IN BANKRUPTCY.

Shannon News, 25 August 1922, Page 2

IN BANKRUPTCY.

ESTATE OF JOHN SCHWASS,

TOKOMARU.

A meeting of creditors in tlie bankrupt estate of John Schwass, \farmer, of jTokomaru,- was, held at the office of the District D.O.A. at Palmerston. Those present were: Messrs. R. M. McKnight. (N.Z. Loan and Mercantile Co.), Priest (A. and Ll Seifert, Ltd.), A. Judd, M. H. Oram (T. Carr and H. C. Easton), W„ I. Baldwin, J. R. innes (C. M. Ross Co., Nash and Co., Messrs. Puklowsky and F. Bryant), j. Hall, W. L. Fitzherbert (Bank of N.Z., W. H. Gunning, E. Perry, Wollerman’s Trustees and Mrs Schwass), and Mr Ross (Carson and E. Porter). The bankrupt’s sworn statement declared that prior to 1912 he had been farming near Te Kuiti and in that year bought his present place at-Toko-maru. He farmed that' until May, 1918, when, having taken a position as traveller for a brewery firm, he sold the cows and bought sheep and cattle. Early in 1919 he started a butchery business in Shannon, and later extended it to Tokomaru. The high prices of fat stock affected his busi-

ness. The man he appointed manager of his Tokomaru premises, one Carr, later sued for back wages and got judgment for £l6O and costs. He then took his books to an; auditor, but he inlormed witness they were in such a muddle that they were useless as records. From the time when Carr had control of thei paying out in ca'Sh the business did not pay, although the same amount, of stock went through. After dismissing Carr, witness appointed another manager, but at the end of a month, he was compelled to close up. At various times,' witness had,borrowed money from the late Mr Wollerman, and at. the latter’s death in October last witness owed him £SOOO, besides a considerable amount for interest. Witness recently took action against the trustees of the Wollerman estate and received £IOO3 10/ for various

lonies owing, but this amount had

been set off against the mortgage. Witness had since been endeavouring to arrange finance to enable him to carry on dairying on his Tokomaru property. Witness was unable to make any offer .except- the jamount realised from his book debts. No decision was come to and the meeting was adjourned.