IN BANKRUPTCY.

Stratford Evening Post, Volume XXXII, Issue 35, 6 February 1912, Page 6

IN BANKRUPTCY.

RE FREDERICK W. JOHNSON. A meeting of creditors in the estate of Frederick William Johnson, farmer, Te Wera, was held this afternoon in the office of the Deputy-Official Assignee (Mr. A. Coleman). In his written statement, explaining the reason for his bankruptcy, bankrupt said:— 1. That previous to the year 1909 I was engaged in farming, was quite financial, and had good prospects for the future. 2. That in June, 1909, through misrepresentations made to me, I was persuaded to purchase a farm at Taurakina, for which 1 paid £12,050, the market value of which I afterwards discovered was about £7OOO.

9. That, owing to the excessive price giffen by me for this farm, I was unable to make it pay, and was compelled; to self out at a loss of over £SOOO.

{■|. That'since that time I have been doing niy best to retrieve my position, but have been unable to do so.

5. That at a meeting oi' my creditors iield at Stratford on the lUtJi day of January, 1912, 1 was asked to hie my petition in bankruptcy, and as .1 am hampered for want of credit and am being pressed by somy of my creditors [ have been compelled to file. 6. That I believe my present position is due to tlie loss I have suffered in 1999 by being induced to give too high a price for the farm above mentioned. The statement of assets and liabilities are as follows :—Unsecured creditors £291 7s, secured creditors £2609, less estimated value of securities £2766, surplus to credit £157. Total debts were £2900, and total assets ‘£2955 12s, made up of property (£2766), live stock, etc. (£169 12s), and furniture (£2O). The list of unsecured creditors was as Follows;—F. B. Buhner (Stratford) £72 15s,i Gf. C. Cooper, (Waverley) £7 ss, H. Johnson (Stratford) £6O, J. Wright (Flthani) £6O, Aialonc, Anderson and Johnson £6O, T. B. Crump (Eltbam) £8 15s, Dr. Harvel (Waverley) £4 Is, Mi - . Johnson (Lowgartli) £lO,‘ N.Z. L. and M. A. (Stratford) £4, T. J. Allen (Whakamara) £3 6s 3d, Wake and (low (Eltfiam) £1 Is 9d. Secured creditors were:—Cl. H. Dolby and A. H. Halcombe, first mortgagees, £1800; National Bank of New Zealand, second mortgagees, £500; J. G. Robertson, third .mortgagee, £100; Bullock and Currie, fourth mortgagees, £199; H. Johnson, fifth mortgagee, £3O. The live mortgages, totalling £2609, were on the property, a freehold farm of 251 acres (section 9, Block XI., Ngatimaru), estimated value of security being £2761.