In Bankruptcy

Manawatu Times, Volume LV, Issue 7168, 15 March 1930, Page 3

In Bankruptcy

A. meeting of creditors, called by the D.O.A. (Mr. C. E. Dempsey) in the bankrupt estate of Robert Bruce Anderson, farmer, of Otaki, lapsed for want of a quorum and has been adjourned sine die. The schedule discloses a deficiency of £194 12s 2d. Unsecured creditors are listed at £344 12s 2d. A debt of £950 owing to the Commissioner of Crown Lauds is covered in part by a. house and eleven acres of farm land at Otaki railway, valued at £SOO. There arc no other assets in the estate.

Tho unsecured creditors include the Reparation Department, £46; W. McBeth (Otaki), £l3; H. B. Edhousa (Otaki), £l4; W. Yauglian (OUki), £10; Harvey (Levin), £7 10s; Reginald Collins Ltd. (Wellington), £4 11s; Treloar Milking Machine Co. (Palmerston North), £160; W. C. Fiebig (To Horo) s £24; Otaki hospital, £l7; Dr. Milne (Otaki), £8; Horowbcnua County Council (Levin), £11; Otaki Borough Council, £25 11s 2d. In a personal statement bankrupt stated that he was a returned soldier. On returning in 1919 he purchased 11 acres of land in the Otaki borough for £IOOO, which was advanced to him by tho Discharged .Soldiers’ Settlement Department. Tho department also advanced £2OO for the purchase of dairy cows. He had carried on dairying on tho land, and also on leasehold, up to tho present time. Tho farm was, however, far too small to provide a living for bankrupt, his wife and family of nine children, and each year he had been going back. Ho had endeavoured when possible to obtain outside employment, but had never been able to obtain employment of a sufficiently permanent nature. Tho land was subject to flooding, being on tho banks of tho Otaki Tiver, and bankrupt had suffered serious loss from this cause. Further, at the time of the purchase' in 1919, the rates were £5 per annum, and now they were £23. Bankrupt said that he had got behind in his interest payments under the mortgage to the department, and had been served with notice to sell under the mortgage. . As he had no assets with which to satisfy the debts owing to unsecured creditors, bankrupt had no recourse but to file.