IN BANKRUPTCY

Southland Times, Issue 19099, 17 November 1923, Page 13 (Supplement)

IN BANKRUPTCY

FARMER FILES A PETITION. A meeting of creditors in the bankrupt estate of John Thomas Kirker, farmer, of Te Tua was called for yesterday afternoon but owing to the fact that only three creditors were represented a quorum was not present. The statement of assets and liabilities showed that the amount owing to secured creditors was £384 18s Id and to unsecured creditors £405 7s Bd, while the total assets available were £ll4 5s 6d in addition to an amount of £266 8s 2d realised at a clearing sale held by secured creditors, the New Zeaalnd Loan and Mercantile Agency Company. The unsecured creditors were as follows: Prentice Bros., Tuatapere, £25 13s 9d; Chas. Chamberlain, Tuatapere, £ll 18s 2d; J. Henderson, Tuatapere, £6 18s 9d; W. I. Kirker, Te Hora, £235; Mrs I. Kirker, Invercargill, £100; J. Davies, Orepuki, 15s; Southland Dairy Company Ltd., Invercargill, £22 10s; Southland News, Invercargill, £2 12s; making at total of £405 7s Bd. Bankrupt in a lengthy stateemnt said the reasons for his failure were principally due to the poor returns he had received for his stock which he had purchased prior to the slump and was compelled to sell when low prices were ruling and also to his inability to secure further assistance at a time when he was beginning to retrieve his position to such an extent that the securities were practically worth. 20s in the £l. He believed that had he been successful in doing so and a little further consideration had been extended to him by the secured creditors he would have eventually made up the leeway. The creditors present decided to leave matters in the hands of the Official Assignee to ascertain the position with regard to an amount of £92 at present held by the Loan and Mercantile Agency pending a definite decision being arrived at with regard to the estate.