A BANKRUPT FARMER.

Taranaki Daily News, 6 January 1922, Page 6

A BANKRUPT FARMER.

MEETING OF CREDITORS. PROCEEDINGS ADJOURNED. A meeting of creditors in the estate of George S. Hobbs, farmer, of Wai-toi-toi, who was adjudged bankrupt on December 17 on the petition of the Bank of New Zealand, was held at New Plymouth yesterday. The Deputy Official Assigne (Mr. J. S. S. Medley) presided, and stated that he had been asked by several of the creditors to have the meeting postponed on account of the fact that the legal offices were at present closed. Bankrupt also informed the meeting that he desired to consult his solicitors in Hawera (Welsh, McCarthy and Beachy) in order to prepare an actual statement of his position. Mr. Kellow, representing Levin and Co. (Feilding), said Welsh, McCarthy and Beechy had advised that they were not now acting for bankrupt. Bankrupt said this came as a surprise to him, as the firm had not sent him any notification of such a decision. Mr. Kellow asked if there was a list of creditors, to which the D.O.A. replied that the names of creditors were available, but no amounts of the debts had yet been secured. i

The D.O.A. then read a list of about thirty-five unsecured creditors, and six secured creditors. It was stated that there were other claims not filed.

In reply to Mr. Kellow, bankrupt said he had very little assets unsecured. There were "three mortgages on the farm at Wai-toi-toi, and *a bill-of-sale over the cattle.

Mr. Kellow: You had a house property at Hawera?

Bankrupt: Yes, but I got rid of that when I came to New Plymouth. I didn t lose my head when the slump came. 1 reckon I made some of the • best deals possible in order to get out of undesirable property and get into 'something worth while. The D.O.A. here pointed out that the meeting had not yet decided whether the proceedings were to go on, and he remarked ’ that the answers given by the bankrupt were not under oath. Discussing the question of the adjournment, the bankrupt said the sooner proceedings were settled the better it would be for him, as he wanted to know whether he was to go on working the farm or not. The D.O.A. said that as far as he could see the farm did not matter as far as the unsecured creditors were concerned. It was only the secured creditors who were interested in tliat. “A man is morally bound to pay money he owes,” commented bankrupt, continuing, “and he ought to pay it if possible. I don’t mind going on working for eighteen hours a day as we have been doing, but I want to know what you are going to do with the property.” In reply to otner questions the bankrupt said the property at Wai-toi-toi consisted of 2«0 acres and about iS cows were being milked. There was a third mortgage over the farm held by Newton King, Ltd. The meeting was adjourned to Tuesday, January 17, at 11 o’clock in order to'enable a‘statement of liabilities and assets to be prepared.