BANKRUTPCY.

New Zealand Herald, Volume XXIV, Issue 8926, 15 December 1887, Page 3

BANKRUTPCY.

DEBTOR'S EXAMINATION. * ; D. Kelly.—Mr. Denis Kelly, olerk in the Deeds Registry Office, was examined by the Official Assignee yesterday as to the causes of ] his bankruptcy. He said: I have been a | clerk in the. Deeds Registry Office for 23 years. For the last 16 years of that time I j have been paid par folio for copying deeds, so that my income depends apon the work I do. The immediate oanee of my present difficulty is the falling off in my earnings as a contract writer in consequence of a complaint ' known M " scrivener's paralysis." This complaint is the result of nearly 18 years' incessant copying. I have been nearly 23 years at this work altogether, bat for the first seven years I was working on salary. My hand and arm have become so seriously affected with it, that since 1881 my income has gradually fallen from £223 to £152, which was my last year's earnings. Taking the preient year into consideration, this falling off in my income more than accounts for the debts in curred since June 1880, when I was practically solvent. When I first began to get into difficulties, I borrowed money upon bills of sale (and some of it at very heavy rates of interest) in order to meet pressing liabilities. This only made matters worse. For the last nine years I have been paying an annual premium of £30 3s 4d on a £1000 life policy, effected as a marriage settlement. 1 borrowed money on this polioy to its full surrender value, and being no longer able to pay the premium, I was obliged, two or three months ago, to allow it to lapse.' I tried to avoid going into bankruptcy, and with that view called a private meeting of my creditors ten months ago, and would have come to an understanding with them, but since the death of a member of one of the firms who signed an agreement giving me time, the survivor has sued me and. has, since I filed, got judgment, and hence the necessity for a petition of insolvency. My debts amount to £236 12s 2d, including loans on promissory notes amounting to £141 10a sd. All my liabilities, except £31 19« 2d, were contracted prior to twelve months ago. and most of thtSMi are balances of old standing—many of them being four or hve years old. All that ' have in the nature of atsets is my household furniture and effects, which I value at about £60. Having no funds or expectations of my own, I have no offer to make to my creditors. I have included in my schedule of liabilities a sum of £14 for rent incurred prior to February, 1887. Since then the rent has been paid regularly every month.