IN BANKRUPTCY.

Press, Volume LII, Issue 15500, 29 January 1916, Page 5

IN BANKRUPTCY.

, ESTATE OF J. NEE. A mooting of tiic creditors of James Nee, oi Fendalton, described as a labourer, was held at tho office of tho Official Assignee yesterday afternoon. Mr Goodman appeared for the baukrunt, Mr A'cavo appeared for tho National Mortgage and Agency C 0.,, Ltd.. and ill- Twyneham for Messrs McCrostio and Cullen. aiul Messrs McCrostio and "Westwuod. Iho amount due to unsecured creditors was £301) 19s 4d : to secured creditors £1052 10s 3d: less estimated value of securities £2250; surplus £51)7 Oh <Jd. Iho principal igjsacured creditors were: —McCrostio and Westwood, Greenuale, £70 lis 3d : McCrostio and Cullen, £47 Os Dd; National Mortgage and Agency Company. £30 13s 3d: T. Hunter and_ .Son. "West Melton, £2o 3s 7d; and New Zealand Farmers' Cooperative Association, £62 -Is Id. Ihe bankrupt, in his sworn statement, said that ho was married, and had nine Up to nine months ago he was farming at Greendale oil an area of about o()0 acres, of which he had been in possession for some two years. Previously ho had a smaller farm afc Mcthven. He had no capital to work the Greendale place, he found it too big, and was induced by the New Zealand Farmers' Co-operative Association. with whom Jie had many -dealings, to give it up, and an exchange was arranged for a property at Fendalton, the exchange value of which was set down nfc £2800, ' tho. probable value being £2250. Most ot his debts were contracted when on the Methven and Grccudale farms. TJio Fendalton property did not improve hi.s position, and he had been endeavouring to sell it. square up with his creditors, and take a smaller place, lie had filed owing to Messrs McCrostio and Westwood and, Messrs McCrostie and Cullen (threshing machine owners) obtaining judgment against him. and putting the bailiffs in possession of the Fen da] ton property. I'he dry seasons on tho farms, together with the fact that the Greendale property was too big for him to manage byhimself. contributed largely to his getting so far behind with his creditors. In addition to assets shown in his schedule lie held two £2 10s shares in the I'armors' Co-operative Association. The furniture ho valued at £2-3; much of it i belonged to his wife. ( The Official Assignee said that the Government valuation of the Feudal ton property, made five or six years ago, vas £12lo— -laud £583 and improvements £000. Tlie "and might have appreciated in value, but the buildings might have depreciated. As it stood, it was probable that if realised the property would bring in about enough to satisfy the mortgages. Mr N I'ave said that he had known Fendalton for many years, and he did l.ot think it would bring more than £1400 or £IoCO. Mr Goodman said that Mr Nee had had several enquiries regarding the pro- :>'. j rty, and delayed filing his schedule as there was a chance of disposing of it. Mr Twyneham said he had made enquiries about land in Fendalton. and found that he could get none at the price he was prepared to give. He was more optimistic than Mr Neave, as land was in demand in the locality. A creditor said that Mr Craddock had recently valued the property at £2000. Replying to Mr Twyneham, bankrupt said that he was not drinking to excess at Greendale. nor did lie neglect his farm. He could not recall when he had £100 that was not tied up in hind J or stock. He did not have any money when lie left Greendale; tho proceeds of the clearing sale went to the Farmers' Co-operative Association. After some further discussion, it was decided that -the property be offered for sale by public auction. Mr T'lvvneham was appointed to act with the : Official Assignee to fix a selling price j and to dispose of the property. L