FARMER'S FAILURE.

New Zealand Herald, Volume LIX, Issue 18202, 22 September 1922, Page 8

FARMER'S FAILURE.

INQUIRIES TO BE MADE. [BY TBLKGEAPH. —OWN CORRESPONDENT.) HAMILTON. Thureday. A meeting of creditors in the bankrupt estate of Charles Henry Collins, farmer, of Hinuera, was held before Mr. W. S. Fisher, 'official assignee, yesterday. Bankrupt's *. schedule showed amounts owing to unsecured creditors' at £970 3s 6d. This sum was his. total indebtness s thore being no creditors. The assets were stated at nil. Bankrupt stated that an exchange waa arranged between one Wilson and himself for a property of 885 acres at Hinuera of partly improved land. The agent said there would be no trouble to get to carry the place on, but they Jailed to got the money. He agreed to .pay hitr son £2 per week as ploughman and his daughter £1 per week, but owing to the failure of the crops he was unable to carry out this arrangement. His wife later borrowed £200 from her sister and this money was paid back to her out oft the sale moneys. The first season bankrupt was on the place he put in 155 acres of turnips which was a big loss, while the oat crop was not a success. During the past season he put in 110 acres of Crass and turnips, out again had no' luck. The improvements on the farm he valued at £1000. When he took over the farm he had a credit at the bank of £220, while he now had an overdraft of £200. After being subjected to a lensrthy examination by fcho assignee, Mr. Fisher Baid' bankrupt ah owed a very peculiar idea of his responsibilities after the gale. The matter was one that required looking into thoroughly, and the legal position should be ascertained. There was no money in hand for a fiarhting fund. Bankrupt Baid he did not think the Farmers' Auctioneering, Company knew he was insolvent at the time of the sale. The official assignee was instructed by th© creditors to ascertain tho legality of certain payments and as to the right of the children to retain the car. /