IN BANKRUPTCY

Hawke's Bay Tribune, Volume XXII, Issue 106, 19 April 1932, Page 4

IN BANKRUPTCY

TAKAPAU FARMER'S FAILURE.

ESTIMATED DEFICIENCY OF £725.

An estimated deficiency of £725 6s id is shown in the bankruptcy papers of Keuben Harold Ellison, a farmer, of Takapau, who filed a petition in bankruptcy yesterday. His total debts were £943 6s Id, comprising the sum of £352 17s 5d owing to unsecured creditors and £590 8s 8d owing to secured creditors, less the estimated value of securities, which was fixed at £365. His only asset was property valued at £218..

In his personal statement the bankrupt said that his father died in 1929, when tho administration of the Takapau estate was-.left in tho hands of his brother and himself. Ho was entitled to a one-fifth share in the estate.

Believing that he could make a success of operations on his own account he purchased sheep and cattle and leased a block of land. This he did with the assistance of £686 advanced from his father’s estate.

In August, 1930, however, he was fined £lOO and costs and sentenced to a term of reformative detention for one year, as a result of which he was unable to keep up payments owing on his motor car. This was returned to the Tourist Motor Company, and his stock was sold by stock firms concerned, not realising enough to pay his indebtedness. All his debts, he concluded, had arisen out of his farming operations or out of matters incidental to his trial and subsequent conviction. The following is tho list of unsecured creditors:— Danncvirko.—Blakiston nnd Blakiston £3l 8s 3d. s

Takapau.—E. C. Ellison £3OO, Sam Thompson £l2. Napier.—Guardian Trust and Executors Co., Ltd., £9 9s 2d.