IN BANKRUPTCY.

Taranaki Daily News, 10 April 1917, Page 2

IN BANKRUPTCY.

, ' MEETING OF CREDITORS, k meeting of creditors of Frank George Scott, fanner, Whakamara, and formerly of Stratford, was held at the Public Trust Office, Ilawera, on Thursday afternoon. Mr. E. Barns, D.0.A., presided. Mr. P. O'Dea, appeared for the bankrupt and Mr. B. McCarthy for the I-lawera, Loan and Discount Company, one of the largest creditors. Bankrupt-, in his filed statement, showed a deficiency of .€529 0s 9il. Unsecured creditors totalled 758; secured creditors, .t'll2(i. Assets amounted to "£229, being surplus in the 'hands of secured creditors, and cash iii bank, £2O. ' , The following is the lis® of the unsecured creditors:—E. Yealand, Whakamara, £3O 5s !)d; Bellringer Bros,, Ltd., Stratford, £lO 10s; N.Z.L and M.A. Co., Stratford, £2l Ifls Ad; Bennett and Sutton, Hawera), £3O lis; G, Syme, Ltd., Hawera, £52 12s; Quin Bros., Hawera, £0; S. Zinsli, Eltham, £01; Simplex Milking Machine Co,, Tlawera, £47; R. _,T. Tiddy and Co., Hawera, £00; M. Barraclough, Hawera, £9O; Farmers' Cooperative Co. ( Hawera, £135 its Dd; Bunn and Co., Eltham, £11; J. Hopkirk, Hawera, £4; Hurrell Bros., Hawera, £5; W. Boyle, Manutahi, £10; J. McLeod, Whakamara, £4; H. E. ITarris, £l3; Manutahi State Farm, £i; iHawera StaH W' 3 ; Ilarkncss, Midhirst, £5 10s; Mcßain and Childs, Stratford, £5 10s; J. fSpence, £29; Simplex Milking Machine Co., Stratford, £2 17s; E. Bach, I-lawera, £0; J. Henderson, Hawera, los. Tlie secured creditors are: Hawera Loan and Discount Co., Ltd., £O<Jl (estimated value of security, £735); Miss Bessie Scott!, Stratford, £735 (£735). Bankrupt submitted a written statement as follows:—"In June, I9M, I removed from Stratford to Whakamara and took over H. Linn's interest in a leasehold farm. Linn took over my place at Stratford, and I received 35 acres from him by way of equality of exchange. I bought Mr. Gadsby's 34 cows at £lO per head, for which I paid cash, and also 50 dairy co-operative shares. My brother James was interested in the Stratford farm, and I was called upon, after I left Stratford, to pay his share, £Ol5. This I did witH a bili-of-sale over my stock and Chattels from the Hawera Loan and Discount Co., at 0 per cent. I also sold a £'2so mortgage for £2OO. The Hawera Loan and Discount Co. took one-third of my milk cheques. My engine broke down, and I had to instal a new plant. The season turned out a very bad one, and I had heavy liabilities to meet in the way of rent and wages), and to this I attribute my failure." Mr. Dugdale asked the bankrupt if there would he any bonuses from the dairy company. The bankrupt: Yes, there would bo about £2OO. Mr. O'Dea said he believed tlie bonus money would be about £2OO, and, with the surplus from the secured creditors, the estate should realise between 10s and 12s Gd in the £ Mr. McCarthy examined the' bankrupt closely as to his transactions, and asked him if he owed any moneys in Stratford when he came to Whakamara. Bankrupt replied that 'he did owe a few pounds. He could not say how much.

Mr. McCarthy: Would £IOO cover the amount of outstanding debts at that time?—l think so. ITortv many cows did you start with 011 the Whakamara farm?—l think I had 90. \ou told the D'.O.A. you had <J2. .What have you done with the balance? —I have sold them. AVhab did you do with the money?— I have used it. What for?—To pay my, way with. You signed a bill-of-sa'le for the COWS to the Hawera Loan and Discount Co.': —Yes. Are you aware you had no right to sell those cows without the, consent of the company?— No. The company has had a good bit out of mc—about £IOO —and surely a mail lias a right to something. ■Mr. O'Dca pointed out that the company were .well protected by ample "security. The D.0.A.: Have you kept any accounts?-! have kept a hook. The .D.0.A.: Well, that should he produced. Mr. McCarthy suggested that the meeting should bo adjourned so that the, D.O.A. could examine tho bankrupt 011 oath privately, with a view to getting a more comprehensive statement) from him in regard to his accounts. Air. M. J. Lynskcy moved in this direction. Mr. G. Syme seconded, and the resolution was carried. On the motion of Mr. Syme, seconded by Mr. .T. Spence, it was decided that the stock on the farm be sold as soon as possible. The. njceting was then adjourned to a date to be fixed by t'lie D.O.A.—Star