IN BANKRUPTCY

Manawatu Herald, Volume XLVII, Issue 2911, 18 July 1925, Page 3

IN BANKRUPTCY

ESTATE OE LIONEL BISHOP.

A meel in" of creditors in the bankrupt esetate of Lionel Bishop, of Mankawhata, farmer, was held in the Courthouse, Palmerston N. The D.0.A., Mr C. E. Dempsey, presided.

In his written statement, bankrupt said that in 1920 he came to Palmerston North from Taranaki, where he owned a property of 800 acres near Purangi. This was sold for £8,159 less mortgages amounting to £5,000, which left him a balance of £3,159. He endeavoured to exchange this interest for a property at Glen Oroua and eventually agreed to take a lease. He had not received any payment from the purchasers of the Taranaki property, and did not think his equity worth anything. On coming, to Palmerston North he obtained from Mr W. Pearce a verbal lease of a property at Manga what a. The stock on the place belonged to his wife, and was uncfer bill of sale to the New Zealand Farmers’ Co-op. Distributing Coy., to which firm they owed about £1,900. The company in July of last year seized the cattle and sold them at a. loss. Had they not done so they, had arranged to sell off the older cows when they came to the drop, the proceeds to go in reduction of the bill of sale, leaving them with sufficient young stock coming into profit to carry on. He hoped by this means to reduce his liabilities, and eventually satisfy all his creditors. He was a returned soldier partially incapacitated and drawing a pension of £5 19s 2d per month. In September last Mr T. Saunders advanced him £250, which he distributed amongst his creditors by way of dividend. Mr Sannders also jm re based a herd of cows which bankrupt said he had milked during the past season. The cows were leased to him under a registered bailment. He had endeavoured by making small payments from time to time to satisfy bis creditors, but bad been continually pressed. He had been forced into bankruptcy by the action of the liquidation of the Farmacy Ltd. (in liquidation). On oath, bankrupt stated to the D.O.A. that be realised three years ago that he was having difficulties with liis creditors and called them together. Mr Saunders took the motor ear under liis security.

In reply to Mr Innes, solicitor for Mr W. Pearce, bankrupt said that he had no further interest in the Purangi property. He had been dealing in sftTek as well as farming, and did. not keep any books. The meeting was adjourned sine die.

ESTATE OF ISOBEL BISHOP. A meeting of creditors in the estate of Isobel Bishop, wife of Lionel Bishop, lapsed, only bankrupt and her solicitor being in attendance. In her written e statement, Mrs Bishop said that she came to the district with her husband in 1920. They obtained 90 acres on verbal lease from Mr Pearce, of Rangiotu, and the stock was under bill of sale to the New Zealand Farmers’ Co-op. Distributing Coy., of Feeding, the grantee receiving the whole, of the milk cheques and making her an allowance of £lO per month in addition to rent and groceries. In July of last year the Distributing Company seized the cattle, and she was informed that they were sold at a loss. In May, 1923, she endorsed a promissory note to the Farmers’ Co-op. Organisation Society, of Hawera, for £214 ss, owing to* that firm by her husband. They were unable to meet the promissory note, and the company obtained judgment for the amount, and had since obtained an order of adjudication against her. She had no assets, and no other liabilities than those set out in her statement.