APARTMENT HOUSE FAILURE.

New Zealand Herald, Volume LIX, Issue 18087, 11 May 1922, Page 5

APARTMENT HOUSE FAILURE.

WOMAN BECOMES BANKRUPT.

I A meeting of creditors in the bank- , rupi estate of Elizabeth Catherine Crass '; (Mr. Goldstine) was held yesterday, the J official assignee, Mr. W. S. Fisher, pre- ■ aiding. The schedule showed the liabilities to [be £231 19s 2d, all owing to unsecured i creditors, and the assets, comprising sundry articles of furniture, were valued at £20. # i In her statement, bankrupt attributed . her failure to being unable to make a success of an apartment-house of 14 rooms in Carrick Place, off Dominion Road, I which she leased for a period of five years at a rental of £5 a week. She had also suffered from ill-health, and her husband had not been able to secure steadv employment. She had worked for a time as a "saleswoman in a shop in the city, but lost her position on account of i her health. In leasing the apartment house she thought she would be able to I provide for herself and family until her 1 husband obtained employment. Cross-examined by Mr. Kalman, who ' appeared for some of the creditors, bankrupt admitted that for 50 weeks she had not paid any rent for the house. the money she received from it. was spent ion the family and paying for improveI meats to the promises. The assignee said it was apparent -that ! bankrupt was in a precarious P°f™>" when she undertook this liability. It did not turn out a success, and the receipts had gone in living*expenses. According to the statement, the rent received I amounted to £220 in 10 months. In addition to spending that sum, she had incurred liabilities totalling £231. The meeting was adjourned sine die.