BANKRUPT TRAINER.

Star (Christchurch), Volume XLIV, Issue 364, 4 March 1932, Page 7

BANKRUPT TRAINER.

Joseph Washington Meets his Creditors. Joseph Washington, a bankrupt horsetrainer, of Avonhead Jload, Upper Riccarton, met his creditors at a meeting this morning. The Official Assignee (Mr J. H. Robertson) presided. Washington's liabilities were £477 10s 6d, and his assets were book debts amounting to £llO. In his statement bankrupt said that he commenced the business of a horsetrainer on his own account on February 1, 1928, with a capital of £750, of which £7OO was invested in a house property with stables and paddocks at O'Brien’s Road, Upper Riccarton. Later he spent £BO on effecting repairs to the house, fences and outbuildings, and a further £lO9 on painting, papering and furnishing. Some furniture was also put into the home. He owned one or two horses himself at this time, and took on training for outsiders. For a while he did well until feed became dear, and he had the greatest difficulty in collecting accounts. Moreover, his best horse met with a serious accident, and the house and furniture were destroyed by fire, the first mortgagee collecting most of the insurance moneys. Bankrupt was married about a year ago. Prior to his marriage his wife purchased the property, after the fire had taken place, from the mortgagee, as he had got into arrears with interest. After three years on his own account bankrupt was employed intermittently for some months. In September last he was given a small position at 30s a week. Out of this he lfad to live and support his wife, and at present he was unable to pay his debts. Money that was owing to him could not be collected, as his debtors did not have the money with which to pay. After questioning bankrupt on his statement, the Official Assignee adjourned the meeting sine die.