poultry-farmer, Himitangi (adjudged bankrupt on April 1) was held in the Palmerston N. Courthouse on Tuesday. Bankrupt was present with his solicitor, Mr B. J. Jacobs. The following creditors were also in attendance: — Messrs G. Woodroofe, A. T. Nicholls, C. M. Sorenson, W. H. Skinner, Hodder and Tolley (Mr R. Tait) and New Zealand Loan and Mercantile Agency Co. Ltd. (Mr C. Fraser). The total liabilities were £1,028 10/-, of which £638 10/- was unsecured while it was estimated that £390 would rank on account of the secured debt. The secured creditors were: — Messrs A. T. Nieholls and E. Christensen, farmers, of Oroua Downs. The value of the security was estimated at £IOO against a debt of £490. (An instrument over all possessions for £SOO to a Mr Little, secured by a guarantee from the above two gentlemen). On being sworn, bankrupt stated: “I am a married man with two children. I am now share-milking until the end of the season and have earned £3O 10/-, stores deducted, up to March 31. All money received during my poultry-farming operations was paid into Bank of Australasia, Palmerston N., and all accounts paid by cb.eque. I kept no books. I was poultry-farming for two years and eight months and lost all the money shown on statement- during that time. I am not a returned soldier. The furniture, one cow and one horse.are in the security to Messrs Nichols and Christensen. I have no other assets nor any prospect of any coming to me. The sale referred to in statement was held on January loth.. 1924, the nett proceeds, €B7 3s 8d handed direct to secured creditors. My living expenses would not run to 50/- weekly. I had, when I starled. stock and plant valued at £7OO aim! iiw ed the bank £125, besides €125 lo sundry creditors, who are still unpaid. T wish to correct statement that I paid the bank and creditors with the money received from Mr Little. T paid the bank and distributed the rest amongst my creditors. There is about £IOO of ilie loss accounted for by Court and other legal expenses. The property was 50 acres in area, rental £52 per annum, plus rates and insurance. Was unable to make a do _of it, and T earned £lO4 17. 3 on drainage works, supplementary to farm returns. This was paid to bank in three sums. It was decided to adjourn the meeting sine die and recommend the bankrupt for immediate discharge. . a

A FARMER’S BANKRUPTCY. The first meeting in the estate of F. V. Miller (adjudged bankrupt on March, 1924), farmer, of Foxton, was held at the D.O.A.’s office on Tuesday. Those present were Mr F. S. Easton and bis solicitor, Mr M. B. Bergin, and tbe bankrupt. Tbe total liabilities consisted of £069 12/3 to two unsecured creditors, F. S. Easton, Foxton, £269 12s 3d and Mrs Kathleen Miller, £4OO. Iu his statement, bankrupt said: “In June, 1923, I took over a lease of 104 acres at Foxton from Mr F. S. Eastou. I paid £IOO deposit with money belonging to my wife. The lease was in my name. All moneys received from the farm were paid to Easton except £169 12/3 paid to Mrs Miller for household expenses. I had no money going in, everything belonged to my wife, to whom I refunded the £IOO loan on November 29, 1923.”

On being sworn, bankrupt said; — “1 did uot owe any money when 1 took over tbe lease other than £IOO owing to my wife. When I came out of the Kairanga farm everything was on my wife’s hands. Tbe farm was in my name, but all stock was secured to Mrs Miller for £I,OOO advances. Tbe motor ear was ber property, bought out of a legacy from her father, Mr John (Jhaytor, of Blenheim.

The leases started on August 1, 1923. 1 got £2O from Mr Easton. When I left the property I owed my wife about £l6O. The rent was £462 S/7 per 'annum. When 1 got my October milk cheque, £139 9/6, there was no rent owing. 1 paid my wife back her loan of £IOO and of the balance of £169 12/3 covering first two cheques (the second was £l3O 2/9) £SO to £6O was spent on running, the house and 1 handed the residue to my wife on December 24, 1923.” Bankrupt was closely questioned by Mr Bergin as to his action in disregarding the terms of the lease to pay all moneys to Mr Easton. Although he Inutile lease two weeks for perusal, Se overlooked the provision, and dealt with the milk cheques through his own account at the Bank of .New Zealand, Foxton. The meeting was adjourned sine die.