A TIMARU BANKRUPTCY.

Press, Volume LX, Issue 18096, 11 June 1924, Page 4

A TIMARU BANKRUPTCY.

A meeting of creditors in tho Ijarikrupt estate of Joseph "Wallis, horse trainer, of Washdyke, waa held in the office oi the Deputy-Official Assignee (Mr F. A. Raymond) yesterday afternoon. Mr W. H. Walton appeared for bankrupt. The unsecured creditors wero: —T. Simon, Timaru, £SO; Mrs M. Ord, Winton, £lO6 10s; J. Green, Timaru, £7 2s; J. A. Nelßon, Winton, £2B 2s 6d; National Mortgage, Timaru, £SO 5s Id • A. Scott, ivangitata, £lO 14b tld; "Wilson and Eraser, Invercargill, £7 13s; JS. O. Henahaw. Ximaru, £8 7s; Mrs Washdyke, £2O; G. King, \ViUSiKiyKCj £24; P. Hogan, Washdyke, £l2; J. Mary shall, Winton, £24; —. W* £l2, W. MoWiliiams, Winton, £5 7s; Cowie and Drisooll, Winton £2O; H. Grace, Invercfvrgi.l, £9; Russell, Son, and Meredith, Invercargill, £7 lis; W. Sloan, Invercargill, £6 9s; J. Ambrose, Washdyke, £3B 10a bd; T. Cannon, vVaimate, £4; C.F.C.A., Ltd., Timaru, 10a; J. Walsh, Winton, £6 5s €d; P. A. Bloomfield, Winton, £1 14a 6d; a> totaJ of £460 le 7d.

There was one secured creditor, Wilson and Fraser, Invercargill, £42 14b 2d (estimated value of security £10(5). The total assets were £203 2s 3d.,and the deficiency £256 19s 4d. .Bankrupt s sworn statement flhowed that prior to 19U9 ho followed the occupation of a jockey, but in that year he autfered a. broken tnigh. . Alter a year in hospital he took over his brother's business as a horsa trainer at Winton, where he (bankrupt) trained horse 3 • euccesafuJy. In January, 1921, his brother returned, and they went into partnership. In 1922 the brother left to take tip business' at Gore. The debts now owing by bankrupt were chiefly debts incurred since the dissolution of partnership. In March, 1923, bankrupt transferred operations to Timaru. From October, 1920, until March. 1923, his receipts were £670 and expenditure £432. On one account there was due to him £156 for training fees, but in an action brought to recover the amount .he lost the When bankrupt came to Timaru he. owned a horse named Indian Child, which subsequently won £BS in stakes. During the last months he borrowed £165 from Mr 2. Beri, and in April last Beri pressed bankrupt, for payment. Bankrupt sold Indian Child to Beri for £2OO. Beri paid the difference between Ihe money lent, £166, and the £2OO, namely, £35. When bankrupt came to Timaru the amount owing by him on various accounts in Southland waa approximately v £3OO, against which he had £220 owing him. Replying..to questions, bankrupt said ho was not. a gambler. Since coming to Timaru he had lost about £IOO in bet®. He could make no offer to his creditors. •

The Assignee stated that wages owing to bankrupt's assistants would swallow up neHTy all the. realisation' ot< assets. It was decided that tho" Assignee should arrange with bankrupt as to what articles, up to the value of £25,, ehould be returned lay bankrupt. . Tho meeting was adjourned sine die.