BANKRUPT FARMER.

Otaki Mail, 4 December 1922, Page 3

BANKRUPT FARMER.

MEETING OP CREDITORS. I A meeting of creditors.in the bankrupt estate of Arthur John Barnes, farmer, of Levin, who tiled his petition on the 20th inst., was held at Palmerston North. Mr C. E. Dempsy, official assignee, conducted the proceedings, while Mr S. W. Rapley appeared for bankrupt. There were also present: Messrs W. L. Fitzherbert, C. Fraser (N.Z. Loan and Mercantile Agency Co. Ltd.)', A. Kerslakc (Abraham and Wil- j liams, Ltd.),.H. M. Bssex( and his so J licitor, Mr Innes), and W. E. Apps. |

The unsecured creditors are: —Messrs Abraham and Williams (Levin) £l5O, N.Z. Loan and Mercantile Agency j Co. Ltd. £7O; W. E. Apps (Levin) £7O; j G. V. Cole (Stratford) £4O; Loughnnn * and Jacobs (Palmerston North) £11; total, £341. The secured creditors are: —G. V. Cole (Stratford) £1200; J. Johnston (Rnngiora) £5100; Williams (Foxton) £500; A. Farmer (Fcilding) £7OO (stock security); total, £7590. The estimated assets are a property valued at £7O per acre, £3500. The bankrupt’s statement attributed his bankruptcy to heavy losses incurred in farming. In February of 1920 he bought a farm at Otaki, comprising i 26 acres, at £O9 per acre, and in Juno of the same year ho sold the property. The buyer, after being in possession for throe months, rescinded the sale, having had the land surveyed, when he ascertained that he was 24 acres short, that area having been taken by the river. In the meantime the bankrupt had bought a farm at Levin comprising 50 acres for which he paid £IOO per acre. Owing to his not receiving the money from the Otaki farm he was left in financial difficulties. ' The Bank of New South Wales after communicating with the previous buyer’s solicitor, advanced him (bankrupt) £790 until the money was forthcoming, taking over his equity in the land and a mortgage over the stock. He estimated his total liabilities at '£4401 and his assets at £3BOO.

The meeting decided to allow bankrupt the sum of £5 per week until the cows were sold.