FARMER'S FAILURE

New Zealand Herald, Volume LXXI, Issue 21921, 3 October 1934, Page 15

FARMER'S FAILURE

PROPERTY AT TAPU [BY TELEGRAPH —OWN CORRESPONDENT J THAMES, Tuesday A mooting of creditors of Arthur Edward Costello, farmer, of Tapu, who was adjudged bankrupt on September 19, was held in the Thames Courthouse this morning. Mr. J. W. Danby was elected chairman. A statement of bankrupt's position showed that as an asset was a property at Tapu valued at £SOO. The amount owing to secured creditors totalled £705 and to unsecured creditors, £79. Costello was examined at length regarding his property and financial transactions during the last three or four years. Bankrupt admitted he had kept no books and said his banking account had been closed for two years. His wife kept a boardinghouse at Tapu but he received nothing from her. The meeting decided that bankrupt should submit to the official assignee a statement of transactions since the purchase of the property at Tapu, amounts paid for the purchase of stock, expenditure on the property and accounts of all stock and produce sold and revenue received; also accounts of purchases and sales made on behalf of his sons. It was also decided that the official assignee be asked to visit Thames and that another meeting of creditors be called.