A BANKRUPT FARMER

Sun (Auckland), Volume I, Issue 132, 25 August 1927, Page 18

A BANKRUPT FARMER

RECALLED FROM AUSTRALIA MEETING WITH CREDITORS A bankrupt farmer of Te Puke, Charles Alexander Maunder, who after his adjudication on May 23 went to Australia in the hope of making a fresh start, was recalled by his creditors to explain his failure. Maunder accordingly returned voluntarily to the Dominion to submit to an examination regarding his farming venture, and was subjected to a lengthy questioning yesterday at a meeting presided over by the DeputyOfficial Assignee, Mr. J. H. Robertson. A financial statement prepared by his wife for presentation to the first meeting of creditors held on June 7, showed £3OO owing to unsecured creditors, and £6,397 to secured creditors, the Public Trust Office and the State Advances Department. The securities were valued at £6,907. The assets consisted of property valued at £3,910, and surplus from securities £5lO. A nominal surplus of £4,120 was disclosed. Bankrupt was severely criticised by Mr. W. H. Cocker, representing the public trustee, for selling all his realisable stock prior to his bankruptcy and distributing the proceeds among his creditors to the exclusion of one, the Public Trustee, his largest creditor. Under examination by his counsel, Mr. H. O. Cooney, of Te Puke, bankrupt said he purchased the farm in 1917 for about £3,000. He had averaged an income of £I,OOO a year through milking operations and the whole of his receipts was spent in improving the farm and meeting domestic expenditure. He neither smoked, drank, gambled or even went to the pictures, and his sole “luxury” was the use of his wife’s small motorcar bought by her with her own money. “Why did you clear out to Australia?” asked Mr. Cocker. “Because I wanted to earn a living for my wife and children." “Why did you not do that in New Zealand?” persisted counsel. “I did not want to take up dairy farming. If my wife would come with me I would go to Australia to-mor-row,” replied bankrupt. Maunder declared that he would not approve of his wife’s motor-car and dairy herd being handed over to the Public Trustee. She had worked hard on the farm and, in his opinion, was entitled to them. Mr. Robertson said it was rather unfortunate that bankrupt had made the trip to Australia—it might possibly cast suspicion upon him. The meeting then adjourned sine die.