BANKRUPT FARMER

Evening Post, Volume CXIII, Issue 32, 8 February 1932, Page 10

BANKRUPT FARMER

When a judgment creditor put his property up for sale through- a sheriff, Thomas Fletcher, farmer, of Paraparaumu, decided to file a petition in bankruptcy, and he met his creditors before the Official Assignee, Mr. S. Tansley, this morning.

Owing to the difficulty of communicating with the bankrupt by mail, there was no sworn statement before-the meeting, but his solicitor explained that, in the event of the realty being realised, tlie estate would show a surplus of just over £300. The present G-V-ernment valuation of the property was £1955. In 1929 Fletcher had entered into a contract to sell the property, with the exception of 13 acres on which was one of the two cottages, for £2200, but the purchaser rescinded the contract, and, in a subsequent Court action, obtained judgment for amounts paid by him, with interest and costs, amounting altogether to £718. If the bankrupt had been given reasonable time, and conditions had improved, he would-have been able to pay his creditors and have a small surplus.

The amount owing to unsecured creditoi's was £947, the principal item being £718 owing to A. S. Henderson, Western Hutt. The assets were estimated at £1250, leaving a surplus of £303. In addition to his own property, on which there was a first mortgage of £350, the bankrupt had leased an adjoining section of-15 acres, and the lease had live years to run at a rent of £15 a year.

It was decided to offer the property for sale, and, unless any prospective purchaser intimates within a week that he desires the leasehold, the Official Assignee will disclaim the lease. The bankrupt is to be allowed to remain on the property in the meantime on a weekly tenancy basis, and is to be allowed" to retain the stock and chattels at present on the property.

suitable vessel to carry coal cargoes!" —"Across the harbour, yes; but not out on the West Coast."

"Isn't it a fact that you were very much relieved to get off the vessel ut the end of September because you thought she was unsafe?" —"No; as a matter of fact I was very much annoyed because I had to leave, but I couldn't see where I could stay in her." Witness said he did not think that under the conditions in which Mr. Soares wanted to carry coal that the vessel was a safe proposition, and he got out.

(Proceeding.),