BANKRUPT PAINTER

Evening Star, Issue 21823, 12 September 1934, Page 2

BANKRUPT PAINTER

FAILURE DUE TO SLUMP A meeting of creditors in the bankrupt estate of John Wallace Watkins, painter, was called for yesterday afternoon, but as there was no quorum the Acting Official Assignee (Mr D. C. E. Webster), after examining the bankrupt, said that the meeting lapsed. Mr O. J. Cooke appeared on behalf of the bankrupt. The unsecured creditors were shown at £543 13s 6d, the assets being shown at £55, comprising stock in tfade £ls and furniture £4O. The deficiency was shown at £498 13s 6d. The principal creditors were Mrs Barbara Watkins, £200; Robert Struthers, £128; Andrew Lees Ltd., £117; Guthrie, Bowrou and Co. Ltd., £43; Dr W. H. Borne, £l6 11s; George Kitchen, £8; J. and W. Abbot, £7; Dr A. A. Reid, £6 6s. Bankrupt in his statement said that he commenced business on his own account in 1924 as a painter. He had no capital, and had to borrow about £35 to, purchase stock and plant. He did fairly well and employed, up to sixmen and a hoy apprentice. He was making about £3OO a year until the slump came in 1930. Since the slump there had been very little painting work to be obtained, and he had to put off tho men as ho could not afford to keep them. He had to keep on the apprentice until his term expired about two years ago. He was compelled to pay him £3 5s a week wages. He also lost about £3OO owing to various debtors failing who owed him money. He could obtain practically no work last year, and this year had so far succeeded in oh-. Gaining three painting jobs. For sonic time past lie had been selling floor polish on commission, averaging £1 5s a week. He had a wife from whom lie was separated and had to pay £1 10s a week maintenance for her support, and that of their child. Ho attributed his bankruptcy to the slump, which not only made the finding of work of the utmost difficulty, but also prevented his debtors from being able to pay him the accounts outstanding to him.

Examined by the Assignee, bankrupt said that the sum of £2OO represented rent he owed to his mother. He kept books—a man named Berry looked after them, but they had been burnt, he presumed. in the fire in the Exchange a year or so ago. He had not had any need to keep books subsequently. Ho was unable to make any offer to his creditors. His mother was not making a claim against him for the £2OO. The Assignee said that as there was no quorum tho meeting lapsed.