FARMER'S BANKRUPTCY.

New Zealand Herald, Volume LX, Issue 18387, 1 May 1923, Page 9

FARMER'S BANKRUPTCY.

PROPERTY AT PUTARURU.

EMBARRASSED AT THE START

A meeting of creditors in the bankrupt estate, of Arthur Waddy Cosslett, farmer, of Putarnru, was held yesterday, the official assignee, Mr. W. S. Fisher, presiding. <• , • s ' The schedule showed. that £262 was owing to unsecured creditors and £4203 to secured creditors. Securities were valued at £4610, leaving a nominal surplus of £407, other, assets making a total of £563. Bankrupt owned a farm of 139 . acres at Putaruru, valued at £3923, but this was subject to four mortgages amounting, with interest, to £3946. ; ; _ Bankrupt said he was first occupied in building, but within ,the last five yean took to farming, first at Rangataua, then at Bombay, and finally at Putaruru. Owing to his farm at Bombay being highly rated he fell into debt and only took over the Putaruru farm because of the optimistic accounts spoken of it. He went there nine, months ago, taking with him £420 worth of stock and implement's. He then owed £419. . Replying to a creditor, bankrupt saw he had a .'family of eight. A creditor said that if the bankrupt had not been financially encumbered when lie went to Putaruru he might have made good, but, as it was, his position was hopeless. The official assignee said that when a man found himself in the position that bankrupt was in nine months ago the most sensible thing for him to do was to go out and earn wages. One might make a success if prices were going up, but at the present time it was hopeless. As a quorum was not present the meeting lapsed.