MEETING OF CREDITORS.

Wairarapa Daily Times, Volume XVI, Issue 5087, 26 July 1895, Page 2

MEETING OF CREDITORS.

Tho first meeting of creditors in the estate of John Falloon was held to-day, tho D.0.A., (Mr W. B. Chennells) presiding. The only proved creditor present was Mr J. McHarg. Messrs J. Gras ham, (J. Graham it Co.), G. W. Deller, ami John Hayner were also present. The bankrupt's statement is as follows Two years ago I started cropping on Skey's property at Taratabi, halving the proceeds, 1 linding the labour and Skey the seed. It proved a bad crop, and 1 only got about £2O out of it for all tho labour and expense I had been put to, and lost heavily. I then found I was heavily in debt, and sold all borsfs and implements, paying what I could. I cropped again this season,and it was again a failure

by the rust getting into the crop. For the last two years I liavo been working I have received nothing for it, I have done my best not to get deeper into debt, and in fact have reduced my liabilities somewhat. In February last I bought 18(i sheep and paid for them in pats. I put tliem into a sale but they did not realise the value I had givon for thcin, On being sued by Mr Feist of Carterton, and baying iio prospoct of paying oilier creditors who were pressing, I cqnsjdercd it best to Jilo."

The ilebtor was examined on oath, and stated that the document? filed were a correct statement pf his assets and liabilities. The property where lie now li> T ed at Clareville, was on lease for live with purchasing clause, at £1,200. The rental was £O2 per annum. The .partnership with his brother Robert Fajloon,' was dissolved two years past in April. Tl)o indebted: iiess to Uockburii iy»s his part of the partnership, and the amount to which lie was deficient. He had tried to borrow on hjs implements and property, but could pot, and consequently sold then), paying his creditors as far as the monoy would go, leaving Cockburn's account and about £3O besides, unpaid, He sold the implements in August of last year. The cropping of last year, did not pay expenses. He had 800 bushclsclcarofronteharge. Some of it he sold and part was exchanged for sheep. The last goods bovghtfrom Mr McHarg were purchased by his wife, who did not know he was insolvent. This—except stores from Jlr Graham—was the only debt lie had incurred for four or live months. Ho never lost money over racing his trotting horses. Ho sold his implements by bona file sale to Mr Rayner arid the Bank book would show the disbursements.' He had ho offer to make to his creditors'. All monies hq received were paid into the bank, and paid away by cheque. He had no other books of accounts. The D.O.A. said ho liftd no doubt there was a certain amount pf misfortune in the present case, Nearly j all who had anything to do withj cropping during tlio last two years Ims lost monoy, In reply to a creditor tlio debtor stated further that he had the use of some of the horses and plant since the sale was effected. The cows and fowls were sold to pay creditors aud to file.

The D.O.A. stated that the bankrupt would require to mako a list of the stock and implements sold to Mr Rayner, and tlie' prip.es obtifijied for them,

Mr McHarg asked what became of the trotting stallion Young Berlin,

Debtor stated that the horse was included in those sold.

By the D.0.A,: It was hard to say what the horse's valuo was out of season, He put it at from £35 to £4O. Ho was certain lie got within £lO of the value ho asked, £l2O was tho amount bo got for everything. The D.O.A. stated that the judge would satisfy himself that the transaction was bona fide before a discbarge was granted. Mr Deller stated that the debtor had not stated facts, as a considerable portion of his account was incurred subsequent to the sale" of tlie horses. L '