RACING BANKRUPTCY

Evening Post, Volume CXIII, Issue 126, 1 June 1927, Page 11

RACING BANKRUPTCY

COMMISSION AGENT MEETS

CREDITORS

(Special to "The Evening Post.")

PALSIERSTON N., This Day. following upon-two adjournments a meeting of creditors in the bankrupt estate of Charles William Boyd, commission agent, of Palmerston North, was held on J-uesday. The bankrupt stated that he had been an Insurance agent for- the Government insurance Department for about twelve years. During the past twelve months the JS BSIT f hV eceived came to about tiuuu, put of which expenses, sub-agents, and their, commissions had to be paid. He did not keep records of his income. He was married, with three children, all selfsupporting. ...,, BANKRUPTCY DUE TO RACING. "My .is the result of my transactions on the Turf," remarked bankrupt, when questioned by his solicitor. Continuing, he said: "I .aye been racing norses, but not backing them to any great extent. I have no records of my racing transactions and I,cannot say what I have lost during the past nine years. 1 carried on because I had irioney sunk in the game. I admit many of my cheques and promissory notes have been dishonoured for some time past." *we^!yi^g J to further questions, he stated that he had no furniture of his own, but his wife had some which was not insured I in his name. His wife received an allowance lrom him, but to his knowledge she had no property. Bankrupt held a life insurance policy for £300. |' Reverting to his racing activities, bankrupt stated that at the time of filing he had owned -three horses but little had been paid for any of them. Two fillies were seized under a registered bill of sale for about £!>4, but what they realised he did not know. There were also two other horses included in the bill o£ sale, but these were not taken, though they- were later destroyed. RAN TWO BANKING ACCOUNTS. "I admit I had two • accounts running at the same time. One was at the Bank of New Zealand, and.the other at the Union Hank. I had no particular object in doing so, stated bankrupt, who could not say whether or not his cheques were dishonoured two years ago. He further).admitted that he was on the forfeit list in respect to moneys due: to racing clubs. He had i no motor-car though he had owned more than one. He was driving one that he had hired. Relative to his racing bankrupt detailed what he had done" with the money he received froni the events in which his horses had been placed. These winnings all passed through his account. lie denied having placed £50 on any of his horses, and added that £10 was the biggest bet he had made. HOPED TO RECOUP. . '1 Have .known for the past two years that; my racing was getting me into difficulties—without it I could have lived and paid everyone," stated the bankrupt. "I continued in the hope of recovering, but I realise now that the carrying-on was reckless. The bankrupt added that he was assessed for income tax, and though he had sent' in his returns he had not paid the tax, which was shown in his liabilities Replying to. Mr; Sharman, the bankrupt said: /.Most of my debts were incurred alter. I was placed on the forfeit list" _ Questioned as to his affairs when he left for the West Coast in December, 1926, the- bankrupt stated that his account showed a credit of £30.' He drew cheques because he had made arrangements to have I his brother pay in £25 to meet them, but tnw money was not placed at his disposal lho meeting was adjourned. :