MECHANIC BANKRUPT

Taranaki Daily News, 22 March 1935, Page 8

MECHANIC BANKRUPT

ESTATE TO BE WOUND UP. DECISION OF THE CREDITORS. / — Lack of regular employment for a period of over two years, sickness in his family and the mortgaging of his furniture to try to ease the pressure of back debts were the main causes which it was claimed contributed to the bankruptcy of Arnold Frederick Watson, motor mechanic, Hawera, a meeting of whose creditors was held at Hawera on Wednesday. There was a deficiency of . £5B 15s.

The official assignee (Mr. C. O. Pratt) was authorised to wind up the estate to the best advantage. A resolution was also passed instructing him to take the steps necessary to obtain possession of the fowls, two hencoops and a cow, which the meeting considered belonged to Watson.

A sum of £73 15s was owed to unsecured creditors, while the sole asset stated was a motor-cycle and side-car valued at £l5. The principal creditor was Miss F. Stevens, Watson’s landlady, who was owed £55. The remainder of the creditors were owed small amounts, the largest not exceeding £5 ss. In a statement Watson Said he lost his position' as mechanic in June, 1931, and from that date until October, 1933, he was unemployed. His average earnings during that period were £1 a week. Rent , was £1 a week, and this fell heavily into arrears, there still being about £33 owing over that period. There was also sickness, in the home which incurred doctors’ and nurses’ expenses. He also lost a child, which necessitated funeral expenses.

At the end of 1933 he regained employment at a reduced wage and continued in that employment to the present time. He was considerably pushed for payment of accounts outstanding and owing during the time of his unemployment, and had been unable to clear liabilities. A judgment summons was issued against him, and this, with inability to cope with outstanding accounts, forced him to file in bankruptcy.

There were further doctors’ and nurses’ expenses, said Watson. He now had himself, a wife and two children to support. In May, 1934, they mortgaged their furniture to endeavour to ease the situation and to pay a little off the more pressing accounts arid - to procure necessary clothes. The part repayment of this mortgage was a big drain. He could make no offer to his creditors.

He - rented his present place for 15 months, said Watson, and the rent was regularly paid. He was not aware that he owed Miss Stevens £55. He understood it to be £33. Most of the debts on the list were incurred by hiin over 12 months ago, when he Was unemployed. There were about 35 fowls altogether. He had shown birds in the show in his own name and had received prizes for them. He built the hen coops.