Engineer’s Bankruptcy

Press, Volume CIII, Issue 30366, 15 February 1964, Page 11

Engineer’s Bankruptcy

In a statement of affairs read to a meeting of his creditors yesterday, Cecil Roy Cooksley, an engineer, showed the amount owing to unsecured creditors as £lO3l 14s 4d. The amount owing to secured creditors was shown as £2171 10s 2d with the estimated value of the securities as £3OOO. Other liabilities were shown as £l5O. Plant was valued at £3OO and furniture at £lOO. Cooksley was adjudged bankrupt on February 5. The Official Assignee (Mr P. D. Clancy) read a statement in which Cooksley gave the reasons for his bankruptcy. Cooksley’s statement said he began business on his own account in 1955- In 1957 he went into partnership with another man. and they made playground equipment. After about a year the partnership broke up. Cooksley said he had indented a large quantity of tubing at 7d a foot, but iti was months ■ late in coming| and he had to buy at Is 3d a foot. When the other tubing: did come he had to sell it at: cost. i

During the last three years he had paid £9OO to £lOOO to creditors, but he did not know exactly how much. The accountants still had his books because he owed them approximately £l6B. The Inland Revenue Department had taken judgment against him for £ 83, but he considered that if his returns were made up the department would owe him a refund. At present he was employed at £l6 Ils 7d a week clear. He had one dependent child. The car was in his wife’s name and she had paid the instalments. The home was jointly owned by his wife and himself. Cooksley, replying to Mr Clancy, said he had been working for -wages for the last three years. His wages had been £l9 a week gross. Mr Clancy said it appeared that Cooksley’s drawings from the business had been too high. Cooksley said his drawings did not ever seem very much. Mr Clancy closed the meeting.