BANKRUPT NATIVE AGENT

Otago Daily Times, Issue 23203, 29 May 1937, Page 3

BANKRUPT NATIVE AGENT

MEETING OF CREDITORS ADJOURNED A meeting of creditors in the estate of Peter Gilfedder, Native agent, of Waikoikoi, who filed a petition in bankruptcy at Dunedin on May 12, was held before the official registrar (Mr J. M. Adam) yesterday alternoon. Bankrupt's liabilities amounted to £689 2s 8d and his assets to £195.

The amount owing to unsecured creditors totalled £399 7s Bd, and that owing to secured creditors was £484 15s. The estimated value of securities was £195. leaving a deficiency of £494 2s Bd. The principal unsecured creditors were Thomas Metcalfe (Invercargill), £26 3s; Winton Record Company, £ls; J. Gilmour (Hedgehope), £65 17s 6d; Butterworths, Ltd. (Wellington), £3l: Mortgage Corporation (Wellington). £3O; Mrs D. M. Reid (Portobello), £177; J. Horan (Dunedin), £2O; Hayward Pictures, Ltd., £32. In his statement bankrupt said he was 40 years of age, married, with .five children, ranging in age from one week to 14 years. He commenced business as a Native agent in 1921 in Invercargill, and doing business in various parts of the South Island and Wellington. He later qualified as a solicitor, but continued to carry on mainly as a Native agent. The business was successfully carried on until the depression in 1930. In 1932 he ceased to carry on except in such cases necessary to complete the work already in hand. Very little additional work was accepted by him and at present there were only four Native transactions uncompleted, but these could be completed by him when certain timber rights on the sections expired. In 1934 he went to Waikoikoi to reside on his wife's farm. He had drawn no income from the farm. Most of his debts related to the 1930-1932 period. There were no preferential creditors, and he had not created any fresh liabilities or debts during the past few years. The immediate cause of his bankruptcy was the fact that three creditors had obtained orders on judgment summonses. His assets amounted to £195 and his liabilities to £689 2s Bd, leaving a deficit of £494 2s Bd. The official assignee said that as the bankrupt lived in the Southland court district the majority of the creditors lived in Southland, and bankrupts books and assets were in Invercargill, the meeting of creditors should properly have been held in Invercargill. It was only fair that the Invercargill creditors should have the opportunity of saying something in the matter, as they knew of bankrupt's position. The meeting was adjourned to June 18 to give the Southland creditors an opportunity of deciding whether they wished to have the petition transferred to Invercargill.