"CLEANED OUT."

Waipa Post, Volume XXIV, Issue 1371, 24 March 1923, Page 5

" CLEANED OUT."

A KING COUNTRY BANKRUPTCY. (By Telegraph. Press Association.) AUCKLAND, Friday. “I’m done; I’m down and out. I am now' digging gum at the Barrier, and my wife is helping me to scrape it. We only have a camp—nothing more.” Thus Mr John Wouldes at a meeting of his creditors held this morning at the office of the official assignee (Mr W. S. Fisher). Bankrupt, who has liabilities totalling £4SS to unsecured creditors, has £45 worth of assets, leaving a deficiency 0f£443. He was farming and contracting at Kawhia, and in addition to having bad luck with some of his contracts he had the misfortune to lose his camp and all his effects, A Maori died in the camp from a complaint that necessitated an order from the authorities to burn everything, and the man that carried out the job did it very thoroughly. Mr Wouldes took the matter to court, hut his luck was out there also, as the court nonsuited him and added £72 costs to his burden, in addition to which, said bankrupt, he had his own costs of over £3O to pay. Then one of the creditors (a storekeeper) began pressing for payment, “ and,” finished bankrupt, “ I was at the end of my (ether; I could not stand it any longer, and so filed.” Mr Fisher raised the question of a third mortgage of £IOOO that bankrupt had over a farm -that he had transferred to his son. Bankrupt said it was worth nothing, but in order to have tfe matter cleared up bankrupt’s solicitor' promised to get a complete •statement, which would he ready for next Wednesday, to which day the meeting was adjourned. There was a wish on the part of one of the creditors to have the meeting adjourned to To' Kuiti. but as bankrupt had no funds, and Mr Fisher explained that in that case the creditor concerned would have to pay bankrupt’s expenses down to Tc Kuiti, the creditor did not feel .-inclined to take the risk 'of adding- to his loss.