IN BANKRUPTCY

Akaroa Mail and Banks Peninsula Advertiser, Volume LXXXIV, Issue 3834, 14 March 1919, Page 3

IN BANKRUPTCY

*■ o '■ ESTATE OF T. P. MORA.. The Official Assignee, Mr A. W. j Eatncs, presided ever a meeting of 'creditors of Thomas Pascal Mora, farmer, Le ISon's Bay, on Wednesday morning. Mr W. Hoban appeared for the bankrupt. The chief unsecured creditor (Mr J. R. Corrigan) was represented by Mr O. T. J. Alpers, and and th,s principal secured creditor ' (Mr C. Frederickson) by Mr H. O. D. Meares.

The total amount owing to unsecured creditors was £648 10s; to secured creditors £2000; and the estimated value of the securities was £1675, leaving a deficiency of £325. The value of the stock-in-trade was | £50, and furniture £20 ; total assets, £70. Bankrupt's total deficiency to ■ secured and \insecurcd creditors was j.tt)o3 10s. The principal unsecured i creditors were: J. R. Corrigan £495, P. Cunningham (farmer) £40, W. Hoban (solicitor) £Xi, F. Keegan (carter, Akaroa) £12, Tnkamatua Dairy Company £12 15s, A. R. Munro (bootmaker) £JO. The secured creditors were: C, Frederickscn. (Akaroa) £1100, and V. R. Kearney (Wroxton Terrace, Feridalton) £900 ; total £2000 Bankrupt, in his sworn statement, said that previous to taking over the property at Le Bon's Bay, he was farming at Nelson, where he incurred ' his indebtedness to Mr Corrigan, amounting to £495, which he could I

not overtake. In June, 1931, he tooi over the lease of the Le Bon's Ba> farm from Mr C. Fredericksen, con sisting , of 104 acres. He took con ; tracts at grass-seeding, and he ac (cumulated a sum of £380. He bough I the property in 1916, paying that amount down. He also raised n mortgage of £900, and eventually ji second mortgage for £11CO. The stock consisted of 15 cows, which were purchased for his wife by her father; also horse, gig, and 1 harness. He leased 10 cows from his brother-in-law. His work consisted almost wholly of cheese-making-, and the turnover would probably average from £280 to £300 per annum. Out of this amount he had to pay £120 for inUi'est. With living expenses and a family to support this allowed a very small margin to pay off his indebtedness. The high cosst of living caused a great falling-off in his returns. The immediate cause of his, bankruptcy was clue to Mr Corriganj issuing a writ against him for £495. fie endeavoured to avert the bank-

ruptcy, and offered Mr Corrigan a certain sum of money, on condition that he withdrew the writ. Mr Coi"rigan refused to do this, and bankrupt had no alternative but to file his petition, as the winter was approaching and there was no prospect of meeting his liability. He did not consult the other creditors, as they understood the circumstance?, and did not wish to force him into bankruptcy. He kept an account at the Bank of New Zealand, but did not bank all®moneys. In many cases he paid accoxinl.s immediately he rc:eived the necessary cash. He did iot gamble,' and was a moderate drinker. After considerable discussion, it, was dscidsd that the stock in the fanm should be realized by the Official Assignee, and that the disposal of the farm should also be left in hi.s hands. It was a-greed that Mrs Mora should be allowed to retain the furniture.