MORTGAGED

Wanganui Chronicle, Volume LXXXIII, Issue 20013, 2 December 1927, Page 6

MORTGAGED

A BANKRUPT’S PROPERTY AFFAIRS OF A FARM MANAGER A meeting of the creditors of John Lionel Cross, farm manager of Waitotara, was held yesterday afternoon, the Deputy Official Assignee (Air E. AL Silk) presiding. After the bankrupt’s affairs were reviewed the meeting was adjourned sine die. In his statement, Cross attributed his bankruptcy to the fact that his mortgages had pressed him for interest at a time when he was unable to get it. He understood that a sale of his farm properties had been effected by his mortgagees. In 1920, bankrupt purchased a property at Haunui, Ekctahuna, at a boom time and had immediately to face the slump. Ho paid £.lOOO cash and took over two mortgages of £l5OO and £llBO giving a third mortgage for £l5OO, the balance of the purchase money. Some four years latter he realised he could not carry on and his father assisted him with an advance of £2500, and bankrupt gave his father a fourth mortgage over the property to secure the repayment of the amount. This amount was looked on both by his father arid himself as his share of the amount that would come to him from his father’s estate. In February this year he arranged with a neighbour to look after his farm and he took a position as farm manager at Waitotara.. His mortgagees, however, would not wait for interest and the trustee of his late father’s estate, in particular, pushed the bankruptcy proceedings. In view of the present improvement in prices he believed he could have surmounted his difficulties. Bankrupt was a married man with five children.

Unsecured creditors were:—W. Simpson £8 15s; W. Hurley £l. 10s; and G. McConachy £2 10s. The amount for secured creditors totalled £7159 16s 9d.