BANKRUPT FARMER

New Zealand Herald, Volume LXXII, Issue 22210, 10 September 1935, Page 7

BANKRUPT FARMER

DISEASE AMONG STOCK v "VICTIM OF MISFORTUNE" [from our own correspondent"! ' HAMILTON. Monday A meeting of creditors in the bank, rupt estate of George Thrupp, farmer, of Gordonton, was held this morning before the .official assignee, Mr. V. R, Crowhurst. Bankrupt's schedule showed the sum of £2614 owing to secured creditors, with the value of securities estimated at £2667, leaving a surplus in this section of £52. The amount owing to unsecured creditors was £167, and the total assets, £92, leaving a deficiency of £74. In a written statement bankrupt said he was a returned soldier, and originally bought a farm at Tauwhare, the Crown advancing the money to purchase the property and buy "stock. His. own capital at the time was about £l2O. In 1925 the Crown allowed jhim to leave the farm at Tauwhare tend take over an area of 74 acres at G'ordonton. He brought his stock, which were subject to a bill of sale, to the new farm. On the new property he did fairly well, although, the bilTof sale was for finance on stock and improvements effected at the Tauwhare farm. The bill of sale was then about £IOOO and'"""" the mortgage on the farm at Gordonton was £2300. The bill of sale was reduced to about £4OO, but an additional grant of £3OO was made for a; house. In 1932 bankrupt lost half his herd with sepsis and milked only 23 cows instead of 40 for that season. This put him in a position of being unable to pay current unsecured debts and also made him get behind with mortgage instalments and interest. An attempt had been made to meet the creditors, but one firm secured an. attachment order, so he decided to file his petition in order to protect the other creditors. A resolution was passed by the creditors expressing the opinion'that bankrupt had been a victim of misfortune and requesting that his discharge be facilitated.