IN BANKRUPTCY.

Hawera Star, Volume XLVI, 9 February 1927, Page 10

IN BANKRUPTCY.

ESTATE, 1 OF MARGARET WI LLOOCKS.

MEETING OF CREDITORS. A meeting of the creditors in the estate of Margaret Willcoeks, farmer, of Halvera , wa-s- held in the office or the District Official Assignee (Mr. It. S. Sage; yesterday afternoon. lianKrupt, in lier sworn statement, said: I purchased from Mrs. J. Diair a 100 aore farm on South Road near Hawera about 1919, at £lls per acre, paying about £2OOO cash, leaving the balance secured on mortgages. I resided on this fa-rm till June, 1926, anu i expended large sums in improvements. 1 built .a new cow shed, separator room, and engine shed, and put down a large concrete yard. I found that I could not successfully carry oi. this farm without re-grassing, as it was covered with diantho-nia, and 1 ploughed and re-gras.sed it all, except- six acres. My husband died in November. 1923. Under his- will 1 was a nominal beneficiary, but the farm he left me Was iso heavily encumbered that I considered it of no value to me, and I never accepted la transfer of it. Lndei the will I was entitled to two-thirds of the residue of my husband’s- estate, but after paving debts there was nothing for me. “At the time I purchased from Mrs Blair I owned a 102 acre farm at the corner of Ahipaipa road and Main South road, subject to fairly large mortgages. The profit- from the running of this farm helped to pay the interest on the farm I purchased from Mrs .Blair. I sold the 102 acre farm to one To si ond -at £65 per acre. I had to give him a. reduction of £SOO later on.” I cannot say at the present time how much J. got out of this farm. "\Vhat money I'actually got out of the sale went partly into improvements or. my other "farm and for fresh stock, arid partly to pay other of my debts and expenditure. “T would like to state that I earned on the 162 acre South road farm for the estate of my late husband. At my '■-j.'■•hand’s death the dairy herd on that farm was .sold, and I put on another herd which belonged to the trustees. This farm, during the time. I have carried it on, has just -paid interest on the first -mortgage (£7650') and rates, ' and maintained the herd m> to its original standard. I sold the furniture which was in the house at South road in 1924. I purchased other furniture, sufficient for our needs, out of moneys belonging to the trustees of Maude . Willcoeks. The last-mentioned furniture has since been sold. T have a little furniture ot mv own stored with my daughter. Mrs Blavle. the value of which T estimate "to he about £ls. I attribute mv bankruotcy to the purchase of the 100 acre farm from Mrs J. Blair at boom price.” Tlhe creditors present or represented were: Messrs W. A. Parkinson and Co., Mrs. J. Blair (Mr. A. A. Barton), Mesons T. Besson, R. Mortloek, W. Wright (Mr. G. J. Bayley) Before opening the proceedings Mr. Smart stated that Mrs. Willcoeks had just arrived from Auckland. She had suffered a nervous breakdown', -as the result of her business worries. She had consulted .a- doctor in the morning. The medical advice was to the effect that bankrupt was really not in a fit condition to- attend a meeting; but, as who would never have good health til] •her affairs were cleared up and the source of worry removed, she was advisee! to be present. Unsecured creditors lodged' proofs as follows: Messrs Mortloek and Co., £4 17,s 6d; T. Besson, £2O 14s; W. Wright, £2B 9s Id; P. A. MacDonald, £4 7s ; W. A. Parkin-son and 00.. £l4 Ids 3d. A statement- of the affairs of the bankrupt, -as touching secured creditors, was submitted by Mr. D. G. Smart, who represented the bankrupt Mr. Smart’-s .statement .stated: (1) There was an admitted claim against the New Zealand Insurance CM. for £350. Application should he made to Messrs Weston and Billing for this amount ; (2) house and section in Grey Street-, .subject- to £6OO mortgage to Mrs. Glass-on (interest ju-st overdue), estimated equity’ £300; (3). one hundred and thirty-five acres, being sections. 49 and 50, block 7, Waimate survey district, subject- to (a) mortgage to Public Trustee- £3400, (h) MeT/’Downie and Blake £IOOO, (e) It. L. and A. (!. Poa-se £1332 17s- 7d. Equity, estimated at purchase price of £65 per 1 acre, is £3043. This property is leased to- one Willis. The lease' expires on July 1. 1927. The rental of £135 per quarter is payable in -advance. The next quarter is payable on March 1, the rent being £35 in ar-n-ear; (4) one acre situated on South Road. Ha w era . Subject to -a charge of about- £l2. The equity is, say. £9O. “Mrs. Will cocks also- has the following .additional interests,” said counsel, but in h.i.s opinion there were no equities in them. The statement enumerated these -additional interests as' under : “(I) Bankrupt owns the 100 acre farm on South Bond, purchased from Mrs. Blair, -and now mortgaged im to £99 per acre ; (2) she holds a one-third interest as tenant in common with ARs Plavle and Mr. G. I l '. Willcoeks in 115 acres, two roods, two perches, being section * 1 nn-1 f ;> Meek 8 Waimnl-o survey district. This property is snb-i'-v-f. !, ) n) ' -mortgage to Mrs. Jane J'innde f'“’ 03687. and (2) mortgage to W. K. Wallace and others for £2820;

(3) herd of cow® (approximately 90), now on Mrs .Playle’s farm, at Tokaora, subject to (a) bill or sale to Woods and othoi’s lor .£550 and (b) bill or isalo to H. G. Piayle for £7OO. The said bill of -sale i-s, I believe, collaterally secured over Mrs. Pi-ayle’s term by way of second mortgage. The bill of sale -to- H. G. Piayle is als-o collateral.lv secured over a, 28 acre leasehold property herinafter mentioned; (4) 28acres being -section 32, block 8 Wai r mate survey district, held on lease with compulsory purchasing clause from A. H. Christie, Man-aia. The purchase price was £I6BO. There was £llOO stall to pay. This lease is subject- to a. mortgage to H. G. Piayle, securing the .same ,siim as -the bill of sale over stock secures; (5) one -hundred and -sixty-two acres, two -roods, sixteen perches, being sub-division 2. deposited plan 3116, part- allotment 540 P-atea district. This property was devised to- Mrs. Willcoeks by her late husband, subject to existing mortgages. The mortgages at date of "death were: To R. D. and A. O. Pease. £76SO; do., £2945; do. £1053 12s 9d. The second and third mortgage's -above mentioned are now collaterally secured -to the Pease estate over other securities of the beneficiaries, under the will o-f Alfred Willcoeks. Mrs. ’Willcoeks has also- refused to take a transfer o fthis property from the trustees. T!he -stock on the pro-oe-rtv belongs to" the trustees for Maude Wilrocks, In my opinion the property i-s not worth a. great deal more than the first mortgage.” In reviewing the affairs of +ho bankrupt the D.O.A. gave a resume of the position as it appeared to him. going through the various assets and their values from the point of view of equities for the creditors. He reported that, in his opinion. there wore only two property assets- which would probably reveal an equity. The other farm properties were 'apparently unlikely to produce anything of value. D.O.A. was instructed to advertise the properties for sale by tender. and was authorised to deal with them in due course. Mr Barton said that Airs Blair was sorrv to have bad- to bring the proceedings. hut his client had'been unable to get into communication with the bankrupt. Mr Blair said if Airs Willcoeks bad mof the petitioner matters would no doubt, have been arranged in a more amicable manner. The meeting adjourned sine die.