AN INSOLVENT FARMER

Evening Star, Issue 19616, 23 July 1927, Page 23

AN INSOLVENT FARMER

RECOMMENDED FOR DISCHARGE A meeting of creditors in the estate of Edward E, Ayrton, of Clydevale, farmer, was held here yesterday afternoon. Mr A. N. Hnggitfc appeared for the debtor. Five creditors attended. 'Hie statement showed debts amounting to £-361 > lid to unsecured creditors, the largest suras being. John Chambers, £55; Massey, Harris, £sl; Clyde County Council (raids), XT32 3s Id; Booth, Macdonald, and Co , *£l4 Us 9d; Hr Brown, £?2 12s, Dr Biggs, £lO 10s; S. U. Steelman, i'lH 9s 6cl; W 11. Simms and Sons, £ls 12s 4d; \V. B. Decides, £9 lls 9d. The secured creditor is James Wyllie, of Sefton, £1,206 4s. the estimated value of the security (implements and stock seized by the landlord for vent) £1,400. Another liability was £603 for six months’ rent to August 3 next mouth. The only asset was the £193 16s surplus from the security. By a written statement the debtor said that ho was sheep farming in a big way in North Canterbury up m 1924, but was caught in the slump and lost practically £15,000. In August of 1925 he went into possession on a lease of Wyllio’s property at C’lyclevale at £JI per acre, which represented 6 per cent, on the -Government valuation. At lhat lime ho borrowed £1,400. He soon saw chat unless ho could get finance to buy sheep lie could not do any good. From October of 1926 till about a month ago he was led to believe that lie would be assisted financially by Wyllie. A partnership was agreed to between Wyllie and himself subject to finance being arranged. The last tiling he expected was . that Wyllie would distrain for the refit

Tho Assignee said that unless there was a surplus from the sale of the stock and implements it would go to the unsecured creditors; if there .was no surplus there would he no dividend. In 1924 the debtor sold his furniture to his wife, and debtor said it was paid for with money that Mrs Ayrton received under her mother’s will.

Mr E. A. Duncan, representing ‘Wyllie, said that his principal accepted that statement.

The Assignee said it seemed that Ayrton went into the property under a misapprehension- The lease was not a good asset, and ho intended to disclaim it. 1 . Mr D. C. Cameron moved and Mr L. Johnson seconded that bankrupt be recommended for immediate discharge, and this was carried without dissent.