PUKEKOHE FARMERS BANKRUPTCY.

New Zealand Herald, Volume XLIV, Issue 13485, 11 May 1907, Page 3

PUKEKOHE FARMERS BANKRUPTCY.

MEETING OF CREDITORS.

A . meeting of creditors in the bankrupt -estate of Walter James Waller, of Pukekohe, farmer, was held yesterday afternoon. The official assignee (Mr. E. Gerard) presided, and there..was a large attendance, some 20 creditors being represented. The bankrupt was present, and was also represented by his solicitor, Mr. Hanna. According to bankrupt's statement, the unsecured creditors involved a sum of £848 13s Bd, and the secured creditors £3346, less the estimated value of securities', £4265, leaving a surplus to contra of £919, or a" surplus of assets over liabilities of £170 6s 4d. He also stated that he had hay' at 'Manu raw a valued at £100. '* . Tho assignee , said , that/ there was no statement of causes of bankruptcy, but ,tho bankrupt had written to his solicitor, Mr. Hanna, a letter which conveyed practically the same information. The letter referred to the purchase of farms- at Manure a and Mauku for sons of the bankrupt, and at Pukekohe for himself. He attributed his bankruptcy to continued ill-health, causing him to lose grip of his business, but he considered he had more than enough to meet all liabilities. ■ ''' I \ The assignee said he might at once,disabuse the minds of those present as to the assets. There was no surplus at all, but a very large deficit. He was of opinion that the bankrupt should have known this. The Manurewa farm had been sold at a price which left tho second mortgagee a loser, while tho Pukekohe farm was disposed of, and the second mortgagee, although' losing, was satisfied. Tho remaining security was cattle, and from the position it appeared there was no possibility of a surplus, but every probability' there would be ".big shortage. The hay was set down at £100, bub a responsible agent valued it at onlv £30. " A Creditor: Is it true that tho bankrupt was an .undischarged .bankrupt before? .',' _ '■ , • Th'o assignee said that was so. The bankrupt had already been a bankrupt, and had not secured his discharge. There were some things'ho (the assignee) had done and some things ho intended doing in this bankruptcy that, might, unless he was indemnified by the creditors, land him in law costs. ■ ' • ' ' -. • ■■. ' -'■ . ; ; ■■* The representative of the New Zealand Loan and Mercantile Agency Company said the representations made by tho bankrupt and the firm's transaction with:. him were such that the company, in the public interest,' desired full and thorough examination of the bankrupt's affairs. '- Mr. Elliman, of Pukekohe, said the bankrupt purchased stock from him, and showed copies of certificate of title of property in G-ippsland, 478 acres, which he (the bankrupt) had sold at £7 per acre. The promissory notes given for the stock were dishonoured. Another firm now held a bill-of-sale over the stock, which he (the speaker) had not yet been paid for. Other statements were made to tho effect that the bankrupt had "claimed to be the possessor of very considerable property in Gippsland, Victoria/and of suburban lots and shops in Melbourne district. ' ; The assignee said the bankrupt would have to go through close investigation. The question arose about furniture, which was a present made by the bankrupt to his wife's son on his wedding, whether,. ing to Mr. Justice Chapman's recent; decision, such a gift would hold gocd for an undischarged bankrupt. A meeting of creditors would /be called again before action' was taken. Mr. Hanna said he did not agree with Mr. Justice Chapman's decision, for then business transaction would be safe. Any stranger might be an undischarged bankrupt, and in case of bankruptcy creditors might find a whole host of creditors of, a previous bankruptcy competing for a share in the assets. ' The assignee then read copy of a fetter which bankrupt's solicitor Had sent to 'Melbourne, inquiring about properties in G-ipps-land and tho suburbs of Melbourne, that the bankrupt claimed to possess. On oath, ■ the bankrupt stated that he was previously made bankrupt in 1888, in Auckland: Ho had always. thought till recently that he was discharged, as he engaged ; a solicitor in Sydney to write to Mr. Lawson, then ; assignee at Auckland, to secure the discharge, but no record could be found of the discharge having been obtained.'. : . ; Tho meeting was then adjourned sine die, the assignee stating that he might call the subsequent meeting, x for further investigation of affairs, upon. 48 hours' notice.