BANKRUPT AT 21.

Auckland Star, Volume LIII, Issue 99, 28 April 1922, Page 7

BANKRUPT AT 21.

LIABILITIES £1.100; ASSETS £20. The adjourned meeting of creditors in the bankrupt estate of Albert Horace Pikett, indent agent, was held yesterday afternoon, the Official -Assignee, Mr. W. £. Fisher, prcsidin<r over a large attendance of creditors. Mr. E. L. Thwaites appeared with the bankrupt, who is just 21 years of age. The Assignee said that the claims proved amounted to £1,105, while tiie assets totalled about £20 hi cash. The bankrupt commenced his business a year ago, when only 20 years of age, and attributed 'his failure to inexperience and lack of capital. When examined tiie bankrupt, stated that he did not know anything about bookkeeping, and he had never touched tne hojoks, 'which were kept by the office girls. Xo record had been kept of the raising of a £300 loan, and he admitted that the leaves of the books ■had been gummed up. He could give no estimate of the turnover of the business. The Official a\ssignee said that the bankrupt had put up a shockingly bad record. He started with nothing, and finished with £1,100 liabilities and £20 assets. His books were gummed up, and no one could make head or tail of the cash book. Mr. Thwaites said that until starting business the bankrupt had worked in the countTy from the time he was 16 years of age. He hud not the faintest idea of business, and had had no one to advise him. Counsel referred to certain money transactions to support this. After discussion it was decided to leave the matter in the hands of the Official Assignee to act as he thought tit.