FARMER’S BANKRUPTCY.

Star (Christchurch), Issue 16839, 15 September 1922, Page 8

FARMER’S BANKRUPTCY.

* MEETING OF CREDITORS. A meeting of creditors in the estate of Lucien Joseph Brocherie, Kaikoura, farmer, "was held this afternoon. Mr A. W. Watters (Official Assignee) presided, and three oreditotrs attended or were represented. Mr P. P. J. Amedeo represented the debtor. Tile debts due to unsecured creditors were, set down at £503 5s -2d. The secured debts were £27, 177 18s 9d. and the estimated value of securities was £21,498. leaving a balance of £5679 18s 9d over the securities, and making the total debts £6183 | 3s lid. which, as there were no assets, j was set- down as the deficit. I The secured creditors were:—J. R. , Thacker, Okain’s Bay, farmer, £21,000; estimated value of security £15.000: A. F. Leonardo. Tie Bon's Bay. £6177 18s 9(1, estimated value of security £6489. The following are the principal unsecured creditors:—New Zealand Farmers' Co-oper-ative Association. Kaikoura. £74 8s 6d; A. E. Carey, Ltd., Christchurch, £29 as 10d: Williams and Holmes, £3l 4s id; W. Cook and Co., Kaikoura. £6 6s sd; Kaikoura County Council. Kaikoura, £56 Sa lid; Lq Bon's Bav Road Board, £8 Os 6d: Akaroa County Council. £8 Us 3d; Dr Withers. Kaikoura. £9 8s (id: United Motor Company. Kaikoura, £23 14s; J. R. Sweeney. £7 6s 6d; Fraser and Sweeney. Kaikoura, £6 9s; North Canterbury Hospital Board. £lB 16s; Robinson and Perrin. Kaikoura. £l4 19s Id: F. H. Flower. Kaikoura, £59 Ip 9d: Banks Peninsula Rabbit Board. £lB 10s: Duncan. Cottcrill and Co., ChrjstehurCh, £9B 15s: Beath and 00., Ltd., Christchurch. £8 5s 8d: Kaikoura Motor Company, Kaikoura. £4 1 OsDebtor in hie sworn statement. stated that before March, 1920, he was farming at Long Bay on a- property he had leaser!

from his father, Mr L. Brocherie. The leaf expired in March, 1020, and he agreed t purchase Mr Leonardo’s place at De bon Bay. containing 172 acres, for £3B pc nting to £-200. Ir A. F. Leon- . 10-20, debtor cha Puhi Kaikoura. from Mr A. P. Robinson and £25 an acre. Mr J. R. Thacker advanced him £4750 and £SO on the security of the 1 Boil's property and the Kaikoura property. Debtor ga.ve a mortgage back to Mr Robinson for £16,000. Mr Thacker taking a Me iced Debtor worked both places. The slump o> curred a few months after he entered int possession. Prices began to drop iinmed ately. He was unable to keep payment of interest and he had gone back sinc< He spent a great, deal of money on in provementa. Everything from the properties went through Messrs Pyne. Gould and Guinness. Debtor had had only living penses for hia wife and family of ei.rht children, from eighteen years to two year of age. As he was unable to pay his in tcrest on the first, mortgage, Mr Thacker?, in ordeT to protect himpelf, took over the first mortgage to Mr Robinson. Debtor ha endeavoured to get him to allow something for 1 he improvements which debtor had effected on the property to enable debtor to pay his creditors, but he would not, agree tc that. Messrs Pyne. Gould, and Guinness realised the stock comprised in tliei- security and had released debtor from the balance owing to them. His position beiny hopeleee, he had no option but to file.