A BANKRUPT DOCTOR

Dominion, Volume 13, Issue 177, 22 April 1920, Page 5

A BANKRUPT DOCTOR

DOGGED BY MISFORTUNE

The meeting of creditors in the bankrupt estate of Dr, James Collins, medi-. cal practitioner, of Wellington, formerly of Invercargill, Patea, and Waipukurau, which was convened by tho Official Assignee (Mr. S. Tunsley) for yesterday morning, lapsed for want of a quorum. Mr. Tansley was in the chair, and Mr. H. F. O'Leary represented the bankrupt. Only two creditors were present. In his statement filed with the Assignee bankrupt stated that he commenced practice in Invercargill in February, 1912, with no capital, and indebted to his father to the extent of between <£500 and ,£6OO, at the rate of 7 per cent, compound interest. In addition to purchasing furniture, books, instruments, and a motor-car, ho had to pay .£l2 10 s. a month for rent to his father. .Within the first year of liis practice his wife contracted an illness which confined her to bed for fourteen months. This illness necessitated tho employment of a nurse, and subsequent treatment of Mrs. Collins in a private hospital. In his second year of practice bankrupt himself was laid aside with illness for over-a month, which necessitated his recuperating for seven weeks i.i Rotorua, in order to recover his hearing. In October, 191", lie was distrained on for n year's rent, and in settlement of this lie paid the bailiff .£l5O. In the following, mqiitli a writ was issued on him for the amount of his liability to his father, which included the original debt and the rent owing, the whole amount accumulating at 7 per cent, compound interest. 'This totalled about <£1300, and to save publicity he confessed judgment, although he resented being charged compound interest), especially on overdue rent. • Shortly after this a -bankruptcy notice was issued to him from the sanio source, and ho paid off all the outside creditors he could. He left Invercargill in December, 1917, and'volunteered for military service abroad, but was rejected oil tile 6Core of his health. This left him out of a practice, and with, no capital. In February, 1918, he took up a practice in Patea, but in November of the same year ho and his wife and child were down with influenza. All three had only lately recovered from the after-: effects of the malady. Not having enough capital to purchase the Patea practice, bankrupt had to relinquish it. He then spent some months, with only enough capital to finance his immediate needs, in seeking a suitable practice. Ultimately ho settled in Waipukurau, but on account of opposition coming to the town and on account of back debts he became more and more embarrassed. Eventually he was compelled by pres. euro from various creditors to sell hu, car and file. 1 Bankrupt put in a statement showing that his innual income had increased from <£270 in 1912 to <£1557 in Mb. , Bankrupt's debts to unsecured creditors were set down at ,£2031, and his only assets were <£1055 worth .of book debts, estimated to produce ,£7OO. The principal creditors were:—James Collins, senr., ,£1300; Bank of Now South Wale?, Patea, <£59; Adams (draper), Patea, .£7O; Lewis and Co. (drapers), Invorcargill, <£55; Glasgow, Wanganui, motor-car account, .£O2 10s.; Cronin's Motor Works, Patea, ,£'lo.