"DIDN’T PLAY THE GAME”

Sun (Auckland), Volume III, Issue 636, 12 April 1929, Page 11

"DIDN’T PLAY THE GAME”

BANKRUPT’S ADMISSION The giving of securities over chattels already subject to security, the incurring of debts without indicating his financial position, and the purchase of a car for pleasure when he was already heavily in debt were features of the bankruptcy of Frederick Stanton Workman, a Pukekohe farmer, who appeared before the official assignee, Mr. G. N. Morris, this morning. Bankrupt’s financial position showed: Unsecured creditors, £390; secured, £2,287 (value of security £2,265); implements, £35; cheque, £5; deficiency, £367. He stated that while working as a farm manager in 1928 he suffered an accident, lost his right arm and received £717 compensation. He then bought a place of 23 acres in Pukekohe, expending £535 by paying the deposit, stocking and other expenses. He also bought a car and paid £lO5 on it and then, lost the money and the car on being unable to keep up his payments. Two crops on the farm were practically failures, and his cows developed disease so that his herd was reduced from 13 to seven. These misfortunes together with the fact that he had to employ labour caused his failure. Bankrupt admitted that he gave the National Bank a security over cattle and horses while a company at Te Kuiti already had a security over the stock. "What was the idea?” asked Mr. Morris. "I was intending to pay the company with the bank money,” was the reply. Bankrupt admitted that he used the money for other debts. He also admitted that he gave the bank a security over his crops xvhen he already knew that bankruptcy proceedings were banging over his head. The bank’s representative said the hank demanded the second security as it was not sufficiently covered. The bank knew nothing whatever about the other accounts or the bankruptcy. The bank had received money, and did not propose to refund it. Bankrupt stated that he had old debts amounting to £IBO when he took over the farm. Mr. Morris: Why didn’t you pay those debts? Bankrupt: Well I just failed There. Why did you buy a car? —I just went and bought it. Was it at all necessary, especially with these bills owing?—No. I just bought it for pleasure. Bankrupt said he had been to nine j race meetings in nine months going j every day and ranging from Ellerslie ] to Thames. He was unable to do heavy : work. A creditor said that bankrupt told > him he had won £l2O on one horse ’ and had paid £6O off his accounts. I Bankrupt denied this. The assignee said bankrupt had gone back £9OO in nine months, and his physical disability did not excuse bad faith. The position was hopeless financially. The creditors passed a resolution that discharge be opposed until bankrupt: has made some attempt to meet his liabilities. "I quite admit that 1 haven’t altogether played the game.” remarked bankrupt as the meeting closed*