DROVER FALLS INTO DEBT

Taranaki Daily News, 9 May 1930, Page 13

DROVER FALLS INTO DEBT

MEETING OF CREDITORS OPENED.

ADJOURNMENT TO STRATFORD.

The meeting of creditors in the estate ef William Ilolmes, drover of Strat-. ford, was opened in New Plymouth yesterday, and at the request of one of the creditors, adjourned to Stratford. The D.O.A. (Mr. J. S. S. Medley) presided, and the only creditors present were Mr. J. W. B. Jones and the Farmers’ Co-op. Organisation Society, represented by Mr. W. A. Hewitt. Mr. IL R. Tyrer appeared' for bankrupt. Bankrupt showed unsecured debts amounting to £378. Hie chief unsecured creditor on the schedule was the Farmers’ Co-op., to whom he stated he owed £240. The total amount he owed the Farmers’ Co-op. was £330 4s lid, said Mr. Hewitt. Part was secured. He had given the Farmers’ Co-op. the security of his life-insurance, said bankrupt. They had been paying the premiums on his insurance 'for the last five years and adding it on lo his debts. What with this and interest charges, etc., said bankrupt, his debt to the Farmers’ Co-op. had doubled, though actually he had had nothing further from tlbem. There were too many of these bankruptcies nowadays, said Mr. Hewitt, and a strong feeling was growing up in the public mind against them. He suggested that the meeting should be adjourned to Stratford, where a full attendance of creditors could be had. The Farmers’ Co-op. would guarantee the D.O.A.’a expenses. Mr. Jones supported the suggestion and the D.O.A. agreed to the adjournment. His house had been sold by the mortgagee about live years ago, said bankrupt in his personal statement. He ■ had put £4OO into the house. At that time he was droving and doing private 1 dealing in stock. He was then owing the Farmers’ Co-op. Organisation about £l5O. Since then, he'had not had regular employment and’ had incurred several small’ debts. Several creditors sued him, and in paying them he got into debt in other directions. Those creditors also sued, and .during' the last five years he had paid in court fees considerably more than he owed, apart from the Farmers’ Co-op. claim. The Farmers’ Co-op. claim had been increased by interest and court coasts. About three years ago his house was burned and he lost everything. He had tried to get out of debt, but the action of his -creditors in suing had made it , harder for him. He had no desire to avoid payment but a warrant of commitment was issued and as he did not have the money he was advised to file. Ho had been ; working lately only on commission, and the results had not been very satisfac- : tory. In his schedule bankrupt stated that the total of his unsecured debts was £378 146 Cd. Debts to secured creditore amounted to £lOOO, the estimated value of the securities £lloo. This debt was to the State Advances Department. The list of unsecured creditors was: Farmers’ Co-op. Organisation S’ociety. Stratford, £240; W.° McDonald, Stratford, £l2; G. jpamplpugh, ;Stratfor<L £8; Lightband and Wann, New. Plymouth,. £l7; A. L. Rawles, Stratford, £8; G. Lithgow, Midhirst, £7; E. McCullough, Stratford, £8; J. W. B. J.ones Stratford, £2l ss; H. C. Wright, Stratford. £45 7a 6d; H. E. Lawrence, Stratford, £2 2s.