IN BANKRUPTCY.

Press, Volume LXVII, Issue 20316, 15 August 1931, Page 3

IN BANKRUPTCY.

MOTOR MECHANIC'S FAILURE, j A deficiency of £393 103 M * a3 shown to the bankrupt estate of Alfred Driseoll, 05 Cambridge terrace, motor mechanic, 'a meeting of whose creditors vras to have been held yestei'day. Ike meeting lapsed for want of a quorum. Mr E. A. Lee appeared for bankrupt, j Jn liia sworn statement bankrupt stated that in 1927 be was manager of the Christchurch Eental Cars salary of £6 per week, but owing to a rearrangement lie left there and started a garage business m Papanui. In December, 1928, bankrupt purchased the business of the Christchurch Eental Cars, giving a deposit of £IOO and agreeing to pay the balance mtwo years. Half the deposit was paid by bankrupt's father and half by bankrupt. Ac the time bankrupt had no debts. While running the rental car business, bankrupt also kept. up the era rage at Papanui. The business- oi fie rental cars began to go back because all the cars then m use weie of the opcu type, and did not th " requirements of the people, who were iTi-'TnzindinGj closed cms. t • A dispute arose between the vendor oi the business and bankrupt, and bankrupt ultimately traded in the four ca-s He was allowed £260 on them, and'took over three new ones at a total cost of £B7l, plus interest and insurance. With the closed cars bankrupt was confident that he couldget he business. The balance payable in 'Xct of tb. over two years at the rate-of- £-7 Tod a month. The business for about sis." mouths, but aftei retl away steadily. During the winter there was p.actically no- demand for the ears, and very little work was done in the garage, of orders on judgment ovmmonsea two war™™ i-rainst : bankrupt. hen he had the money he paid something off thea. warrants, but now found that he was i L. shle to carry on. Bankrupt had | no prospects and could make no The financial statement showed debts ' amounting'to £413 19s 9,1, and assets, ! ? n "htf form of book debts, amounting Lto-'£2o,::-.leaving-' a deficiency of £ 39J I : jJ9B .9A-r -