FARMER'S BANKRUPTCY.

New Zealand Herald, Volume LX, Issue 18341, 6 March 1923, Page 8

FARMER'S BANKRUPTCY.

DISSATISFIED CREDITORS. LACK OF INFORMATION. [BY TELEGRAPH. OWN CORRESPONDENT. ] HAMILTON. Monday. A meeting of creditors of Charles Merton Davidson was held in Hamilton today. Bankrupt stated that he sold a farm at Mangere in 1920. He expected to clear £1500. He received £1000, which he paid as a deposit on a farm at Rototuna, the purchase price being £60 an acre for 100 acres. He borrowed £500 and conducted a town milk supply. Bankrupt's statement showed that he owed secured creditors £300, and unsecured creditors £609. He attributed his failure to lack of capital and heavy' interest charges. Dissatisfaction was expressed by creditors at the lack of information the bankrupt had to offer. The deputy official assignee pointed out the requirements of the Act and said that in nearly every case he had had to do with there had been lack of information. Already there were four prosecutions pending for failure on the part of bankrupts to keep proper books. Too much credit was obtained by men who had no definite prospects of being able to pay, the speaker added. The meeting was adjourned to enable ■bankrupt's solicitor to obtain further informat tea..