DEFICIENCY OF £518

Press, Volume C, Issue 29421, 25 January 1961, Page 3

DEFICIENCY OF £518

Bankrupt Meets Creditors

He wanted to pay his debts but be could not make any offer, said Leonard Eric Andrews, a welder, at a meeting of his creditors yesterday Andrews was adjudged bankrupt on January 11. Mr D. Malcolm, agent for the Official Assignee <Mr O. T. Grattan), said Andrews's statement of affairs showed the amount owing to unsecured creditors as £630 6s 2d and to secured creditors £l7O, with the value of the securities £llO. The values of the assets were shown as £l4O for plant and £32 for book debts. The deficiency was £5lB 6s 2d. During the last five years he had been contracting around Christchurch but. did not get much work and what he did get was done too cheaply, said a statement by Andrews. His gear was always breaking down and he lost too much time between jobs. In 1955 he lost heavily on a contract to build tanker canopies and could not recover. In 1957, 1958 and 1959 he was tree felling but did not get enough work to keep going. In February, 1960. he began working for a contracting firm but in four months he was involved in a petrol explosion and was off work for a month. He returned to his trade. He injured a hand and was off work for two months. He was at present working for a firm for £l5 a week. He was 59. The meeting lapsed for lack of a quorum.