BANKRUPT MOTOR SALESMAN.

Press, Volume LXVI, Issue 20103, 5 December 1930, Page 3

BANKRUPT MOTOR SALESMAN.

MEETING OP CREDITORS. A meeting of the creditors of Ynyr Wilfrid UcUull Donald, motor salesman, of Cliristchurch. was held at the office of tliu Official Assignee (Mr J. H. Robertson) yestex'day. His debta to unsecured creditors amounted to £lO4. Os lOd. and to secured creditors £1550, the covering security being worth £1550. There were about twelve unsecured creditors, all with small amounts. Bankrupt in his statement set out that in 1927 he had been out of work for sis months ; later obtaining a position and making about £5 per week in all. At that time he was in arrears with payments on a house, and it was repossessed by the mortgagees, and the furniture seized for debt. The amount owing to creditors when he lost the house was £3OO. In January, 1929, he obtained anothei position, making about £7 per week in all, and in July, 1929, changed again, receiving £8 in all, and was gradually reducing his debts. In August, 1930, he obtained a position as sales manager with a guarantee of £46 3s 8d per month. At that time there were several .judgments and committal warrants against him, and he made an arrangement with his solicitor to pay £lO a month for distribution, to his creditors. In all. £3O was paid to him. but two creditors would not fall in with the arrangement, and this money was paid out to them. Aa several more committal warrants had been issued against him he waa obliged to file He had now been reduced by his firm to the position of a salesman.

Purchase of House. In August, IU3O, he had agreed, on the expectation of holding the position of sales manager, to purchase the house he was living in from the Sydenham Money Club for £1550, payable in instalments of £ls per month. These instalments had not been paid, and the agreement had not been stamped. He attributed his position to getting into debt when out of work, and never since having a surplus to pay the debts off completely. He had two children, aged three years and one year. He did not gamble or drink to excess. In the course of cross-examination bankrupt stated that his trouble was ultimately probably due to extravagant living when he was first married. followed by his unemployment. He had paid £6O in the past three months, and his reduction in status by his firm was probably due partly to his bankruptcy, and partly to trade conditions. The bankrupt was asked whether, in the event of his applying for a discharge, lie would consent to that beincr clone subject to a judgment. He agreed to this.