Liabilities £230—Assets Nil

Manawatu Times, Volume 62, Issue 167, 16 July 1937, Page 6

Liabilities £23o—Assets Nil

. BANKRUPTCY OF FORMER DYER AND CLEANER A meeting of creditors called for yesterday in the bankrupt estate of Albert Kreft, of Palmerston North, labourer, lapsed for want of a quorum. A deficiency of £230 4s was disclosed .in bankrupt’s financial statement. . Assets were set down as nil, and liabilities, all owing to unsecured creditors, amounted to £230 4s. The principal unsecured creditors, all of Palmerston North, were: W. M. Henderson, £100; Jackson and Craven, £3l 8s 6d; Palmerston North Hospital Board, £39 2s 6d; Dr. E. C. Barnett, £22 10s; Northcote Hospital, £lO 10s. In his personal statement bankrupt set out that he commenced business in Palmerston North as a dyer and cleaner in 1922. For some years the business was fairly successful and he was able to pay his way and maintain his family. In 1924 he purchased a home in Ferguson street and paid £2OO ou account of the purchase money and later paid further instalments of tho mortgage q amounting to £7O in all. In 1926 his wife fell ill and was under doctors’ care in hospital about continuously • until 1933. in that time she underwent four serious operations. Owing to her ) illness, ho was compelled to engage help in the shop and also in the house. During this time his business went back ) and he got behind with his payments. At tho end of 1932 he was compelled to give up his business and went on “relief." In 1933 the house he had purchased was taken by the second mortJ gagee. Ho was on relief until Noveint ber, 1935, and then he was employed on public works for 12 months. Ho ) was then ou sustenance till tho end of j the year 1936, since when he had again been on public works. He had lour i children, all attending school, and he was unable to make any offer to his i creditors. All his liabilities were for debts incurred while he was in business as a dyer and cleaner. As lie was being - pressed by some of his creditors, he hau no option but to file. ) ‘