BANKRUPT FARMER

Sun (Auckland), Volume 1, Issue 93, 11 July 1927, Page 9

BANKRUPT FARMER

CASE OF MISFORTUNE DISCHARGE FACILITATED Only one creditor appeared at a meeting convened by the official assignee, Mr. G. N. Morris, this morning to discuss the bankruptcy of Philip Dudley Hargreaves, a retired farmer, of Remuera. As no quorum was present the meeting lapsed. According to bankrupt’s schedule his debts consisted of £2,064 owing to secured creditors. His assets were given as 1,875 shares in P. D. Hargreaves, Ltd. These were heavily mortgaged and were valueless for the purposes of the estate. There were also a few shares in a freezing company, but these would produce practically nothing. In a written statement, which was read to the meeting, Hargreaves said in 1922 he called a meeting of his creditors and it was decided to give them as security a second mortgage over a farm he then owned in Otorohanga. collaterally secured over his shares in P. D. Hargreaves, Ltd. The debts wereincurred with his farms at Otorohangn. and Kopaki. He acted as manager for P. D. Hargreaves until 1923, when he left the farm and since then he had managed a property at Hangatiki until February, 1926. From then on he had done only casual work and since he mortgaged his farm he had not earned, e.-ough to pay off anything. He was forced to file owing to the foreclosure of the first mortgagee of the Otorohanga property. Examined by Mr. Morris, bankrupt said P. D. Hargreaves, Ltd., was a company of 29,000 shares of which ho held, 1,875. The balance was now controlled by an Auckland medical man. The official assignee intimated his intention to facilitate Hargreaves’s discharge.