BANKRUPT MEETS CREDITORS

Press, Volume XCVIII, Issue 28984, 27 August 1959, Page 6

BANKRUPT MEETS CREDITORS

Assets To Be Sold

A 36-year-old truck driver who started a truck business on about £5O capital told a meeting of his creditors yesterday: “I got into my financial difficulties through insufficient work and the rise in the high cost of advertising and materials.”

The bankrupt. Walter John Crawford, of Sawyers Arms road, owed £375 3s Id to unsecured creditors and £7Bl to secured creditors, said the Acting Official Assignee (Mr K. F. Walker). The total of the security was £2770 leaving a surplus of £1989. said Mr Walker. Plant was valued at £230. making assets of £2347. This left a surplus of £1971 16s 11'. Crawford was adjudicated bankrupt on a creditor’s petition on August 12. He was a jobbing carpenter at the present time and had a mortgage of £5BO on his house.

Questioned by Mr Walker. Crawford said that he had been a truck driver about seven years ago and had then started work as a jobbing carpenter under the hame of Portable Builders He had later started a truck business. He had had a secondhand dealer’s licence and had dealt in second-hand goods. No Records Cniwford said that he had no records of his activities. He only had receipts and dockets. He never kept books and did not keep a second-hand dealer's register. He had no accountant

His income over lhe previous 12 months was about £450. he thought. He had made about £350 from his building activities and another £lOO on motor-car dealing. He first realised that he was going down about six months ago.

j Cross-examined by Mi' R. S. D iTwyneham (for Wairakei Sawj mills), Crawford said that he knew of another person called I Crawford who lived in New Brighton. He was not aware this person was also Walter John ' Crawford. On the motion of Mr Twynejham it was decided that the i Official Assignee should sell Crawford's assets to the best ' effect.