BANKRUPTCY.

Poverty Bay Herald, Volume XLII, Issue 13816, 16 October 1915, Page 4

BANKRUPTCY.

The following statement has been ■ filed with the. official .assignee (Major A,.' G. Beere) ; of .Leonard • Ppwell Wilkinson, carpenter, who has Jjeen Adjudged, bankrupt.: . .. i„' ', "1 commenced business as a builder on my "own account about live year* ago, with a capital of £100. I managed to make . wages iiiitil about two and a half years ago.. When I .discovered that I ,yn\i going back financially 1 immediately discontinued 'the building business having, as I estimated, -lost my 'original' ''capital:'* My liabilities Mere about -iBiGOO, and. I was confident that a realisation of my equities in real property would produce. at least £1000. Owing" to forced sales, however, flit amount realised after payment of e.ypenaes -amounted, to £800, leaving u a shortage of £200 6i- thereabouts. When in the building* business I had 1 exchanged an equity valued at £100 for a Ford ear, which I used in the business, and subsequently sold for £100. 1 then purchased an Overland car, on terms, ]to 'start in the. taxi business, .hoping out of my,, profits, ;tp- be able to pay off my liabilities. This car proved too light for the heavy work, and I sold it. with the consent of ,my guarantors (whom 1 then owed £80) for £225, but", the., purchaser was unable to complete. I had in the. meantime, on the strength of the sale of the Overland, bought a Kissel car. When thq purchaser, of the ,Orerr land was unable to complete, my guarantors, with, my consent, took over the Overland for tlie purpose of. reselling it. The. Overland was partially destroyed by fire, and the insurance .'. money, 1 understand, paid, but I have never been able ., to obtain , a statement of accounts. With the Kissel car I did a l^%e amount of business in the shape of long country runs,, but owing to, v two. accidents and large repair and tyro bills, I was unable to make ends meet. The holder .of the hire p^urchaso agreement, Mr J. B. Poyiiter, generously agreed ;to take over what was left of tile Kissel car- and release me f rbm my liability , to him. for £225,, , ,1 .understand he sold the car subsequently * for £150, that , in its then condition, ibeing itg. full value. .L.reUy.\ned<!"ip my trade,, as a carpenter, aoqutLfour months ago, and have earned on an average frpjn £$ 5s to £<5 1,0&.,,per wee.k^ ...Owing;, to ,the presejnt high cost of living and sickness ,in my family, I have been tumble to make aiiymaterial reduction in the amount of my indebtedness since I returned to my trade., ; My only asset is my interest, if any, in money paid by the insurance company in respect of the Overland ear. and' in the salvage thereof. Pressure, by judgment creditors compels my filing." .ft The schegule shows assets to be; nil, and 'the liSpilities £252 19s, made up as follows-.—- Cave Bros., builders, £70; W- Hansen. motor mechanic, £71 10s 10d;, ,Aicken and Soiis ? timber merchants, £49; Commissioner of Taxes, £4 2s; Hawke's Bay Motor Co., Napier, £16; J. "EL. . Or mond, motor agent, £b 2s; Common, Shelton and Co., merchants, £8 16s lOd Jl R. Redstone, motor agents, £3.65;. ; F. Hall and Sons, painters, £3 10s; J. Kennedy's estate. £17 9s 4d ; C. Morse, tobacconist, £4 12s. •'•■.- ' .. •