CREDITORS’ MEETING

Press, Volume C, Issue 29557, 5 July 1961, Page 22

CREDITORS’ MEETING

Bankrupt Mechanic Had al] his book debts been paid he would have been in credit, Francis Constantine Coster, aged 43, a mechanic, told a meeting of his creditors yesterday. After Coster, who was adjudged bankrupt on June 21. was examined by Mr G. Malcolm, agent for the Official Assignee the meeting was adjourned yne die because there was no quorum of creditors. Coster's liabilities were listed as £669 10s 7d owing to unsecured creditors. His book debts amounted to £1657 9s 4d. and were estimated to produce £5OO. With assets comprising stock of £5O and cash in hand of £33 13s, hss deficiency was £B5 17s 7d. In examination. Coster said that he started business as a motor mechanic in Dunedin in 1953. Up to 1957 his books were in toe hands of an accountant, but from 1958 he had not put in income returns. Later he received summonses front toe Commissioner of Inland Revenue. In 1959 he sold his house in Dunedin, paying off toe mortgage. and came to Christchurch. For a time he did odd jobs in Christchurch until, when working in a car sales firm, a car fell on him. crushing him. Since then he had received payments from an insurance company and was under medical treatment. Since becoming separated from his wife, he had paid £8 a week maintenance for his wife and children. Last year he was forced to sell a boat and outboard motor which he owned. An insurance policy on his life expired because he could not pay his debts. If his debtors had paid him, this policy would still be in existence, said Coster