IN BANKRUPTCY

Manawatu Standard, Volume LVI, Issue 202, 17 July 1936, Page 6

IN BANKRUPTCY

HORSE TRAINER’S PETITION. Showing a deficiency of £571 14s 2d, Alfred Mitchell Wright, horse trainer, of Otaki, was examined in bankruptcy before the Leputy-Official Assignee (Mr F. Litchfield), at Palmerston North yesterday afternoon. Bankrupt s scheduie showed debts of £GO6 9 s 2d owing to unsecured creditors, the only asset being a surplus of £34 15s over an amount due to a secured creditor. Mr T. Fitzgerald (Feilding) appeared for six Feilding creditors, and Mr M. B. Bergin (Foxton) for bankrupt. The principal unsecured creditors were as follow: —Samuel Brown (Palmerston North), £7O; Foxton Borough Council, £4B 15s lid; Mrs M. Quill (Levin), £7l 11s; * C. Ramsbottom (Levin), £125; R. McMillan (Wellington). £45; W. Travis (Feilding), £33 17u 6d; A. R. Sporle (Feilding), £3l ss; E. Read (Feilding), £2O. Bankrupt, in a sworn written statement, said lie had been in business as a public horse-trainer for 30 Y? ar ®; During the depression it was difficult to secure horses to train, and, about 1930, with a view to improving his position, he left Foxton and settled in Feilding, thinking it would be a better centre for his work, hut as economic conditions did not improve, he found it necessary to take horses on lease and train and race them at his own expense, instead of receiving regular training fees. Expenses were heavy, and as the horses did not meet with much success, he fell into debt. He had a wife and eight children, seven of whom were dependent upon his earnings. After spending three years in Feilding. he moved to Otaki. but liis business did not recover, and creditors began pressing for payment. He had endeavoured to meet the position, but warrants had been issued and. seeing no reasonable prospect of paying his creditors, he had deemed it necessary to file in bankruptcy. Bankrupt stated, when examined on oafh, that in 1931 he had given an order assigning to a creditor any •stakes won at Otaki. hut this was exercised later at Feilding, where his horse won two hack hurdle races, the approximate amount being £l4O. Horses which he trained for owners had recently won at Napier and Otaki, but he had no bets, being without money. In 1932 a fire had occurred where bankrupt was staying at Otaki, and lie had lost everything he had there. Bankrupt had been offered by a client, if he filed at Feilding, £3OO to start a training stable, hut bankrupt had declined this because he wanted to pay his creditors. He had had great success with horses a few years prior to leaving Foxton, and had looked forward to "ettinc on his feet again. The meeting was adjourned sine die. MEETING LAPSES.

An adjourned meeting called in the bankrupt estate of Wallace Turley, labourer, of Shannon, lapsed for want of a quorum.