Illness led to bankruptcy

Press, 6 July 1977, Page 2

Illness led to bankruptcy

Six motor accidents in three years, illness, and dealings with a car-sales firm had undoubtedly been a major reason for lan Matthew Hamilton’s bankruptcy, said the Deputy Official Assignee (Mrs L. M. Lindsay) yesterday. Mrs Lindsay addressed the first meeting of Mr Hamilton’s creditors.

Mr Hamilton, aged 26, was adjudged bankrupt on April 26, and has 36 creditors. With assets of $134.50, he has a deficiency of $2BBB. Mr Hamilton said that about eight of his debts had been incurred before he went into business on his own account as a gardening and lawn-mowing contractor. He said that he had been in business for about four months, and had invested an initial $2OO in the business. He had kept no books of account, and had not sought the advice of a lawyer or accountant before opening the business. “If I had known what I was in for, I would have seen a lawyer,” he said. He had written off $5OO worth of debts because he did not feel it was worth his while taking the matters to court, and had lost up to 20 hours a week through illness.

Mr Hamilton said that he felt this loss of work had been a major reason for his bankruptcy. He had spent about $3OOO with a car dealer losing money on bad deals, and paying high interest rates.