A FARMER'S FAILURE.

New Zealand Herald, Volume LXV, Issue 19882, 28 February 1928, Page 12

A FARMER'S FAILURE.

BILL OF SALE OVER STOCK. COMMENT BY THE ASSIGNEE. "You do not seem to realise that what ycu people have done is a serious thing," said the official assignee, Mr. G. N. Morris, to Walter Leslie Marshall, a bankrupt farmer, of Otahuhu, who attended a a meeting of his creditors yesterday. Mr. Morns was referring to the fact that a bill of sale for £250 had been given by the bankrupt's wife over stock which, the assignee said, did not belong to her. "The bill of sale is unregistered, and your wife is not a bankrupt, and I do not know on what grounds we can now upset the bill of sale. I want to consult my solicitors before I pass a definite opinion, but it was a ridiculous thing to have done."

The action had been taken on tho advice of a solicitor, tho bankrupt said. "I take it, as far as tho general body of creditors is concerned, it is desired that I should contest the validity of this bill of sale," said Mr. Morris. "It would have saved all the trouble if Mrs. Marshall had filed before the stock was seized, and I told the bankrupt that some days ago. However, she has not filed. I cannot understand a man acting as he has done over this bill of sale. It is a matter I must mention when his application for discharge comes up." A deficiency of £506 was shown in bankrupt's schedule. Debts to unsecured creditors totalled £825, and to secured creditors £l6O. Against the latter amount there was an estimated surplus of securities of £57. Stock in trade was valued at £262.

111-health had contributed to his present. position, said the bankrupt. He had arranged an exchange of a house in Lucerne Rotd, Remuera, for the farm property at Otahuhu. However, the illness of his son had caused considerable expenditure, and the unfavourable season had reduced the output of the farm. Until recently, the bankrupt added, he had attended business in town, drawing £7 a week. However, the business in which he was interested was "sold for nil" on January 31, and bankrupt's services were dispensed with on February 6. "I am now without work and am penniless," he added.

Following a lentrthv examination of the bankrupt, particularly in reference to his farming transactions, it was decided to appoint a representative of the creditors to confer with the official assignee regarding future action.