FORCED TO FILE

Sun (Auckland), Volume III, Issue 769, 16 September 1929, Page 10

FORCED TO FILE

UNPROFITABLE INSURANCE AGENCY Compelled to fine in bankruptcy because of judgment obtained against him and proceedings under warrants of committal, Lawrence William Pickett (Mr. W„ W. Meek), a taxi-driver, was examined this morning by the actingofficial Assignee, Mr. V. R. Crowhurst. Pickett had no assets, and owed £ll2 10s to unsecured creditors. No creditors attended and the meeting was adjourned sine die. Pickett said he secured an agency for an insurance concern at Otahuhu in 1925. At the time it was the middle of the season at the freezing works, and bankrupt became liable for lapses of policies written by his predecessor with employees of the company. Commissions had already been drawn. Business with the company was eventually refused by the insurance concern, and the agency was abandoned by bankrupt. Bankrupt was liable for refund of commission and so became responsible under a fidelity bond. After leaving the agency he was out of work for a year and was not able to clear his debts. His wife sold most of her furniture to meet expenses. In his present post as a taxi-driver he was earning up to £4 15s a week, but had his wife and three children to support.