BANKRUPT’S BAD LUCK

Sun (Auckland), Volume III, Issue 640, 17 April 1929, Page 10

BANKRUPT’S BAD LUCK

ILLNESS AND FIRE WILL MAKE EFFORT TO PAY Claiming that the illness of his wife followed by a run of bad luck was responsible for his failure, Percy Bond, of Devonport, an agent, met his creditors in the office of the official assignee yesterday. Bankrupt’s liabilities totalled £1,135 11s lid, of which £lB5 Is lid was owing to unsecured creditor's and £950 10s to secured creditors. The value of the security, a house, was estimated at £I,OOO. His assets were property totalling £4l 10s in value, thus leaving a deficiency to unsecured creditors of £143 11s lid. Bond told the meeting that he had been manager of the Awarua Station in the Waikato, for 10 years. Owing to the ill-health of his wife he was forced to give up his post, and for three years he had to employ a housekeeper, his wife being unable to do any housework. During that period his house was burned down, all his possessions being destroyed. He came to Auckland three years ago and started work selling land and shares on commission. For the first ye ax he did very well indeed, earning as much as £ 8 a week, but medical expenses for his wife were 'very heavy and his financial position began to get worse. Fie admitted to the assignee that he was not solvent when he arrived in Auckland. In answer to a creditor’s question bankrupt said that he had not been on a racecourse in the last six months. At present he was selling insurance shares on commission and had made about £-4 in the last eight days The Assignee: Do you intend to ask for a discharge at once, or will you make an effort to pay some of these debts? The total is not very large. Bankrupt said his wife was practically an invalid, and he saw no chance of being able to pay anything. However, he would not hurry to ask for a discharge, and if he found himself in a position to do so he w;ould make an effort to satisfy his creditors.