IN BANKRUPTCY.

Taranaki Daily News, 21 March 1919, Page 6

IN BANKRUPTCY.

MEETING OF CREDITORS. A meeting of the creditors in the bankrupt estate of George Tynan, dealer, of Te Kiri. was beld at the Eltham Magistrate's Court on Tuesday afternoon, Mr Medley. Deeputy-Oifieial Assignee, presiding. The D.O.A. said Tynan was adjudicated bankrupt recently on the application of A. Crawford, of Opunake. The unsecured creditors' claims totalled £559 lis 9d, secured creditors £220, total £779 11a 9d, while the estimated securities were £24. leaving a total deficiency of £755 lis 9d. BoJk debts and shares were estimated to produce £9l is, thus reducing the deficiency to £<-M 10s o<l Bankrupt attributed the cause of his bankruptcy to creditors putting pressure upon him directly he was called in the ballot.

Examined on oath bankrupt said doctor's and hospital expenses hud cost him about £453 during the past two years. In julv laßt lie had a lease of two farms, on which he had about £1390 worth of stock. On this he had intended to raise sufficient money to buy a property from Mr Scanlan, which he intended to sell at a good profit, having a buyer in view. He paid £SO down on the property, but Mr Mason bought the property (promising to hold it for him (bankrupt) until November) and sold it again. He was not prepared to give details of his income or expenses as he had not learnt of the meeting of creditors until that morning, when he came into Eltham to see Mr Weir He could ffive details at a later date. Some stock belonging to him had been removed from Scanlan's farm; 32 head were removed without his authority. They were removed by Mr Scanlan (in bankrupt's absence), under an order from Mr Mason. The D.O.A. said he could not understand the position on the evidence before the meeting. Creditors considered that the meetins should b? adjourned until the bankrupt could furnish the necessary further information.

The D.O.A- agreed, and a resolution war. passed railing on bankrupt to produce full details of hi-; stock account. A further resolution was passed requesting the DO.A. to communicate with Mr G. H. Ryan, of Hawera. asking for some details regarding the land deal between Scanlan. 'Mason, and bankrupt, referred to in the evidence given by Imnkrupt.—Argu<<.