DENTIST'S FAILURE

Evening Post, Volume CXVII, Issue 49, 27 February 1934, Page 10

DENTIST'S FAILURE

MEETING OF CREDITORS

• In a sworn statement as to the cause of his bankruptcy, read at a meeting of his creditors today, Sydney Roland Ellison, dentist, of Wellington, said'he attributed his position primarily to an unfoi-tunate accident which occurred in July, 1930, whereby the medial nerve of his right hand was severed. This caused,a partial, paralysis of the hand. At the time of tho accident his practice was earning an average of £180 cash a week. The immediate result of the accident was the cessation of his personal attention to patients and the necessity of engaging qualified dentists to carry on the surgery work. In that manner the practice was carried on for over six months, during which time he was undergoing treatment to his hand in an effort to restore the feeling and sense of touch to it; also, he continued to live up to the same standard that obtained at the time of tho accident, which ho could now see was on too extravagant a scale. On the other hand the earnings of the practice steadily declined, until the turnover was barely £50la week and he began getting into debt. He did his best 1.0 improve his position, and about the end of 1931 the turnover was about £100 a week. The strain, however, proved too much, and he suffered a nervous collapse, which coincided with tho beginning of the depression. The causes of his present position were the loss of feeling in his right hand, illhealth, unlucky real estate investments, extravagance in his living expenses, the depression, and notice to vacate the premises he had occupied for ten years. The amounts owing were stated to be:—To unsecured creditors, £548 5s 8d; to secured1 creditors, £125 8s 4d; less estimated value of securities, £150; total debts, £548 5s 8d; total assets, £470 18s 8d; deficiency, £77 7s. The principal unsecured creditors were the Commissioner of Taxes, £120 0s 4d; the National Bank of New Zealand, £87 15s lOd; the Railway. Advertising Department, Wellington, £75;-Miss M. O'Neill-(rent), £51; tho South Pacific Mortgage and Deposit Co., Ltd., £37 12s 6d; Claude Neon Lights of New Zealand, Ltd., £37 10s; and Philip Myers, merchant, £32. At the meeting of creditors today, Mr. F. E. McDonald represented 'the bankrupt. A statement of bankrupt's receipts and expenditure over a number of years was submitted by an accountant.

Mr. J. Meltzer, representing P. Myers, said it would appear that the bankrupt's present position was due to a certain amount of. ill luck and possibly to various other private troubles. He did not think the position called for harsh action. Ho moved that the realisation- of the assets be left in the hands of the Official Assignee (Mr. S. Tansley). The motion, which was seconded by Mr. Singleton, was carried.