DEFICIT OF £1946

Press, Volume XCIX, Issue 29246, 2 July 1960, Page 4

DEFICIT OF £1946

Barman Meets Creditors A deficit of £1946 2s was shown in the statement of affairs of: Reginald Edwin Shearer, a barman, read to a meeting of his creditors by the Official Assignee (Mr E. G. Tyler). Shearer was adjudged bankrupton June 16. Mr Tyler said that Shearer in his statement of affairs showed the amount he owed to unsecured creditors as £2087 2s and to secured creditors £5O. his total debts being £2137 2s. The statement showed his assets as £l9l, leaving a deficit of £1946 2s. Giving the causes of his bankruptcy. Shearer’s statement said he was in partnership with another man as builders. There were financial difficulties and the partnership was dissolved. Shearer continued on his own account but had financial difficulties. He carried on a poultry farm but disease greatly reduced the number of fowls. He leased a farm at Cust but found it would carry only half the number of cows he had understood it would carry. He tried to sell the lease but could not do so' because of a compulsory purchase clause in the lease. The main cause of his bankruptcy was that the carrying capacity of the farm at Cust was insufficient to support him and. his family. Shearer, replying to questions by Mr Tyler, said he was on the farm for 13 months and his total income for that period was £750 “What happened to the £l5OO you paid for stock and plant for the farm?" said Mr Tyler. Shearer said he sold the tractor for £4O. He had net added up what he got for the eoWs but he thought it was £425. He sold discs for £2O. Dairy machines were, taken back. He used some of the money to pay debts/ some to pay living expenses, some to keep his car on the road, and a lot for clothes. He came to Christchurch and. got a job. Questioned by a creditor, Shearer-said a bull and eight or nine cows died through malnutrition. He sold a house on the North road to pay £1333 for stock.. and plant for the Cust farm in November, 1968. The meeting was adjourned. ...