CAR IN PIECES

Sun (Auckland), Volume II, Issue 416, 26 July 1928, Page 15

CAR IN PIECES

NOT A GREAT ASSET DRAINER’S FAILURE A drainer, Setli Patterson, who met his creditors to-day, admitted that he had a motor-car. “Is it in your possession?” asked the official assignee, Mr. G. N. Morris. Bankrupt: It's oil a farm. What is it doing there? —Oh, just laying there. It’s in pieces. There was a deficiency of £92 10s. Bankrupt's,total debts were £122 (unsecured creditors) and his total assets £29 10s, made up of stock in trade £2. and cash in hand £27 10s. In a sworn statement bankrupt said that in 1925 he was working as a quarryman. In September he went into partnership in a draining and contracting business, and after October. 1927, he carried on by himself. His total earnings since the beginning of this year had not exceeded £SO. He attributed bis bankruptcy to the loss he had made on a contract. To Mr. Morris, Patterson said Ije had no furniture and he was not married. He was out of employment. “Are you prepared to do anything to pay before you are discharged?” asked the assignee. “I would like to pay them all, but at present I can’t do anything,” said bankrupt. The meeting was adjourned on the understanding that Patterson would make payments when he obtained work.