BANKRUPT SHEEPFARMER.

Press, Volume LVII, Issue 17295, 5 November 1921, Page 7

BANKRUPT SHEEPFARMER.

ESTATE OF 0. S. OLIVEB. The first meeting of creditors of Cyril St. George Oliver, of Lowry Peak?, Culverden, fajmer, was held at | the Official Assignee's office yesterday. Mr K. G. Arei r appeared for bankrupt, Mr A. E. G. Rhodes for the trustees of Francis Davison, and Mr H. i). Acland for the .National Mortgage and Agency Co. Ltd. Bankrupt's stat-eruent showed unsecured creditors £5191 12s 2d._ The assets were put down at £2359 17s (stock in trade at Lowry Peaks) £150*2 6s, book debts £037 lis; furniture £4O, freehold property at Rotherham £l3O. The deficiency was £2831 15s 2d. The principal unsecured creditors were:—National Mortgage and Agency Co. Ltd. £2-593 10s <xi, trustees late Francis Davison £IOOO. Miss P. A. Oliver (Wellington) £673 4s 3d, Miss F. E. Oliver (Wellington) £671 17s, /d. National Bank of New Zealand £ll3 7s, Amuri County Council £44 6s 9d. Bankrupt in his sworn statement said: "I took over the lease of 1860 acres of land from the trustees of the late Francis Davison, in March, 1920. I had sold my old place at Rotherham and received about £2700 in cash for it. This sura.l spent in stocking the new farm, the price of stock being at its highest. Before I' got my wool and lambs sold prices dropped almost to their lowest. I got behind with my rent to the extent of £IOOO and the company that was financing me could not se e their way to pay it, as I also owed them £2600. Naturally the trustees distrained at once for the rent, as the company would not carry me on any further. I felt the only thing to do was to file. lam a married man without children. I am not a teetotaller, but drink very little and do not gamble. I have no expectations." « , Mr Archer said the book- debts put down at £687 were represented by a second mortgage of £387 due to bankrupt, and a sum of £3OO advanced by bankrupt to his brother, L. M. Oliver. Bankrupt said the bank held the title to the Rotherham property, also a life insurance policy for £IOOO, which had been in force for five or six years. The Assignee said the year s rent would be a first charge against the stock on the farm. Mr Rhodes said there were 933 lambs and 933 ewee on the property. . In reply to Mr Acland, bankrupt said he first went into the place in Mawn, 1920. He was then worth about hUW. Before that ho was farming at Rothor- ■ ham in partnership with his sistersThere was notfhing said about a dissolution, and the money went into Lowry Peaks on behalf of the three ol them. That was tlhe place he leased from Davison's trustees. His sisters were to get a share of the profits, but there were no profits. The place was taken in his I name. His two sisters put in £looy each, their contribution being i«irt ol the £2700. His sisters had received nothing from the place since, In July, 1921, he sent a list of stock to the National Mortgage, and at that time he owed nothing to any other firm, and (bis debts amounted to £3O or £4O. His sisters were to get what was made out of the place. In August he applied to the National Mortgage for more sheep. and also got seed oats and manure. His sisters promised to stand out of the partnership if the National Mortgage would carry him on. He told Mr Brown, manager of the National Mortgage, that be did not owe (his sisters any money. The bailiffs were put in by Davison's trustees about three weeks ago, for the National Mortgage were not prepared to pay the rent. His lease of the Dowry Peaks property was for ten years at £IOOO a year. It was his own idea that he should go in for that property. . To t)he Assignee: His s'sters had no propertv, and lived in "Wellington. They had no income except what they earned-, The money they put into the farm was, in the first place, left to them. To Mr Acland: His sisters' money was put into the Ttotherham property, and tlheir interests went over to the Lowry Peaks property. The Assignee said bankrupt's sisters were really partners in the concern, and were not entitled to claim as creditors. They stood to lose what they had put in. -^. Bankrupt said everything his sisters had was in the property. They had nntlhing now except what they earned, and had. no expectations. Mr Acland said that with a carrying capacity of 1500 and an annual rent of £IOOO there was' not much in the way of goodwill so far as the lease was concerned and the Assignee would be well advised to disclaim the lease. Mr Rhodes said it would be better for the Assignee, if he intended to disclaim, to announce tlhat decision before the sale of the etock. It was decided, on the motion of Mr Rhodes, seconded by Mr Brown, tlhat tli-s realisation of the assets should be left, to the Official Assignee and Mr Brown, of the National Mortgage and Agency Co., Ltd., Mr Oliver's services to be retained to work the place pending realisation.