NEW WAIRAU BRIDGE CAUSES BANKRUPTCY

Sun (Auckland), Volume II, Issue 320, 3 April 1928, Page 11

NEW WAIRAU BRIDGE CAUSES BANKRUPTCY

MECHANIC FORCED TO FILE The building of the Wairau Bridge may h2ve been an advantage to some people, but it has , driven a Takapuna motor mechanic into bankruptcy. About the end of 1926, some of the customers of David Reid, motor mechanic, of Takapuna, failed to pay their accounts, and then the building of the Wairau Bridge resulted in the motor traffic past his place being diverted. His trade fell off consider* ! ably and added to this he had the ‘expense of a sick wife and children. His misfortunes were explained to a meeting of creditors held to-day, the official assignee, Mr. G. N. Morris, presiding. Reid said that he commenced business in June, 1925, with a capital of £IOO and managed to meet his obligations until the end of 1926. He concluded: — “My creditors commenced to press me and I therefore called them together and executed an assignment under which I was compelled to pay £2 a week. These payments I managed to keep up until recently, but owing to further illness in my family I again got behind and was compelled to file.” The financial statement showed that bankrupt’s debts amounted to £532 and his assets to £lB3, including furniture £SO and surplus from securities £lll, leaving a deficiency of £348. The amount owing to secured credi tors was £1,280 and to unsecured £ 532. The Official Assignee: The main cause of your failure is the diverting of the traffic by the bridge? j Reid: Yes. “And the main reason of your filing ! is that you could not keep up the payment at £2 a week? —Yes. Bankrupt, who. was represented by Mr. W. W. Meek, admitted that he had given a mortgage to his father on his property, after it had been assigned. His brother had been in working partnership with him for some time, but he got “nothing out of it” and was allowed to walk out. | Mr. Morris said that nothing could he realised on the property, which was highly mortgaged. The assets amounted to about £l2O. “Perhaps there will be four shillings ; in the pound.” said a creditor. ! The meeting adjourned without ! passing a resolution.