BANKRUPT FARMER.

Waikato Times, Volume 113, Issue 18947, 17 May 1933, Page 8

BANKRUPT FARMER.

MEETING OF CREDITORS. , MORE INFORMATION WANTED. (Special to Times.) TE AWAMUTU, Wednesday. An examination into the bankruptcy of William Taylor, of Puahue, a farmer, was held on Tuesday before Mr A. W. Roberts, Official Assignee.

Secured creditors total £825 17s 5d and secured creditors £3549 ss. The estimated value of the assets is £3696 11s 9d, leaving an apparent surplus of £147 6s 9d. The stock-in-trade at Puahue is shown at £SOO, cash £5, shewing a deficiency of £173 10s Bd. He started in 1922 with a capital of £SOO. In 1931 he owed about £4OO in general debt and asked his father for assistance. He lent £4OO, but he dropped behind £2OO in the 1932 season. His father had advanced him £2070 In all, for which he ■holds a second mortgage. A guaran : teed overdraft at the bank Is £155, with a guarantee if £l5O, of Mr W. G. Park Is guarantor. Mr Preston, for a creditor firm, said he was concerned with knowing what had become of the £2070 borrowed by bankrupt from his father. Was that mortgage valid? If so there seemed very little for the outside creditors. Mr Roberts said he had wanted bankrupt to. explain his household expenses of nearly £4OO a year. Mr Oliphant, for bankrupt, said the mortgage to the father was unregistered until the creditors’ meeting, though signed some years ago. It was decided to investigate the circumstances of- the father’s advances to bankrupt. It -was decided to adjourn until the Official Assignee has ascertained" the father’s attitude toward a possible buyer o’f the farm. Meantime, remuneration for carrying on the farm was left to the discretion of the Official Assignee.