IN BANKRUPTCY.

Hawke's Bay Tribune, Volume XII, Issue 244, 28 September 1922, Page 2

IN BANKRUPTCY.

ESTATE OF R. B. SIM, SHEEPFARMER. Particulars in the bankrupt estate of Robert Blair Sim, sheepiarmer of Aiuhaka, have been received by the Deputy Official Assignee at Napier, Mr. Robert Bishop. Bankrupt’s financial statement shows that he owes £2196 12/1 to unsecured creditors and £5296 18/6 to secured creditors, the value of whose security is £12,877. 'lhe assets in the estate are stock, implements, etc., £lOOO, book debts £228 10, -, furniture £2O. property £3OO, and surplus from securities £7580. There is a surplus of £7031 17/11 in the estate. The unsecured creditors in the estate are:— Napier: Murray. Roberts and Co., Ltd., £1585 3/-. Carlile. McLean. Scannell and Wood £73 10/8, J. Martin and Sons £lO 10/-, Napier High School Board £46 15/7, Dr. F. N. Harvey £5 19/6, F. Thorp and Co. £3 6/3, John McVay and Co. £4 17/9, J. W. Reid and Co. £1 11/-, Blythes Ltd. £IG 13/-, Dr. T. W. J. Johnston £2 12/6, A. Hobson and Co. £5 17//6, B. R. Menzies £6 1/-, H. M. Bennett £1 5/-, H. S. Cottrell £1 9/6, Hallenstein Bros. £1 12/-, Richardson and Co. 15/-, East Coast Rabbit Board 10/-, Aard Taxi Service £B, Dinwiddie, Walker and Co. £B, Napier Hospital Board £4 4/-, Napier Harbour Board £3 8/4, Hislop and Lawry £52 15/6. Wairoa: Dr. Somerville £27, Cameron and Walker £4 19/8, K. Mogridge rj2, Wairoa County Council £133 9/7, Dr. Hallwright £22 11/6, Aard Co. 10/-, Dalgety and Co. 14 -, estate I’. J. Foot £2. Alohaka: S. Hutchinson £l7, E. Odham £l4 5/6, J). Ale Ivor £6, T. Haliburton £lO, Gai net Singh (Cetane) £1 2/6, E. Cornford (Springhill) £3, W. Tait (Nuhaka) 18/-. P. W. Sim (Onehunga) £5O, Wilson and Horton (Auckland) 11/6, Cook Hospital Board (Gisborne) £lO 5/-, J. Redstone (Gisborne) £5 15/-. Emma B. Moore (London), F. Logan (Napier), A. F. Allan (Clive), Fanny Murdoch (Napier), and W . L. Newman (Waipukurau) are the secured creditors in the estate, to whom is owing £5296 18/5, the value of the security being £12,877. Bankrupt, in his personal statement, stated that about 1885 he purchased toe property on which is situated the Alohaka Hotel with iiis two brothers, whose shares he subsequently bought out. In 1905 he was called upon by the Licensing Committee' to rebuild and to carry out the improvements he borrowed money In addition he built stables, a store, a town hall and a dwelling. The drop in the prices of stock and wool three years ago considerably affected his income and he began to drop behind with his payments of interest. The mortgagees began to press and he assigned to them the rents received from the hotel. Although such rents were sufficient to current interest they were insufficient to pay the arrears and to pay rates (and) insurances. Lately the mortgagees pressed him for payment and issued a writ in the Supreme Court. They also gave him nonce of intention to sell his lands. Bankrupt stated that he had had considerable illness in his family, which had put him to great expense. He had made strenuous efforts to raise sufficient money to meet all his liabilities, but owing to the coming licensing election the security of the hotel had been objected to and the balance of the'lands were insufficient securities. He had endeavoured to obtain an extension of che mortgage for a further period, feeling sure that he could manage to raise sufficient to meet his obligations, but the mortgagees refused any time. A further judgment was taken out against him in the Supreme Court by a mercantile firm and a writ of sale issued. To protect his unsecured creditors he felt compelled to file. Bankrupt added t at his stock was unencumbered, as was also two seasons’ wool clips, at present on his property at Moliaka.