EX-SOLDIER’S MISFORTUNE

Waikato Times, Volume 118, Issue 19676, 9 September 1935, Page 6

EX-SOLDIER’S MISFORTUNE

BANKRUPT FARMER. MORTGAGE DIFFICULTIES. The misfortunes of a returned soldier, faced with farming difficulties and increasing mortgage ancl interest Charges were related before the Official Assignee, Mr V. R. 'Crowhursl, to-day when a meeting of creditors was summoned in the bankrupt estate of George Thrupp, farmer, of Gordonton. Bankrupt was represented by Mr H. C. M. Norris. Bankrupt was shown to he owing £167 lis Od to unsecured creditors while the estimated values of securities exceeded the total due to secured creditors by £52 15s id. On the unsecured list it was shown that more than £45 had been incurred in medical expenses. In his statement bankrupt said that, on 'his discharge from the New Zealand Expeditionary Force, he had bought a farm at Tauwhare. He then had about £l2O and the Crown had advanced the money to purchase the property and buy stock. About 1925 the Crowai permitted him to leave the farm at Tauwhare and to take over a property at Gordonton or 74 acres and to bring his stock from Tauwhare subject to tlie Crown’s hill of sale. He did fairly well on his farm although the bill of sale was for money for stock and improvements effected on the farm at Tauwhare. The bill of sale was then for about £IOOO and the mortgage on Ihe farm at Gordonton was £2300. The bill of s*te was reduced to about £IOO but an additional grant of £3OO was made for a ‘house. Loss of Dairy Herd.

“ Jn 1932 t lost half my herd with sepsis and milked only 23 cows instead of 40 that season. This put me in a position of being unable to pay my current unsecured debts and also made me get considerably behind with my mortgage Instalments and Interest,’’ continued bankrupt. “Jn February 1933 I placed my affairs In the hands of my solicitor who communicated with my creditors and suggested that lie should handle the surplus of iny butter fat cheques after one third had gone to the Crown and after paying farm and living expenses and divide the balance pro rata between my creditors. He lias been doing tills up to the present but there has not been Biirticient to make any payments. The creditors have received £2l 10s and £27,10s has been paid for rates.” A produce firm had recently become dissatisfied with' tho arrangement and had sued bankrupt and Issued an attachment order against the money in his solicitor’s hands. In order to ho fair to all his creditors bankrupt had accordingly filed. Expressing sympathy with bankrupt’s misfortunes, tho creditors present at the meeting carried a resolution asking that his discharge shout'd be facilitated.