BANKRUPTCY

Greymouth Evening Star, 20 March 1922, Page 8

BANKRUPTCY

A STRANGE CASE. (Per Press Association.) HAMILTON, March 17. At a meeting of the creditors in the bankrupt estate of James Smith, farmer, of Ngaroto, the Deputy-Offi-cial Assignee stated that the case was quite unique, in that there were unsecured creditors for an amount of £l3l, while, the amount the bankrupt ■was to receive from a dairy company tins month was £2OO. Questioned, the bankrupt stated that he had filed entirely against the advice of his solicitor and banker. He had interviewed the Valuer-General, who, after going into the figures submited, and obtaining information as to present valuation of tho farm, advised him to file to bring matters to a head. Tho Deputy-Official Assignee said that certainly the farm was subject to heavy mortgages, but the mortgagees were quite averse to Smith filing. The creditors strongly condemned the action alleged to have been taken by the Valuer-General, and passed a resolution expressing strong disapproval of his action, seeing that there was available over fifty shillings in the pound to pay the unsecured creditors. They understood that the purpose of the Valuer-General’s visit was to assist farmers by bringing the interested parties together. They were also satisfied that this year’s results from the farm would show a surplus of £350 after payment of interest.