SYMPATHY FOR BANKRUPT.

Auckland Star, Volume LIV, Issue 185, 4 August 1923, Page 5

SYMPATHY FOR BANKRUPT.

BOOTMAKER WHO FAILED. AT FARMING. At the meeting of creditor? in the. bankrupt, estate of Samuel Grant, bootmaker, late of T<? Puke, but now ot Auckland, the creditors expressed sympathy with the bankrupt. Mr. \V. S.. Fisher. Official Assignee, presided over a small number of creditors. As the unsecured creditors present did not provide a quorum no resolution was passed. Bankrupt's statement of assets and liabilities showed a nominal surplus of. f2!)5 15/1, debts to unsecured creditors totalling £388 4/11, and to secured creditors £2428. He gave the estimated value of the securities at £3030. Other assete included stock in trade £57. and furniture £25. In a sworn statement bankrupt stated that he was a bootmaker by trade, and about three years ago he wont on a farm being assisted by his son, who had had four years' farming experience. At that time bankrupt possessed about £700 in cash, and bought a farm of 204 acres at f!) 10' an acre, paying in cash £500. He borrowed portion of the money to purchase a herd of cows, and gave a bill of sale over 25 of the cows. He was not rewarded with success on the farm, and he then came to Auckland, where he worked for three months. He returned to the farm again, but later came back io Auckland to work, leaving his son on the farm. Until recently bankrupt had hoped to sell the farm at a price which would liquidate his liabilities. The creditors, in expressing sympathy with bankrupt, recommondpii the Official Assignee to soli the farm at a price sufficient to provide some money for the unsecured creditors, and facilitate bankrupt's discharge.