DEFICIENCY OF £154

Press, Volume CII, Issue 30206, 10 August 1963, Page 17

DEFICIENCY OF £154

Bankrupt Meets Creditors

A deficiency of £154 Is was shown in the statement of affairs of John James King, a carpenter, read to a meeting of creditors by the Official Assignee (Mr P. D. Clancy). King was adjudged bankrupt on July 25. King’s statement of affairs showed the amount owing to unsecured creditors as £384 13s, and to secured creditors £2565 8s with the estimated value of the securities as £2745. His assets were shown as £5O for furniture and £lBO 12s, the surplus from the value of securities, making a total of £230 12s. This left an apparent deficiency of £154 Is. When he returned from Australia an November. 1960, he had £6O left of his savings, said King in a statement of the reasons for his bankruptcy. After paying £2O for four nights at a hotel he found a flat for himself and his family. The rent of it was £6 10s a week, and there was no furniture, so he obtained £2OO worth of furniture on hire purchase. x He did not have much holiday pay to collect when Christmas came. Just after Christmas the arrears began to mount. He obtained a group house already built so that he and his family could move from the flat, but he found he had not had time to save enough money. Since arriving in New Zealand he had never had any funds to fall back on. He had only tried to give his wife and four children a reasonable standard of living. They had the bare minimum of furnishings and no luxuries. He did not drink, smoke or run a motor-vehicle. He considered the cause of his bankruptcy was his lack of funds in the first instance on his arriving in this country. King, replying to questions by Mr Clancy, said he was 37. He filed in bankruptcy because he had no alternative. He was being pressed by creditors and there was a judgment order against him. The meeting was adjourned sine die.