OLD-AGE PENSIONER FILES IN BANKRUPTCY

Sun (Auckland), Volume II, Issue 368, 31 May 1928, Page 13

OLD-AGE PENSIONER FILES IN BANKRUPTCY

END OF BUILDING CAREER To have to file in bankruptcy was the misfortune of William Lovatt, an oldage pensioner, whose building business failed mainly on account of his illhealth He met his creditors this morning in. the office of the official assignee. Mr. G. N. Morris, There was no quorum aja«l no resolution was passed. The meeting had nothing against the debtor. Bankrupt’s finances showed a nominal surplus of £ 117. His debts totalled £264 and the assets £383. In a written explanation bankrupt said his troubles began in 1925, when, with a capital of £3OO, he bo’ishr three sections at One Tree Hill Re built a house on one section, but could not dispose of it for some time. Similarly he had bad luck elsewhere. In January, 1927, he had a severe heart attack and had been unbale to work ever since. Other than the ]>ension he had no income, his home being maintained by his sons. In answer to the assignee Lovatt said he had been building with his sons. Cheques were signed by himself and one son under the style of *W. Lovatt and Sons.” The assignee sa.d it was probable the sons were partners. A creditor pointed out that it would be of no use to include them in the bankruptcy. The disposal of the assets was left in the hands of the assignee and the meeting was adjourned indefinitely.