TO PAY £1 A WEEK

Press, Volume CII, Issue 30126, 9 May 1963, Page 12

TO PAY £1 A WEEK

Bankrupt's Offer Accepted An offer made by Ronald Scott McKeown, a soldier, to pay £1 a week to a maximum of £250 in reduction of his debts was accepted by a meeting of his creditors. McKeown was adjudged bankrupt on April 9. The first meeting of creditors was held on April 23, when there was not a quorum, and it was adjourned to Tuesday. The chairman <Mr D. Malcolm) told the meeting that McKeown's statement of affairs showed the amount owing to unsecured creditors as £1256 14s 8d and to secured creditors £7O, with the estimated value of the securities as £35. His total debts were shown at £1291 14s 8d and his assets £36 15s, leaving a deficiency of £1254 19s Bd.

To questions McKeown said that when he first took over a grocery shop in Woodham road, the turnover was £l9O a week. Later he kept the shop open seven days a week to meet competition. The turnover rose to £3OO for a little while—about a month—and then fell to £l5O He banked his daily takings completely most of the time. He previously had a farm at Rotorua and when he sold it he did not receive a settlement statement, nor did he receive a cheque for the surplus. The creditors adopted a motion that the offer be accepted and that on payment of the £250 McKeown's discharge from bankruptcy be not opposed by the Official Assignee.

The meeting was adjourned sine die.