FARMER’S BANKRUPTCY.

Taranaki Daily News, 3 February 1922, Page 6

FARMER’S BANKRUPTCY.

CREDITORS’ MEETING ADJOURNED.

The first meeting of creditors in the bankrupt estate of Oliver Cross, fanner, Opunake, was held at the office of the D.O.A. (Mr. J. S. S. Medley), New Plymouth, yesterday afternoon. Mr. H. B. Gibson appeared for the bankrupt, who was not present.

The D.O.A. presided. Other creditors represented were Messrs. Newton King, Ltd. (Mr. S. W. Shaw), Purser’s, Ltd. (Mr. R. H. Saunders), N. T. Maunder, Wanganui (Mr. G. H. Maunder), Boon Bros. (Mr. A. Boon) and the Public Trustee, Hawera (Mr. F. Whyte). Mr. Medley stated that Cross claimed tha\ the furniture in the house was his wife’s) though he agreed that an inventory should be take 4. Later, when this was about to be don)p, Mrs. Cross refused, seeing that the furniture was hers, though this fact had not been proved. As a matter of fact, Messrs. Purser, Ltd.’s account for the furniture, which had not been paid for, was against bankrupt himself. The estate had been assigned, and the sale of property, goods, cattle, etc., advertised. Cress meanwhile filed. The trustees were communicated with, and agreed that the sale should go cn. There had been no cffer cf any moment for the plaie, upon which the assignees h'ad placed a reserve. The extent of the property was about 175 acres, and there was also a new bouse which the bankrupt said had cost about £2500 to erect. The mortgage on the property was a light one, being £5 per acre. Mr. Shaw considered there was a good equity in the farm, though not so good now as before, because of the slump in butterfat, and because bankrupt had shown more hostility than co-operation* As the bankrupt’s statement of all his creditors had not yet been received, it was decided, on the motion of Mr. Shaw, seconded by Mr. Saunders, to adjourn the meeting to a fuller attendance of creditors. Of about 40 creditors it has only yet been possible to notify 20.