FARMER’S FAILURE

Sun (Auckland), Volume 1, Issue 94, 12 July 1927, Page 16

FARMER’S FAILURE

Before Mr. N. H. Sanson, Deputy Official Assignee, an adjourned meeting of creditors in the bankrupt estate of Archibald Smith, farmer, Walton, was held at Hamilton yesterday. Bankrupt had been formerly examined at Morrinsville. The schedule showed total debts amounting to £586 12s 9d, while assets were shown at £49 16s, of which £2O represented shares in the Farmers’ Union Trading Company, and £29 16s estimated surplus in the hands of secured creditors. Bankrupt in a written statement said he was compelled to file owing to pressure of several creditors and the Bank of New Zealand, which held a mortgage over his live stock and implements. He had not kept any books. The farm had been taken over by his mother. A committee was set up to meet bankrupt’s Auckland solicitor, with bankrupt present, to decide on any action to be taken. Mr. Sanson said he considered it his duty to place the matter before the court, but if bankrupt’s mother made an offer the creditors might perhaps be satisfied.