“DIDN’T PLAY THE GAME”

Sun (Auckland), Volume III, Issue 637, 13 April 1929, Page 13

“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. Air. G. N. Morris, yesterday. 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 192 8 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 paj’ing 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 Air ’MorriSi “I was intending to pay the company with the bank money,” was the reply. Bankrupt admitted that he used the money tor other debts. He also admitted that he, gave the bank a security over his crops when he already knew' that bankruptcy proceedings were hanging over his head. The bank’s representative said tne bank demanded the second security as it was not sufficiently covered. The bank knew nothing whatever aboutthe other accounts or the bankruptcy. The bank had received money, and did no. propose to refund it. Bankrupt stated that he had old debts amounting to £IBO when he took Why didnit you pay : Well 1 just failed there^ Why did you buy a car. I just went an Was° U it at-all necessary .especially with these bills owing .'—Mo. I lust bought it for pleasure. Bankrupt said he had been to "}”f race meetings in nine months going every dav and ranging from Bllerslie to Thame's. He was unable to do heat 5 W Accreditor said that bankrupt told him he had won £l2O on one bors and had paid £6O off his accounts. Bankrupt denied this. The assignee said bankrupt had gone back £ 900 in nine months, and his physical disability did not excuse ted faith. The position was hopeless The Creditors passed a resolution that discharge be opposed until bankrupt has made some attempt to meet his I quit e admit that I haven’t altogether played the game,” remarked bankrupt- ■ -- r ■ ' '