BANKRUPT PLUMBER.

New Zealand Herald, Volume LXI, Issue 18896, 19 December 1924, Page 13

BANKRUPT PLUMBER.

UNLUCKY COUNTRY VENTURE

BAD HEALTH AND BAD TIMES.

Iho depression and the subsequent falling off in work were given as the reasons for tho financial downfall of Robert Adams, a plumber, late of Putaruru, at, a meeting of creditors yesterday afternoon. Tho official assignee, Mr, W. S. Fisher, presided.

Bankrupt was not present and, in a letter received by tho official assignee' just before tho meeting, ho stated that his wife had just risen from a sick-bed, and she was too ill to leave with five young children, the youngest of whom Was only a few weeks old. In addition ho had not enough money to take him to Auckland, let alone to get him back. "I am willing to assist you in every way possible," concluded the letter, "but you can understand my position in having to be with my wife and children." Bankrupt's schedule showed that the amount owing to secured creditors was £1033 6s Bd, to unsecured creditors £197 15s Id, other liabilities £66 3s 3d, less the estimated value of securities, £1275. The total liabilities were set down as £263 18s 4d. Tho assets comprised book debts, £10, surplus from securities in the hands of secured creditors, £241 13s 4d, less tho sum of £200 irrecoverable from security held by tho Lands Department, making the total assets £51 13s 4d. Tho total deficiency is £215 ss. In his written statement, bankrupt stated that he commenced business as a plumber at Putaruru in July, 1920, with a capital comprising £200, borrowed from the Repatriation Department, and £250 of his own money. He did fairly well unt'l the slump, but lost considerably then owing to the fall in prices. Work fell off, and he got so far behind that he bad to borrow £200 from his wife to meet some of his liabilities. Things pot worse, and at the end of 1923 ho was doing his best to get out of the business, but without success. Bad health put him farther behind. He later moved to Hamilton, and took up a situation there. Bankrupt put his failure down to the depression and to tho subsequent falling off in work. The petition was filed on September 30, 1924. "Seeing that thero was work for plumbers all over the country, it is a funny tiling that there seemed to be practically none at Putaruru." remarked one of tiie creditors. Ho went on to say that thero were not enough plumbers in the country to meet requirements. It was decided that nothing could be done in the matter, and the creditors left the realisation of the estate in the hands of the official assignee.