A BANKRUPT FARMER.

Auckland Star, Volume LIII, Issue 37, 9 March 1922, Page 10

A BANKRUPT FARMER.

MEETING OF DEATH'S CREDITORS. The first meeting of creditors in the bankrupt estate of Walter Allen Death, a fanner, of <;reeniane, wius held yester-! day. Mr. W". S. Fisher, the Official Assignee, presiding. Mr. Hume appeared with the bankrupt. In a written due to unsecured creditors was shown at £671 0/4, and to secured creditors. £74!)4 5/10. The estimated value of securities was given a-s £9005. The assignee said that the greatest hope of the creditors was in being able to realise between £300 and £500 on an interest the bankrupt held in the Wylie Park Syndicate at Papatoetoe. There were also possibilities under his father's will.

Walter Allen Death, the bankrupt.l under examination, said he had been u| farmer ever since he left school, and' was 44 years of age. In his different j purchases lie always relied on his own. judgment. He had lately worked on some of his property, improving houses. I Since 1914 he had been buying houses,] improving them, and selling them at a profit. The Official Assignee: Now tell mc. is there any truth in the allegation that you have not been fond of \vork_. and have been content to live on your capital and muddle along? , Bankrupt: Well, since 1914 1 have suffered as a result of an accident. 1 am willing to work at anything if I can stand up to it. When were your present debts incurred?— About 18 months ago. Have you ever been summoned?— Yes. in 1010, for a small amount. When did you first go into the matter of your financial position? —About three months ago. Why did you not go into it sooner? — T did." What was the result, were you on the right side?- Yes. but I was pushed. Bankrupt's solicitor, J[r. A. ¥.. Hume, said that, to be quite frank, the bankrupt was fairly reticent on several financial matters. Ft wus ouly recently that he (Mr. Hume) had correctly ascertained bankrupt's position. Bankrupt's reticence was not intentional. The Official Assignee: What is this interest under your father's will? Bankrupt: When my mother died there was £6000 to be divided between 13 children. A creditor: How long ago was the mortgage given under your interest in your fathers will? -In March. 1019. Mr. Waters, of Alfred Buckland and Son. Ltd.. stated that his firm made several cash advances to bankrupt, who gave promissory notes. He stated that he had money due to him, and when the period of maturity came along the money would be in the bank. The period was up in June last, but payment could not "be obtained. Mr. Waters said he was disappointed in bankrupt. The bankrupt: Well, I have never tried to beat my creditors. Bankrupt stated further that he had put over £2000 into the farm at Papatoetoe. After the position had been fully discussed, the assignee was authorised to arrange with the third mortgagee in respect of the farm, that it be transferred to him or his nominee, provided this could be done without cost to the creditors. In respect of bankrupt's other interests the Official Assignee was authorised to do his best for the creditors.