SOUTHERN BANKRUPTCY.

Waikato Times, Volume 111, Issue 18642, 21 May 1932, Page 6

SOUTHERN BANKRUPTCY.

£IO,OOO LOST ON RACING. DISCHARGE NOT RECOMMENDED. CHRISTCHURCH, Friday. Attributing his failure to heavy depreciation in the value of property and the heavy premiums lie was compelled to pay when he borrowed, Elwood Cuthbertson, a restaurant proprietor, of Timaru, met his creditors. Tiie schedule showed debts, owing (o unsecured creditors of £IO7B and to secured creditors of £1784, tho value of securities being estimated at £lslO. Other liabilities amounted to £240. making Hie total liabilities £1592. Assets were estimated at £75, the deficiency thus being £lslß.

After outlining his position bankrupt said lie had no means of earning more than suilicient to support his wife and himself. He regretted he was unable to make any offer to his creditors at present. Ho was unable to find work.

Bankrupt was examined at length regarding his racing transactions, which, he said, might have cost him £IO,OOO over a period of four years. 1

A motion was passed instructing the bankrupt lo furnish the assisgnee with a statement of his position at the time of his father's death, together with a full stnii'inent of Ihc transactions with the finance firms from which lie borrowed and a detailed account of tho restaurant business.

A furl her resolution was that bankrupt s discharge be not recommended until he had paid bis debts in full.