MEETING OF CREDITORS.

Wairarapa Age, Volume XXXII, Issue 9225, 24 June 1909, Page 6

MEETING OF CREDITORS.

ESTATE OF ANKETELL BBROS

The first meeting of creditors in the bankrupt estate of Anketell Bros , farmers, of Upper Plain, was held yesterday before the D.0.A., Mr W. B. Chennelh. The creditors pre sent were:—Messrs T. J. Rathbone, C. E. Daniell, J. Allen, junr., E. Loir, J. Siemonek. J. H. Pauling (Implement Company), J. C. Ewington and G. H. Perry (J. D. Cruickshank and Company).

Bankrupts furnished a written statement, which set out that they started farming about twelve years ago on 580 acres of land subject to mortgage and liabilities amounting to about £1,600. The year following they acquired a further 250 acres of freehold on the Upper Plaio, which they had to finance without capital. For the past three or four years they had bad times, and had always had a difficulty to finance affairs, and, though tht' land was sold and exchanged at ;>. profit in various lots, after the final sale in 1905 they found themselves still unable to meet all liabilities. In 1900 they also went into the agricultural contracting business, purchasing machinery to the value of £1,500 on bills and mortgagees. This business they carried on with mere or less success for several seasons, and, though subject only to a liability of £I,OOO, the balance of £SOO having been applied in reducing bills and mortgages for depreciation, all profits were swallowed up in heavy interest and maintenance. In 1907 they turned the contracting business into a limited liability company. By raising a mortgage on the remaining land they cleared the liabilities on the plant, and in the capital of £1,500, the value of the plant of £I,OOO formed their share. About six months afterwards they sold the shares, subject to various charges, to their partner, Mr Keeling, he taking over £3OO of liabilities, and handing over a Wellington property showing an equity of £6OO. This proved a unfortunate investment as they had to make two exchanges, leaving them with a Lansdowne property on had been unable to realise. In answer to the D.O.A. John Anketell stated he had not kept books for the past two years. Mr Chennells said the estate appeared to be in a state of hopeless insolvency, and had apparently been so far some years past. John Anketell, continuing, said he gave securities to Graham and Co in 1908, and owed them at that time £46.These securities were land mortgages and crop lien. The lien on the crop included one hundred and seventy acres. He estimated that one hundred and twenty acres of oats were got in for Graham and Co. At Christmas last year he owed them something like £3OO, which they had advanced up to that date. The crops had not been realised. He did not tell Graham and Co. that money was owing for rent when he signed the crop lien. A claim came in for £146

for rent., which bankrupt asked Graham to pay. He agreed to do so, providing bankrupt gave security over chattels if there was a deficiency in the crop lien The majority of the crop was sold to Graham and Co , who gave the market price for itu Bankrupt had been told by the latter that they charged no interest, and he had no complaint to make of their treatment. There was a deficiency of about £223 on the realisation of the crops, and he signed a security for the deficiency a few days after it was ascertained. This security included the household furniture and other chattels. Included in Graham and Co.'s security was a sewing machine, household linen, blankets and bedding. These were abandoned by Graham and Co., and not sold at the sale, but were retained by his wile. He valued them at £5. Mr Chennells said he did not propose, at the present time, to examine bankrupts fully. He suggested realising the assets first, and he could then examine bankrupts more fully at a later stage. After a general discussion it was agreed by the creditors present that the unsecured creditors would get nothing, and the meeting adjourned fine die.