FARMER'S BANKRUPTCY.

Auckland Star, Volume LIX, Issue 119, 22 May 1928, Page 3

FARMER'S BANKRUPTCY.

DISCHARGE OPPOSED,

A meeting of creditors in the bankrupt estate of Joseph William Finnerty, of Peria, was held at Matamata before Mr. J. H. Robertson, deputy official assignee. Seven creditors were represented.

In his statement bankrupt disclosed amounts owing to creditors as £2577 9/10, with assets £348 5/6, a deficiency of £2229 4/4.

Bankrupt said he was a married man with eight children between the ages of three and twenty-one* years. He attributed his position to the slump in lana and stock values whilst he was farming near NVaharoa. He had sold stock foi £600 which had cost him £2000, and had left the farm penniless. In his second season he had only received 1/ per lb net for butterfat. He left the farm, and since then he had been working with his family as sharemilkers, and he had been paying off his old debts. The debt owing to the largest creditor represented moneys due unaer a second mortgage on a property purchased by bankrupt in 1922. The first mortgagee sold this property and the second mortgagee got judgment against bankrupt for the amount in 1925.

Two creditors stated that they knew of bankrupt's . parlous position when they allowed him credit. Another saia bankrupt had always done his best to pay him. He was a hard worker, and the speaker would be prepared to facilitate his discharge.

The deputy official assignee said bankrupt was insolvent in 1924. and should have filed then instead of attempting to carry on. He had received a letter from the second largest creditor in favour of bankrupt's discharge.

A motion that the official assignee be asked to facilitate Finuerty's discharge was opposed only by tlie largest creditor, so that it was lost. It was decided to leave the matter of assets in the official assignee's handsl '