FARMER’S FAILURE.

Timaru Herald, Volume CXXIII, 9 October 1926, Page 12

FARMER’S FAILURE.

«*► ALLEGED 'PREFERENTIAL PAYMENT. By Teloerauh—Proas Association AUCKLAND, October 8. At a meeting of creditors of George Hall of Woodcocks, farmer, the bank--1 nipt stated that he owed to unsecured I creditors £206 19s 6d, and to secured ! creditors £9317 14s 7d. The securities ■ were valued at £4140, arid other assets at £2B, making the actual deficiency £5416. Bankrupt said that in December 1923 he bought a farm of 208'acres at I Woodcocks, on which he had been share-milking, from Neils Neilson for £7OOO, no interest to he paid for the first twelve months. Neilson said if he could not make the place pay the mortgage would b e reduced, provided Uio property was improved. Neilson did not reduce the price, and in July last judgment was given for £634 arrears of interest, whereupon the bankrupt walked off the farm. He attributed his bankruptcy to having bought the property at what he asserted was a grossly inflated value. On Mr Neilson’s suggestion it was resolved to make a searching inquiry with regard to the payment of a debt to thp North Auckland Farmers’ Co-op., alleged by other creditors)to; be preferential. '*.? *