MEETING OF CREDITORS.

Lyttelton Times, Volume CXVII, Issue 18046, 13 March 1919, Page 7

MEETING OF CREDITORS.

A meeting of creditors in the bankrupt estate of Thomas Pascal Mora, farmer, Le Bon’s Bay, was held at the Official Assignee’s office yesterday. The Official Assignee (Mr A. W. Earn os) presided. Mr W. Hoban appeared for the bankrupt, Mr O. T. J, Alpers represented Mr J. It. Corrigan, the .chief unsecured creditor, and Mr Meares appealed for Mr Fredrickson. In his sworn statement bankrupt said that he was farming at Nelson previous to taking over the property at Le Bon’s Bay. There he incurred his indebtedness to Mr Corrigan, amounting to £495, which he could not overtake. In June, 1911, he took over the lease of the Le Bou’s Bay farm of 104 acres from Mr Fredrickson. By means, of contracts at grass-seeding he was able to accumulate £3BO. In 1916 he bought the property, paying that amount down. H 3 raised a mortgage of £9OO, and later a second mortgage of £llOO. His stock consisted of 15 cows, which were purchased for hiß wife by her father, lie had also a horse, gig and harness. From his brother-in-law he leased ten cows- Cheese-making was hia principal work, and the turnover therefrom would probably average £2BO to £3OO per annum. He had to pay £l2O for interest out of this amount. Consequently with living expenses and a family to support there was a very small margin left to pay off his indebtedness. The immediate cause of his bankruptcy was on account of Mr Corrigan issuing a writ against him for £495. He lcept an account at the Bank of New Zealand, but did not bank all his moneys. In many cases he paid accounts immediately he received the necessary money. The principal unsecured creditors were:--J. R. Corrigan, £495; P. Cunningham, farmer, £4O; W. Hoban, solicitor, £l6; F. Keegan, carter, Akaroa, £l2; Takamatua Dairy Company, £l2 15s; A. R. Munro, bootmaker, £10; the total amount owing to unsecured creditors was £648 10s. The secured creditors were;—C, Fredrickson, Akaroa, £llOO, and V. R. Kearney, Wroxton Terrace, Fendalton, £900; total £2OOO. The estimated value of the securities was £1675, leaving a deficiency of £325. The value of the stock-in-trade was £SO, and furniture £2O, total assets £7O. Bankrupt’s total deficiency was £903 10s. Mr Alpers said that the debt to Mr Corrigan had been owing since 1908, and various negotiations entered into had all ended in smoke. He suggested that a conference should take-nlaee between Mr Corrigan and Mr Fredrickson, to see if an arrangement could be come to.

After considerable discussion, Mr Corrigan asked that he should be given an option over the farm property for a week, at a price of £2200. If he did not accept the property it would revert to the mortgagee. It wa« rltimately decided that the Official Assignee should arrange for the disposal of the stock and that the farm property should be left in his hands to deal with. The creditors resolved that the furniture should be handed back to Mrs Mora,