BROTHERS BANKRUPT.

Hawera Star, Volume XLVII, 21 December 1927, Page 9

BROTHERS BANKRUPT.

FAR Mi-Sc. \ P.N xu RE P ALLS. MIKx’LNG Ut GitEDl'XOliß XiExJJ. A meeting of creditors in the estate oi amines .ueiviii nay and Laviu xvoy xiay, xarmers oi xn.rieyviile and late ■a: oiiangui, wuo were adjudged oanicrupt on .December Xo, was ueid tins aiternoon. xiicre were present me Deputy official Assignee (,axr. XI. o. oage) presiding, me bankrupt G. M. nay , aud Hits lollowmg crealtors were represented: x. i\. uardner (Mr. xi. \ eiteli ior Xaranaki trade Association), u. A. i-'arkinson and go. (Mr a. .uuirj, Gyde and xxarringer (.Air. XL. »\ . ixarringery, and Mrs. Ax. Hay (Mr. G. J. Bayrey). Air. Bayley also appeared lor tne bankrupts. i ne financial statement showed debts owing io unsecured creditors amounting to £Ol2 0 Kid. There were no usSOLS'. the unsecured creditors were: F. N. Gardner, storekeeper, Meremere, £39 0s Id; Gvde and Barringer, £4O 14s 9d; \V . A.' Parkinson and Go., Hawera, £2 10s Od; B. McDonald, Okoia, £10; Airs. M. Hay, Aramolio, £500; Farmers’ C'o-op., £22The written statement filed by bankrupts was to the effect that they mid bought a farm at Hurieyville four or live years ago, depositing £6OO cash. X'iie brothers nad been financed by the Farmers’ Co-op., Hawera, to the extent of £4OO odd, holding a mortgage over everything. After tanning for four months they had found the farm to be no good, as the returns did not pay the expenses. Of the herd of cows costing £lO a head, 13 had been empty and 10 had died. More money had been advanced to allow them to stock up, and they had removed to Oliangai, wnere they paid £3 an acre rental. They were then so much in debt to the Farmers’ Co-op. that they could not pull through. Further, at Ohangai they had been troubled with mammitis, and had had to sell 16 cows at an average price of £2 each. As they were then far behind it was impossible to do anything. Replying to Mr. Veitch, bankrupt said lie was not in a position to make any offer to the creditors. Bankrupt said his brother had not attended, as it bad been understood that the appearance of one of the creditors was sufficient. Examined on oath by Mr. Veitch, bankrupt stated that he was employed on a sheep station up the Wanganui river, receiving £2 15s a week and ins keep, while his brother was out of work. Neither of the brothers was married. Bankrupt denied that he had ever entertained any intention of paying off his debts at a monthly rate, as he was not in a position to do so. He was paying £4 a month and his brother was paying £7 10s to tlieiv mother in reduction of a mortgage for £6OO on her house. Bankrupt said that neither he nor his brother had previously been bankrupt, but his brother had had a meeting of his creditors in Wanganui. Replying to the D.U.A., bankrupt said that the payments in reduction of the mortgage had been agreed on some time ago, and his mother was contributing towards the reduction from her husband’s wages. To Mr. Bayley bankrupt said that ho and his brother had received the benefit of the whole of the amount raised by the mortgage with which to commence farming. Mr Barringer stated that some months ago bankrupt had given an admission of means in regard to his firm’s debt in order to secure an adjournment of judgment summons proceedings. Mr Bayley drew attention to the fact that the parents of the, had mortgaged their home in order to give the brothers a start, and if thn creditors pressed the matter there was a, dangar that they would lose the home. The D.O.A. .said that it seemed that as only about £ll2 was owing to outside creditors, the bankrupts should make an effort to pay off a, certain amount. Mr Barringer said that if the creditors did not oppose the discharge it would seem that the mother, who was the largest creditor, would be paid in full. Bankrupt: ‘‘Yes, and the creditors would not lose after.” Mr Bayley said lie lielievecl the bankrupt would make an effort to pay the creditors in full. ’Mr Veitch moved that the debtors’ discharge be opposed until fine shillings in the £ had been paid. Mr. Barringer seconded. Messrs. Veitch and Barringer voted for the motion and Mr. Bayley against and the motion was declared lost as Mr. Bayley represented the greater amount of debts. Bankrupt, gave an assurance that lie would endeavour to pay off tile debts after the mortgage had been paid off. Mr. Bayley said there was more prospect of tile debts being paid off if the creditors facilitated the discharge. In that event they would have the opportunity of starting again in business. The meeting was adjourned.