REPAYMENT OF DEBTS

Press, Volume CII, Issue 30110, 19 April 1963, Page 10

REPAYMENT OF DEBTS

Winning Bets “Only Way” (N.Z. Press Association) TIMARU, April 18. A bankrupt admitted under cross-examination by the Official Assignee Mr P W. J Cockerill. at a meeting of creditors in Timaru this afternoon, that his expectation of being able to repay money borrowed lay in the respect of placing winning bets on the T.A.B.

Raymond John Foster, aged 33. a labourer, of Timaru who filed his own petition and notified debts totalling £l4B owing to 11 creditors, told Mr Cockerill that he wagered an average of £2 a week through the T.A.B “Was that the way you hop'd to see your way clear to pay these debts—you hope to get a good return from betting?” Foster was asked He agreed that it was, but added he had had “no luck at all." “It is rather amazing tn modern times to find a single man of the bankrupt’s age and physical ability seeking the protection of the Bank ruptcy Act for such a small indebtedness." said Mr Cockerill. “There does not appear to be justification for the position he is in today " One creditor attended the meeting, which was adjourned sine die after Foster had agreed to pay £3 a week to the Official Assignee.