BANKRUPTCIES

Manawatu Herald, Volume XLVIII, Issue 3515, 24 July 1926, Page 4

BANKRUPTCIES

FARMER AtNTD SHAREMILKER FAIL. Petitions in bankruptcy have been filed by John Percy Coyne, formerly of Bainesse, farmery but now of Foxton, and Herbert Victor Barton, of Motuiti, Foxton, sharemilker.

Coyne’s statement shows that his liabilities, all owing to an unsecured creditor, W. J. Dew, farmer, of Newbury, amount to £l9B 3s lOd, and that he has no assets. A meeting will be held on July 28. Barton’s statement shows debts amounting to £2BB IJs, all owing to unsecured creditors, and assets consisting of furniture, valued at £2O.

The list of his creditors is as follows: —Dr. Beedie, Dannevirke, £22 10s; A. Altham, Wanganui, se-cond-hand dealer, £3O; Thompson Co., Wanganui, grocers, £9O; G. Skerman, WUnganui, butcher, £22; Moffatt, Wanganui, milkman, £7; D.T.C. Co., Wanganui, drapers, £6; Dr. Anderson, Wanganui, £ll 11s; J. Smith, Palmerston North, £2 ss; Dr. Miller, Palmerston North, £0 Os; Dr. Barnett, Palmerston North, £2 2s; Palmerston North Hospital, £33; T). Robertson, Foxton, grocer, £4O; M. E. Perreau, Foxton, baker, £l6; BARTON’S STATEMENT. In his personal statement, Barton says that in May, 1920, he was a constable, residing at Dannevirke and that lie took ill at that time, suffering from acute neuritis. He had to go to Australia to recover; and was “laid aside” till February the' following year. During this time, he received full pay for three months, and half pay for six months. Before the. illness, bankrupt' continued, he had £2OO in the hank, and he was considerably in debt. He had bought the house he was occupying for £(350, just before he took ill, paying a deposit of £125, hut in view of his financial position when ho returned from Australia, he applied for a transfer in the hope that, if he could pul it up for auction, thus realising sullh-ient to (dear his immediate debts. The slump was on then, however, and all efforts to sell the property on satisfactory terms failed. In February, 1922, bankrupt was transferred to Wanganui, and about this time the owners of the house foreclosed, and lie was so hopelessly in debt that he could not do anything whereby lie might retain the house. From that time on, he was sending most of his salary to Dannevirke, to satisfy the demands of his creditors there, and by doing that he was getting deeper into debt at Wanganui. Summonses were issued against him there, and his brother had to come to his assistance, placing a .cheque for £2OO in the hands of a solicitor, the money to be paid to the creditors at the rate of 10s in the £l. They all accepted with the exception of Thompson Bros, and Skerman, who wanted the lot, but who were willing to wait until bankrupt was in a position to pay them. Shortly after his affairs were settled, or supposed to be settled, however, three Wanganui creditors summonsed him. ITe demanded a statement from his solicitor as to the disposal of the moneys given him by the brother, but ibis was not forthcoming, the solicitor saying that the creditors must have made a mistake, and that he would attend to it. Bankrupt never had the statement, and the summonses were the cause of his resigning from the police force, no other course being open to him. Subsequently, the solicitor was struck off the roll for failing to account for different trust moneys. Bankrupt encountered a lot of 'rouble in the way of finding suitable work after his resignation, and became sick, lung trouble being his chief ailment. At Christmas, 1924, he broke his arm, and from the following April spent nine weeks in the Palmerston North Hospital. Tumors on the lung rendered him unfit for work for several months, but afterwards he got a position where lie had a good chance of making a decent living at shiaremilking 'near Foxton. He was still in that position, and was receiving on an average £3 10s a week, which enabled him to keep his wife and seven children reasonably well. Were it not for the fact that the debts were hanging over his head, both he and his wife would be in better health, bankrupt stated in conclusion, but the daily fear of a visit from the bailiff, and the knowledge of his inability to do anything in such a contingency, was a state of affairs which he was now going to endeav-

our to relieve a little. His wife would not he able to attend the meeting of creditors.