A FARMER’S BANKRUPTCY

Evening Star, Issue 17921, 17 March 1922, Page 6

A FARMER’S BANKRUPTCY

[Per United Press Association.)

HAMILTON, March 17.

At a meeting of creditors in the estate of James Smith, farmer, of Ngaroto, the Deputy Official Assignee stated that the case was quite unique, in that the claims of unsecured creditors amounted to £l3l and . the amount that bankrupt was to receive from the dairy company this month was £260. Questioned, bankrupt stated that lie had filed entirely against the advice of Ids solicitor and banker. Ho had, interviewed tie Valuer-General, who, after going into the figures submitted and obtaining information of tho present valuation of the farm, advised him to file and bring matters to a head. The Deputy Official Assignee said that certainly tho farm was subject to a heavy mortgage, but the Eftrtgagees were quite adverse to Smith filing. Tho creditors strongly condemned the action alleged to have been taken by the Valuer-General, and passed a resolution expressing strong disapproval at his action, seeing that there was available over 50s in the £ to pay tho unsecured creditors. They understood tho purpose of tho Valuer-General’s visit was to assist farmers by bringing the interested parties together. They wore also satisfied that this year’s results from the farm would show a surplus of £3K) after the payment of, interest.