SHEEPFARMER'S FAILURE.
DEBTS TOTAL OVER £3OOO. DROP IN WOOL PRICES BLAMED. [from our own correspondent.] HAMILTON, Monday. The drop in the price of wool caused Alfred Charles MacMahon, sheepfarmer, Ngaruawahia, to file his petition in bankruptcy, according to a statement he made at a meeting of creditors to-dav. Mr. V. R. Crowhurst, official assignee, presided. Bankrupt's schedule showed that debts to secured creditors totalled £2878, »nd to unsecured creditors £261. There were no assets. Bankrupt stated that he took up a farm of 1400 acres at Te Puroa in 1927. He had no cash, but had implements and stock. He was handicapped by a partnership debt of £2OO, but until 1929 he made a fair living. He then bought. 400 ewes which did not thrive, pnd from then he began to slip. When the prices for wool fell he realised he could not make a success of the venture A stock firm which held bills of sale, seized part of his stock, and the lease of his farm was cancelled by the Lands Department. The official assignee said he would investigate the bills of sale referred to. Unless there was an equity in these there would be nothing for the creditors. The meeting was adjourned'-sine die.
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New Zealand Herald, Volume LXIX, Issue 21161, 19 April 1932, Page 5
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206SHEEPFARMER'S FAILURE. New Zealand Herald, Volume LXIX, Issue 21161, 19 April 1932, Page 5
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