OLD DEBTS.

Press, Volume LXIII, Issue 19111, 21 September 1927, Page 6

OLD DEBTS.

A BUILDER'S WORRIES. According to a statement made by James Clegg, builder, 39 Peterborough street,. at a meeting of his creditors yesterday, the chief cause of his bankruptcy was worry regarding old debts. Mr A. W. Watters, ■ Official Assignee, presided, and three creditors attended. The -statement of assets and liabilities 'showed a deficiency of £320. There were no secured creditors. ' The amount owing to unsecured creditors was £335, the priucipal creditors being:—A. Swanston, Ltd., £156 16s 8d; Ashby, Bergh and Co., £l3 0s 6d; Andrew. Lees, £lB 5s sd; F. Horn, £23 17s 3d; <T. W. Home and Co.. .£36 10s: A. Soanes, £25 8s 3d; 0. S. McCully, £43 lis lid. / The bankrupt's sworn statement set out that he was working as a carpenter until 1912, and in that year he started a contract to build a five-roomed house with a capital, of £SO. This contract led to two others, and he made £9O over and aljove his wages. Ho took further contracts, some of which paid him and some of which did not. He kept getting a little ahead until the war started, and prices for materials went up. He was solvent in 1915. From that year he gradually went back until in 1918 he was called into camp. Before going into camp Jie called a private meeting of creditors, who agreed to let things stand as they were until he returned. He returned in 1918 and took work as a carpenter for a few months. He then took several small jobs, with the intention of getting a start again and paying off his debts. Materials, however, were hard to procure, and he went back to work for wages. In 1923 he had paid £l4O off his debts, which were a constant worry to him, as he was expecting to be pushed any time. - In 1923 he started business again, with the same intention to pay off his debts. He fell through taking some work too cheaply and not getting enough to keep him going, and also through not having any capital. The result was that he got further into trouble. His creditors pushed him, and he held a further private meeting in February. 1925, at which he offered to pay them 30s a week out of wages. This they refused to accept, and passed a motion asking him to file. He refused to do this, and things had hung on ever since. He accounted for liiß failure through the worry of the debts contracted between 1915 and 1917.

Mr Watters asked why he had not paid the 30s a week he had offered at a previous meeting of creditors. Bankrupt said that his debts had worried him, and he had been drinking a fair bit. A creditor remarked that bankrupt was a good worker, but drink had brought him to his present position. Bankrupt; The worry of the debts was responsible. In reply to further questions bankrupt stated that he was separated from his wife, to whom he paid 30s a week maintenance. The meeting was adjourned to enable bankrupt to produce his books.