BANKRUPT AIRMAN.

New Zealand Herald, Volume LXVII, Issue 20482, 6 February 1930, Page 9

BANKRUPT AIRMAN.

SALESMAN AND FARMER.

LIABILITIES EXCEED £6OO.

OFFER OF PART PAYMENT.

A meeting of creditors of Major Gerald Awdry Cadogan Cowper, formerly a salesman. of Manurewa, and now a flying instructpr, of Hamilton, was held yesterday, the official assignee, Mr. A. W. Watters, presiding. Mr. Spencer Mason represented the bankrupt, and Mr. Inder the petitioning creditor. In his statement the bankrupt said that for some time after coming to New Zealand he had worked on commission as a motor salesman. He bad saved £SO which he paid as a deposit on a farm at Manurewa. Until his appointment with the Auckland Aero Club as an instructor, last year, ""he had not been free from financial worry, and the farm property had proved a severe handicap. His liabilities amounted to £640 13s 7d, and his assets to £SO. He was prepared to offer a settlement of 5s in the poundThe bankrupt said ho had a wife and one child to maintain. At present his earnings averaged £lO a week, and he was paying £5 5s a week for board. He was paying £2 a woek to a creditor on an order, and £1 a off the furniture. .

Mr. Inder suggested that the debtor should pay £2 a week for the benefit of all the creditors during the time bo should be earning £lO a week, until h$ had paid £SOO in full settlement. Mr. Walters said he thought that was 100 severe a handicap to impose upon the bankrupt. Mr. Mason, who was also a creditor, moved that the bankrupt should be asked to endeavour to pay 5s in the pound, and that that sum should be accepted in full settlement.

The motion was carried, Mr. Inder alone dissenting, and the meeting waa adjourned. ,