IN BANKRUPTCY.

Taranaki Daily News, 17 February 1922, Page 7

IN BANKRUPTCY.

MRS. A. CANE, OF MAT/ 'Hie adjourned meeting of creditor" of Mrs. Annie Cane, of Mata, and formerly of Koru and Kent Road, was held at Eltham on Wednesday, the Deputy Official Assignee (Mr. Robt. S. Sage, of Hawera) presiding. The statement of bankrupt showed there were unsecured creditors for a sum of £2329 3s lOd, and secured creditors for £327 12s Bd. The estimated value of the securities was £541 18s. Other assets, including furniture, stock-in-trade. etc., £1045 Is 4d, the total deficiency being estimated at £1284 2s fid. The (bankrupt attributed her position to losing two years’ lease of a farm at Koru, paying too high a rent at Ina-ha and Mata, loss through cows dying and proving empty, and the drop in the price of butter-fat. The secured creditor was Mrs. Hassall, of New Plymouth, for £327 12s Bd. The unsecured creditors included th N.Z. Loan and Mercantile Co., £lB2 C. Hitchcock, £3Ol 0s lOd; A. Coplestone £268 Ils 3d; Farmers’ Co-op. £l4; J. Taylor and Co. £l5; H. A. Blackstock £11; A. Bewley (New Plymouth) £1221 18s 10d; Hurrell Bros. £l7 6s; A. A. Stewart £l5 12s; J. O’Hagan £6 10s 9d; Eltham County Council £3O 8s lid; H. Gubb £6 10s 6d; C. Braeher £1 10s; C. Booten £lB 15s; G. Peebles 18s; J. Judd £3 7s; C. Carter (New Plymouth) £3O; White and Sons (New Plymouth) £4O; J. McNeill (New Plymouth) £IG; E. McPhillips (Hawera) £3l; Brooke (Okaiawa) £23 14s 2d. The D.O.A. pointed out that there were preferential claims totalling £309 3s lid. Some discussion followed concerning the possibility of carrying on the farm to the end of July. Mr. A. A. Stewart pointed out that the stock could then be disposed of to much better advantage, and Mr. Hitchcock was prepared to carry on the farm to that date. 4 Mr. Stubbs suggested that Mr. Hitchcock should reduce his claim for rent. Mr. Stewart said they could not expect Mr. Hitchcock to reduce a preferential claim. He would still have his mortgage interest to meet. Mr. Stubbs estimated the value of the stock and plant at the present time at £540. but said that at July the value would probably have increased to practically double that amount. It would be to the benefit of the creditors to carry on the farm until July. * The D.O.A. pointed ou z t that this could only be done at the creditors’ own risk. The meeting agreed that the risk would be worth taking. Mr. Stubbs moved “that the farm be carried on until the beginning of July, by the creditors, conditionally on suitable arrangements being made with Mr. Hitchcock to work it, and that Mr. McPhillips be appointed with the assignee to make the arrangements. i Mr. Coplcstone seconded the motion, and it was earrind. M • Coleman pointed out that no provision had been made in the event of

no arrangement being come to with Mr. Hitchcock. The D.O.A. said there should be nr difficulty in this connection. It wouhi be to the ibenefit of the whole of the creditors. The question of wages of Mrs. Cano's sons, who had been assisting on the farm recently, was brought up by the D.0.A., and it was decided that the fur•riiture be handed to Mrs. Cane, conditionally upon no claim for wages being made by the sons. Subject to Mr. Campion waiving all surety rights the meeting agreed to take over a liability of £72 due to Mrs. Hassall on a bill of sale.—Argus.