Bankrupt Shows Debts Of £982, No Assets

Press, Volume CII, Issue 30294, 21 November 1963, Page 11

Bankrupt Shows Debts Of £982, No Assets

Total debts of £982 3s 9d were shown in the statement of affairs of Claude Robert McQuoid, a dealer, read to a meeting of creditors yesterday by the Official Assignee (Mr P. D. Clancy). The principal debt was one of £517 to the Inland Revenue Department. The statement showed no assets, so according to the statement the deficiency was £982 3s 9d. said Mr Clancy. McQuoid was adjudged bankrupt on November 8. He began business on his own account in June or July. 1961. as a scrap metal dealer, said McQuoid in a statement of the reasons for his bankruptcy. He bought a truck on hire purchase for £l5O. He lost his driver’s licence at the end of March, 1963, for six months. His business went downhill from that time. The bottom fell out of his market. McQuoid. replying to Mr Clancy, said he was married, had three children, and was 26 years of age. He did not have a bank account while he was in business. He kept no books of account for he

I ran his business on a cash : basis. He did not put in any : tax returns while he was in i business. When the tax de- • partment took a judgment • summons against him he got tax papers, but they were too ■ difficult to work out. He used to take £l5 a week • from the business for living i expenses. He was living in : a State rental house. His . truck was repossessed when there was £6O owing on it. I He thought it would be worth £BO i “Do you own a television . set?" said Mr Clancy. McQuoid replied: “Yes.” t McQuoid said his wife ■ bought the television set six i months ago and she was pay- : ing it off from the family ; benefit. He was starting work : at a freezing works next : week and would be paid £l4 ■ a week. He had been doing ■ nothing for the last three months. There had been ill- ■ ness in the family. He was . a painter by trade. i Mr Clancy said it w’ould t appear that McQuoid was not ! in a position to do anything t about these debts. He closed ! the meeting.