BANKRUPT PATENTEE

Dominion, Volume 29, Issue 300, 15 September 1936, Page 7

BANKRUPT PATENTEE

Crude Oil Motor-car

No creditors attended the meeting of creditors in the estate of William Wilson, motor-mechanic, of Wellington; to have been held at the office of the official assignee, Mr. S. TanSley. yesterday. The debts were shown to total £6B/2/7, all to Wanganui and Hastings firms, and the assets are 2000 shares, the value of which was not estimated. . “I am a motor-mechanic, and arrived in New Zealand five years ago from Australia,” said bankrupt in his statement. “For the.‘lust two years 1 have devoted most of. my time to the development of patents. The main patent is a motot-cn’r converted ,to the use of-crude oil instead of benzine. This is the patent on which a company known as W.t). Oil Co., Ltd., is still working. , I have 2000 fully paid shares in this company, these shares being issued to me for my patent. I have, however, received no actual cash from the company for this patent.

“In Wanganui I had a garage, and while in business I contracted a few debts, mainly in relation to patents I was then working on. Some of my creditors took action against me in the Magistrate's Court, and recovered judgment, proceeding later to execution on the judgment. Two committal warrants were taken out against me. and. in order to remain out of prison. I was forced to file my petition in bankruptcy.” He was a single man, and was at present employed as a mechanic at £5 a week. After discussion with Mr. Tansley, bankrupt increased the offer of 10/- a week which he had made in his written statement, to 15/- a week. He said he ' intended to pay his creditors in full.