BANKRUPT MEETS CREDITORS

Press, Volume XCVII, Issue 28629, 4 July 1958, Page 11

BANKRUPT MEETS CREDITORS

Labourer Admits Owing £3Bl A sum of £2OO on gambling during 1957 and the weekly payment of five guineas for a flat were the main causes of his bankruptcy, John Denton, a labourer, told a meeting of his creditors yesterday afternoon. He admitted unsecured debts amounting to £491 18s and debts to secured creditors of £4B. The estimated value of his securities was £53 and he had assets totalling £llO. His deficiency was £3Bl 18s. When he arrived in New Zealand he was employed in the New Zealand Army and was drawing a wage of £9 15s a week clear, he said in his statement to the acting Official Assignee (Mr C. F. Lundy). He purchased a property at Diamond Harbour bitt with alterations to the property he found it was not possible to support his family of two. Denton said he obtained his discharge from the New Zealand Army at a cost of £3l3—the biggest percentage borrowed. In an endeavour to obtain employment in Christchurch he had to leave his house and take a flat at five guineas a week. He had a position with a sewing machine company but was discharged after being before the Magistrate’s .Court on a charge of dishonesty He was placed on probation and was now paying the Court £2 a week.

He said he could pay his creditors £2 a week and once he had finished his payments to the Court could pay £4 a week.