EFFECTS OF SLUMP.

Taranaki Daily News, 21 December 1922, Page 8

EFFECTS OF SLUMP.

BANKRUPTCY OF G. L. WILSON. The meeting of creditors in the bankrupt estate of Cyril Louis Wilson, garage proprietor, Eltham. called for yesterday afternoon at the. office of the D.O.A. (Mr. J. S. S. 'Medley) lapsed for want of a quorum. Mr. I. L. Weir, receiver and liquidator of Wilson’s Motors, Ltd., of' which the bankrupt was manager, was present. The statement of assets and liabilities (already ’published) showed debts to secured and unsecured creditors totalling £5147 18s lid, which sums include £36 15s owing to Andrew Chrystal, solicitor, Eltham, which was not shown in the statement previously published. ■ The assets were valued at £1025, leaving a nett deficiency of £4122 18s lid. Examined under oath the bankrupt said that when his motor business was formed into a company his capital was about £5OOO. which he took out in fully paid up shares. This left him without any further capital, and he lived on the. salary given him by the company, which was at first £lOOO, later being reduced to £BOO. The shares were now valueless. A good portion of his salary he spent on the company’s work in the way of travelling expenses and developing the business, his procedure being to debit his salary account for whatever sum he required in these connections. He had kept his actual living expenses down to a minimum, and he was convinced that had the slump not come, everything would have been all right. His life was insured.-for £l5OO all told, but there was a loan against the policies. Bankrupt added that he was a married man with two children and he was at present working for the liquidator of the company at a small salary.