IN BANKRUPTCY.

Shannon News, 6 August 1926, Page 2

IN BANKRUPTCY.

A meeting of creditors in the bankrupt estate of Stewart Spencer, farmer, of Koputaroa, was held at Levin yesterday before the deputy official assignee (Mr G. E. Dempsy). Under examination, bankrupt said that his farm consisted of 220 acres, which was bought on an agreement of sale and purchase from Guy Bros, at £65 per acre. There was a first mortgage oil tire property of £O3B. Bankrupt paid Guy Bros, a deposit and' a further instalment of £2814 10s, leaving a balance of purchase money due of £2161, in addition to which there was interest, £321, due to May 30, 1026. The furniture was the property of bankrupt’s wife. He did not keep any books. He had about sixty shares in the Levin Dairy Company. Abraham and Williams had a bill of sale over 84 head of stock, dated Jruie '23, 1925, since when fifteen head had been purchased and nine sold. Sixty head were sold recently, leaving 25 short. Prior to the milking season of 1925 thirteen head had died, but bankrupt could not account for the remaining fifteen. By arrangement 15 per cent, was deducted from his milk cheques and paid to J. B. McEwan and Co. by the Levin Dairy Co., while they also- deducted share money and £55 10s for a separator. His milk cheques, after deduction, amounted to about. £845 net, out of which bankrupt did not pay any interest. The meeting adjourned sine die, bankrupt in the meantime to furnish a full statement of receipts and expenditure for twelve months.