Bankrupt told to ‘pull socks up’

Press, 8 March 1978, Page 2

Bankrupt told to ‘pull socks up’

A bankrupt with a deficiency of $18,568 was told by a Deputy Official Assignee (Mr L. A. Anderson) yesterday that he had been “coasting along on other people’s generosity” and had better “pull his socksup.” Mr Anderson told Michael John Beecroft, aged 26, that he was showing “a completely irresponsible attitude to work,” Mr Beecroft, at present unemployed, previously traded as a newspaper vendor. He was adjudicated bankrupt on February 1, on the petition of the Inland, Revenue Department. His summary of financial affairs showed liabi-

titles of $18,668 to five unsecured creditors. The Official Assignee seized a motor-cycle, which is being auctioned and is estimated to realise $lOO net This was the bankrupt’s only asset, leaving a deficiency of $18,568. Mr Anderson told the first meeting of creditors that it was a pity the major creditor had allowed Mr Beecroft’s account to run up so high. The major creditor was the “Christchurch Star,” which had proofs of debt amounting to $14,909. Mr Beecroft said that he had not registered as unemployed because he was trying to get a job. He was living off his mother, he said.