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A BANKRUPT FARMER.

THE ESTATE OF T. 8. ROBINSON ! LIABILITIES £2684; ASSETS £1 3?. NOT PRESSED FOR PAYMENT Thomas Sarvis Robinson, having very little in the shape'of assets and a lot in shape of liabilities, filed aa a bankrupt the other day, and yesterday, with Mr H. J. Beswick, who acted for him. he appeared before the Official Assignee. There was only one cred itor, Huston Ouclett, to whom he, owed £2684 2s lid. The assets were act down at £1 3s.

Tbe bankrupt's sworn statement was as follows :—"I was financial. a. the time of entering into the occu pation of a farm at Island Bay, Aka roa. I approached Mr Ourlett with a view of seeing whether he would supply me with the money necessary to acquire it by purchase, and he agreed providing he got a payment of 20s per acre over 714 acres as a bonus for financing me. I ran the property for a Bbort time as a grazing farm. It was then agreed to put up buildings and erect a milking plant and turn the property into a dairy farm The cost of this part of the scheme was £2000, more or less. 1 had praeti cally two bad seasons and got into difficulties. I was pressed by Mi Ourlett, and as I have no capital I lost the farm by foreclosure, and it sold through the Registrar of the Supreme Court for £10 an acre, and as a result I became personally liable to Mr Ourlett, £2500 beirjg the differ ence.tbe sum realised and the amount due to him. After I lost this farm I continued in my employment as travel ler for tbe Farmers Co operative As-' Hociation, Limited, my earnings from tb.l3 source being from £15 to £17 net per month, all of which was absorbed in ray domestic and personal expenses while I had to meet medical and nurs ing expenses on account of my wife, who bas been an invalid for some years, and who has required special attention during the past year, I have at no time lived extravagantly, and have nob been previously bankrupt I Lave not been pressed by my creditors for payment, but my reason foi filing is to relieve myself from tbe liability above mentioned, which I see no hope of paying. Tbe filing fee was paid with my own money." "This is a just liability," said the Official Assignee, "and it should be .settled. It seems to me that the bankrupt is only taking this means to avoid paying money he owes. He has not been pressed for payment. The failure of the farm was due,, I think to mismanagement, and not merely tc bad luck. The farm was certainly elaborately equipped—too elaborately for a property of this kind "

Mr Beswick said that the bankrupt courted the fullest inquiry, but.be bad filed because he saw no possibility of paying the debt, and he did not want it hanging round bis neck. Official Assignee :He may v be able to pay i£ bis circumstances improve. The bankrupt said that he could not pay interest "on the debt. He had been in his present employment for four or five years. Mr Beswick remarked that the bank rupt could not improve his position at all with the debt hanging round his neck. Official Assignee; Tbe only thing I oan dofs to adjoin n the meeting sice •lie. Ho can't pay anything now, that is certain,

The meeting was adjourned

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/AMBPA19141006.2.11

Bibliographic details

A BANKRUPT FARMER., Akaroa Mail and Banks Peninsula Advertiser, Volume LXXIII, Issue 3443, 6 October 1914

Word Count
583

A BANKRUPT FARMER. Akaroa Mail and Banks Peninsula Advertiser, Volume LXXIII, Issue 3443, 6 October 1914

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