IN BANKRUPTCY.

Hawera Star, Volume XLV, 8 July 1925, Page 11

IN BANKRUPTCY.

GEORGE PICARD, IE KIRI. The attains of a bankrupt sharemi Ikei: were discussed at the meeting ot creditors in the estate of George Picard, of Te Kiri. The D.O.A. (Mr. R. S. Sage) presided. Bankrupt was represented by Mr. R. E. Baeyertz, of Opumake. Creditors represented were Messrs. E. J. Rodger, W. A. Lind, Mitchell and Watts. In a written statement bankrupt said he began share-milking four years ago, having to -buy all has gear at boom prices, and when later he had sold some, lie relalised only half what ho paid. When at Awatuna he could not make a living and twelve motlis ago he took the siharemiilking contract with Mr. IT. F. Munro, of Te Kiri, lii-s present employer. He had to purchase clothing, and later had serious illness in his family, his wife and one child being very ill, and. in order to get a nurse he had to play cash and also for labour employed. He was getting half shares with Mr. Mun-ro, and had prepared a statement of receipts and expenses. A bonus was to come fronii the factory, and if this were taken by creditors he would ,be left penniless, and lie could not, under lms agreement, take outside work. His furniture might possibly be worth £lO. and this, with a- gig and harness valued at £ll 10s, were bis only assets. A horse had been lent to him and he was using -this on the farm. The statement of account showed unsecured creditors totalling £155 17s 9cl and assets £2l 10s, leaving a deficiency of £134 7s 9d. The list was as follows: —Hawera: Curtis and Spragg £23, Dr. Bnist £lO 10s, IV. A. Parkinson and Co., £5. Hawera Hospital Board £4 'l7s; Palmerston North: Mrs. Candy £25; ICaiponga : Dr. Bovd £5 17s 6d, Private Hospital £l3 10s." Dr. Hocken £B. _B. E. Williams £2 Bs. S-. Lissiaman £1 7s, Sipurdle and Fraser £2 12s: Te Kiri: E. J. Rodger £l6 Is. J. Neil.son £2 11s; Oipunake: Mitchell and Wlatt £l4 14s; M.anaia: Dr. McArthur £l2, T. Armitage £2 Is 8d; Otakeho : J. Pettigrew £1 ss; Riverlea: F. Franks £1 4s; Auckland: IV. Gnibble and Co. £2 10s. .

In reply to the D.0.A., bankrupt said the bonus might be 3d or a trifle more on about 700 lbs of butter-fat. and his share would total about £3(5. He Wad four children, the eldest six, and he had, owing to sickness in liis faniilly, to pay about £7O in medical expenses. His expenses for little trips would not be more than about £l. His gross income was about £5 per week, and he bad no chance to pay off anything. He had only a verbal agreement with his employer, but lie was convinced he would be allowed to carry on.

Air. Riodger suggested fclmt bankrupt should make an offer to pay a certain amount each month. Air. Lind said that this would be better for bankrupt than allowing the whole of the bonus to go to the D.O.A.

Alter some discussion, it was resolved that bankrupt be allowed to retain the bonus provided he gave an order to the, D.O'.A. on finis employer for sums amounting to £25 per annum for two years. To this bankrupt agreed, and the meeting then adjourned.