IN BANKRUPTCY.

Taranaki Daily News, 31 July 1922, Page 5

IN BANKRUPTCY.

ESTATE OF O. L. WADSWORTH. A meeting of creditors in the bankrupt estate of O. L. Wadsworth, of Kaupokonui, was held at the office of the Deputy-Official Assignee, Hawera, on Friday. In his statement bankrupt said, inter alia that he took up a lease of 119 acres at Kaupokonui, at a rental of £6 per acre per annum, payable quarterly in advance. The Manaia Loan Company financed him, supplying a herd of 65 cows and milking machine and engine, for which they took a registered bill of sal« over the cows, milking plant, etc. The Loan Company was to pay him £lO a month for living expenses and were to pay rent and rates. Bankrupt got into debt at the Kaupokonui store and had to give the dairy company an order on the money coming to him from the Loan Company. The Loan Company allowance was subsequently raised to £l5 a month, and bankrupt got work cheese packing for the dairy company. He had to pay £l5 a month out of his packing money to the dairy company. During the last twelve months he had not incurred many more debts, but he had a bad illness, which lasted for two months off and on. Bankrupt had nine children, five of whom were still at school. The Loan Company finally refused to pay his rent and the landlords proceeded to seize the stock. Then the Loan Company paid the rent owing and sold the stock themselves, leaving a deficiency owing to them of about £lOB5. Thia left the bankrupt without stock, and hopelessly in debt, so he had to file. He had arranged to take a share-milking contract, but no moneys were coming in at present.

After consideration of the reports the creditors considered that no action should oe taken, and the meeting adjourned sine die.