Bankrupt Drainlayer's Deficiency Of £877

Press, Volume CI, Issue 29798, 14 April 1962, Page 8

Bankrupt Drainlayer 's Deficiency Of £877

Lack of ability to manage the business side of his affairs and an acute shortage of work towards the end of last winter were the main causes of his bankruptcy, said Patrick Sarsfield Kortegast, a drainlayer, at a meeting of his creditors. Kortegasit, married, with seven children, was adjudged bankrupt on March 29. A deficiency of £877 Ils 8d was shown in his statement of his affairs. Mr D. Malcolm, agefit for the Official Assignee (Mr O. T. Grattan), said that Kortegast’s statement of affairs

showed the amount owing to unsecured creditors as £1096 14s 4d, and to secured creditors £4015 17s, with the estimated value of the securities as £4060. The total amount of debts was shown as £1096 14s 8d and the assets £219 3s. Kortegast’s statement said that the general recession in the building industry had also contributed to his difficulties, in that it became difficult over the last 12 months to obtain good prices for work. There was a great deal of price-cutting taking place in the drainlaying trade. Financial inability to employ labour also contributed to his bankruptcy. “In late January, 1962. when I seemed to be recovering a little and my affairs were in an accountant’s hands I injured a foot, and was virtually unable to do any work for three weeks.”

Kortegast, replying to questions by Mr Malcolm, said his wife drew the family benefit for five of the children. The benefit for the other two children was capitalised on a house property valued at £3600. There was approximately £2BOO on mortgage with the State Advances Corporation. Kortegast said he was at present working for a firm of contractors and his wage was about £lB a week. There was a fair bit of overtime.

Kortegast, replying to his solicitor, Mr G. T. Mahon, said he hoped to be able to pay all creditors in time. At present he could not undertake to pay a definite amount each week to the Official Assignee.

The meeting was adjourned sine die.

Population Rise

The population of England and Wales will increase by more than 12 million by the year 2001 if present trends continue. This is shown in figures published by the Registrar-General in his return for the December quarter, 1961. He says the population at the end of June last year was 46,269,000. (London, April 12.)