BANKRUPT LABOURER

Taranaki Daily News, 27 September 1933, Page 2

BANKRUPT LABOURER

MEETING OF CREDITORS LAPSES.

DEFICIENCY OF OVER £97 REVEALED.

Creditors in the bankrupt estate of William Henry Turchi, labourer of Tataraimaka, were to have met at New Plymouth yesterday but the meeting was adjourned sine die through lack of a quorum. A deficiency of £97 10s 2d was revealed. Unsecured creditors totalled £lB7 10s 2d and assets were estimated at £9O. The unsecured creditors were: Hodder and Tolley Ltd. (Hawera), £29 9s 2d; Farmers’ Co-op. (New Plymouth), £5 13s 6d: A. J. Smith (Okato), £l2 19s 7d; S. R. Johnson (New Plymouth), £4 15s 8d; New Plymouth Sash and Door Company, £l7 13s 6d; J. L. Power (Okato), £6 8s 6d; F. W. Reston (New Plymouth), £3 12s; R. F. Roebuck (Okato), £2O; E. B. Cooke (New Plymouth), £lO 5s 4d; Cook and Lister (New Plymouth), £2 4s; J. S. Fox (Okato), £27 17s sd; Henry Brown and Co. Ltd. (New Plymouth), £l7 8s; New Zealand Newspapers Ltd. (Auckland), £2 15s 6d; estate L. H. McCabe (Ornate), £26 Bs. There were no secured creditors. In bis written statement Turchi said that in Septembber, 1929, he leased a farm of 81 acres near Okato at a rental of £1 per acre. At that time he did not anticipate a further fall in produce prices and he incurred debts for buildings and manures which he had expected to pay out of his first two season’s cheques. However, prices fell and in December, 1930, he found himself in difficulties. Some of his creditors commenced to press and he arranged to make pro rata payments as the money became available, his allowance for living expenses being £1 per week. He then owed about £425, of which £2OO was due to Newton King Ltd., which held security over his stock and implements. In July, 1931, his stock was distrained upon for rent end as it was then obvious that he could not hope to pay his way a sale of his assets was realised at a price which left very little for unsecured creditors. From the proceeds of his factory cheques and the sale of his assets his unsecured creditors were paid about 4s in the £l. Since leaving the farm he had been unable to secure permanent employment and had often worked for his “keep” only. During the past winter he had spent some time trapping opossums and his only asset was 213 skins which had been forwarded for sale. As some of his creditors were again pressing and as he could see no prospect of .being able to meet the claims he was forced to file. He was a single man and had no prospect of receiving help from anyone Under oath Turchi said he was at present milking. He held 26 partly paid shares in the Patua Co-operative Daiiy Company. When he leased the pioperty he had about £l5O and he then had no debts.