FARMERS’ BANKRUPTCY.

Shannon News, 29 July 1921, Page 2

FARMERS’ BANKRUPTCY.

ir - -— ; — ■ MEETING OF CREDITORS.

A meeting of creditors in the estate of J. T. Taylor, bankrupt farmer, of Shannon, was held on Tuesday, at Palmerston North. Mr C. E. Derapsy, Deputy Official Assignee,, presided. The debts to uhsecured creditors were stated to be. £1056 3s 7cl, and esti-. mated assets £1829 os lid. The secured creditors included: International Harvester Co., £112; James Kirby (Wellington), £2087 in principal and £22 5s 6d in interest; Woodman Bros.',,Weraroa, £3180; S. W. Carter (Shannon), £4584; F. R. Cripps .(Wanganui), £BB7 6s 6d. In the course or his statement; bankrupt said he realised he could not make his farm pay two or three months after the milking season opened. He had bought. 200 lambs from Moore and Co., and considered he could pay for them as well as discharge his other debts, although he owed a considerable amount, of money at that date. Four days after that purchase he withdrew the whole of the amount of his credit from the) bank. On April,ll a bailiff had been' put in possession, and a second-time bailiff had been put in on account of. Newton King, Ltd. This was the first time he had been bankrupt., or had compounded with bis creditors. Dissatisfaction;; was expressed by the creditors present with (lie stock transactions of bankrupt. Tt Was decided to sell bankrupt's live stock at. the next Levin sale.