CLERK'S BANKRUPTCY

New Zealand Herald, Volume LXXII, Issue 22177, 2 August 1935, Page 14

CLERK'S BANKRUPTCY

DEFICIENCY OF £2326 EXPLANATION OF FAILURE A deficiency of £2326 was shown in the statement of Edward John Waters, clerk, which was presented at a meeting of his creditors yesterday. The official assignee, Mr. A. W. Watters, presidi?d. Mr. Burt appeared for bankrupt, and Mr. Leary for two of the creditors. Bankrupt's statement showed debts totalling £2359, including £IB4O to unsecured creditors. Assets were .set down at £33 10s, including stock-in-trade valued at £25 and book debts of £lsl estimated to produce £5 10s. In his written statement, bankrupt said he was 32 years of .age, and married with two children. At the date of bankruptcy his weekly wages were £4 14s lOd, after deducting tax. He first got into financial difficulties about five years ago, when he lent a small sum to a friend. Owing to the loan not being repaid, bankrupt borrowed the amount from a money-lender. From this time onward interest had accumulated at an alarming rate, and ho had been continually borrowing from one lender to repay another. In addition, his wife had been in indifferent health for many years, and he himself had been ill on two occasions, resulting in considerable expense. In an endeavour to improve his financial position, bankrupt continued, lie financed d carnival at Cheltenham Beach about three and a-half years ago, but lost about £IOO on the venture. More recently he had guaranteed two showmen for up to £143, but their tour was disastrous and he became more deeply involved. The meeting was adjourned sine die.