BANKRUPT FARMER

Taranaki Daily News, 24 June 1931, Page 16

BANKRUPT FARMER

TRANSACTIONS IN LAND. DIFFICULTY 'oFIREALISATION By Telegraph.—Press Association. Hamilton, June 22. Involved transactions in land were detailed in the statement of G. T. Coverdale, farmer, of New Plymouth, formerly of Te Kawa, who met his creditors to-day. The official assignee, Mr. V. R. Crowhurst, presided. The schedule showed debts totalling £1921 and assets, £1716, leaving a deficit of £205. The assets comprised property valued at £1465, and a surplus of securities in the hands of secured creditors of £250. Bankrupt attributed his position to the fact that on his father’s death he was left with heavy liabilities to the bank secured on a property at Ngaroto, which made it impc-sible to realise on the land to advantage. As a result of the delay in completing such realisation and the heavy decline in land values, he was obliged to sell the balance of the land at a price much lower than he originally expected to receive. A creditor moved that bankrupt’s discharge be facilitated, but as there was not a quorum present, the official assignee took this as a direction. The meeting was adjourned to enable the official assignee to obtain further particulars.