HORSE-TRAINER BANKRUPT.

Press, Volume LXVIII, Issue 20488, 5 March 1932, Page 8

HORSE-TRAINER BANKRUPT.

MEETING OF CREDITORS ADJOURNED.

The creditors of " Joseph Washington, a bankrupt horse-trainer, of Avonhead road, Upper Biccarton, met yesterday before the Official Assignee (Mr J. H. Robertson). After bankrupt had been examined on his statement, the meeting was adjourned sine die. Washington's liabilities , were £4(7 10s fid, 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 Ist, 1928, with a capital ot £760,' of which £7OO was invested in a house property with stables iand paddocks at O'Brien's road, Upper iticcarton. 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. JTor a while he. did Well until feed became dear, and he had the greatest difficulty in collecting accounts. Moreover ; His best horse met wHh 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 wire Eurchased the property, after the lire, ad 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 had 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. :■