"JOINTLY LIABLE."

Press, Volume LXII, Issue 18674, 24 April 1926, Page 8

"JOINTLY LIABLE."

CARPENTER'S BANKRUPTCY WIFE'S BUSINESS venture. Assigning as the causG for his bank ruptcy the liabilities contracted on behalf of his wife, James Timbrell, carpenter, of Lower Biccafton, attends A infecting of his creditors, held ylestevdixy afternoon in the office of the Official Assignee, Mr A. W. W&ttets, Who presided. Mr 0. P. l'urnell represented the bankrupt, and Mr A. C. CottrGll appeared for l)i-. W. F. Browne, Ohe of the secured creditors. In his siVorn statement timbrell gave details of the business venture of his Wife, which lie said had caused hid bankruptcy. Dp till about six years ago he was carrying on business in Oliristchurch as a builder and contractor. At that time he was solvent, but ho was practically without capital, and was forced to take work as a journeyman. He had not been in good health, and consequently had not been able to work. full time, and though he had kept oat of debt so far as he was personally c6ncemed, he had not been abl6 to sAve anything. , Bankrupt was a total abstainer, and did n6t smoke or gamble. He had been forced to file his petition in bankruptcy owing to his having become liable for certain debts contracted by his wife, who, against his wishes and contrary to his advice, had taken over a boarding-house business from a Mrs Sandford in Salisbury street, Christchurch. He had consented to be joined in the chattels security given to Mrs Sandford. Boarding-House nqft a Success. Personally bankrupt hftd h&d no s&y in the management of the business, which was carried, on for only eleven ffiofaths, and proved a failure. He left the house about ten months after his wife took ; over, as they could not agree. Out of his own pocket, however, he had met about four promissory notes of £ls each due to Mrs Sandford on account of purchase money, for which his wife and he were jointly liable. All the liabilities shown under the heading of unsecured debts were incurred in connexion with the boarding-house business. The Salisbury street property waa being purchased in Mrs Timbrell's name. She paid by way of deposit the sum of £3OO, which she raised by mortgaging her property in Sheen street, bankrupt being required to join ja the mortgage. Prior to leaving Mrs Timbrell he expended about j£4o on improvements to the Salisbury street property; which was subsequently sold by the mortgagee through the Registrar of the Supreme Court. He paid his wife £1 per week towards her maintenance, and had no assets other than personal clothing and tools. The total unsecured debts were given as £146 os sd, the largest amounts beins; £53 to Mrs Sandford, £23 to T. Edwards, butcher, Kilmore street, and £l7 each to Perks, grocer, and W." <T. Ritchie, baker. Clissold street. Hie amount owing to secured creditors was £750, which must be set off against ihe estimated value of the securities. £750. In answer to Mr "Watters, the bankrupt said the furniture was in his wife's

name. The value of the promissory notes given to Mrs Sandford amounted to £IOO. He owed £4O on these, although Mrs Sandford put the amount down at £63, the difference being interest. His son had transferred to him a house at Redcliffs, on which the mortgageis totalled £750. He wfts really a trustee for property, and if it was sold, he would have to account for the money to his son. The value of the property, according to his estimate, was £BSO. Mr Watters remarked that the proved creditors present represented only £6 16s 6d. The meeting was adjourned sine die.