IN BANKRUPTCY.

Press, Volume LX, Issue 18185, 23 September 1924, Page 5

IN BANKRUPTCY.

CREDITORS' MEETING LAPSES. A meeting of creditors in the bankrupt estate, of Oscar Anderson, farmer, Parnassus, which was to have been held yesterday beforo the Official Assignee, Mr A. W. Watters, lapsed for want of a quorum. The only secured creditor was the National Mortgage and Agency Co., Ltd., which held securities for £-2000 and £250. Tho unsecured creditors were Mary Klizabcth Anderson, who had given tho National Mortgage and Agency Co., Ltd., a guarantee for £2OOO, and J. S. Jackson, second mortgagee, £750. Bankrupt in his statement said ho had gono into tho pioporty, KiversdaJe, Parnassus, and had been told that the second mortgage on the farm would como under tho provisions of the Moratorium. Such had not been tho cise, and the mortgagee had called for payment within twelve months. Bankrupt had had no chance of raising tho money. He had paid £2700 to the previous occupier for his interest in tho property when he had taken over tho farm. Tho property was infested with rabbits. Tho second mortgagee two years a;ro had resumed poaaession of tho property, and about twelve months ago had sold it. When bankrupt left the farm ho owed £7O to tradespeople and bv tho time he found work that amount had increased to £IOO. This amount ho had beon reducing during tho past twelve months.