INTEREST OVERDUE

Evening Post, Volume CXII, Issue 12, 14 July 1931, Page 5

INTEREST OVERDUE

BANKRUPT HOUSEOWNER

Being unable to meet the interegfi charges on a property he had purchased* I. C. Clark, an. engineer, of Wellington* filed a petition of bankruptcy, and hit position was examined yesterday befoiij the Official Assignee, Mr. S. Tansley* The only creditor was S. E. Powrie, a| builder, who was represented by Mr« N. A. Foden.

Clark stated that he bought a pro* pcrty off Mr. Powrie in, Wellington yd December, 1927, for £ 1300. He paid ai deposit of £75 and intended to get aj Government loan, but after taking over v the property he discovered it did. not come up to the required Government standard. . It shook excessively! in the wind, a number of breakages o£ fittings resulting. lie had asked Mr. Powrie to take it back,'but was refused, and he had been compelled to file in order to _freo himself from, an onerous property." He was earning £5 10s peij week and had no debts other than whai; he owed on the property. Until recently his wife had assisted in the upkeep of the property, but had lately, refused to do so. He contributed towards the support of his mother." : ■

The-amount owing to S. E. Powriei> builder of the house, was £1267 17s 6d, and the estimated value of the property; was' £1225, leaving a deficibof £42 17a 6d. Clark said that although he T^oujd endeavour to pay the debt in full, ha could make no offer at present. Tha question of the wife's wages was raised) but Clark declined to say what amount she received.

It was decided to make an applicatio» to have a legal order made for the pay* ment of the arrears by instalments.