INVENTOR'S BANKRUPTCY

Evening Post, Volume CXXII, Issue 65, 14 September 1936, Page 11

INVENTOR'S BANKRUPTCY

A .meeting of creditors of William Wilson, bankrupt, was held, at the offices of the Official Assignee; Mr. |S. Tansley, today. , •■ .' •. • The bankrupt stated that '.he; was a motor mechanic, and. arrived .in. New Zealand five years ago from Australia". For the last two years he had.devoted most of his time to the development of patents, the main one of .which was a motor-car, converted to the use. of crude oil instead of petrol. This was a patent on which a company known as the W.D, Oil Co., Ltd., was still working. . ■ '...■' "■'■ ■■■. .. .• He had 2000 fully paid shares in that; company, issued to him for his. patent. He had received no actual cash from the company for the patent; In Vanga^ nui he had a garage, and contracted a few debts, mainly in relation to p*atents he was then working on. Some of his creditors took action against him in the Magistrate's .Court and. received judgment. Committal warrants were taken out against him, and in order to remain put of prison he was forced to file: his petition in bankruptcy. He was a single man at present employed a's a mechanic at; £s;per week. He was : prepared, to make an. offer of 10s per week1 to' his■ creditors, and intended to pay them all 20s in ,the £1. ' The debts totalled £68 2s 7d, ; and the assets, comprised the 2000 shares mentioned; the .value ,of which■; ;was: unknowni " The"bankrupt undertook to pay 15s weekly. . ■:; -;y'.-.:;';/:'• j