DIVORCE EXPENSES CAUSE BANKRUPTCY.

Star (Christchurch), Issue 17672, 20 October 1925, Page 1

DIVORCE EXPENSES CAUSE BANKRUPTCY.

PAPER-RUNNER’S CREDITORS GIVE HIM A CHANCE. A meeting of creditors in the estate of Harold Levi Wood paper runner RedcJiffs, was held in the office of the Official Assignee this morning The total amount owing to secured ! creditors was £ll3l 15s. made up as follows: State Advances Superintendent £725. plus interest £S (estimated value of security £1115) ; T. If. Durosc 1 second mortgage. £344. plus interest £7 15s: T. S. Caere. £47 loan on furniture (estimated value of security £SO) The amount owing to . unsecured creditors was £193 4s ltd, thev being: Westport Coal Co., £3 his Od: Graham and Fisher, £1 12s; I Vogan, £2 14s 3dWilson Tiros., £2 15s: t\ K. (Kiev £0 14s 3d: Andrew Lees, Ltd., £l7 3s Id: Park, Davis and Co.. £1 Us 3d: T. Gapes and Co., £7 us Sd: 1). Fordhani £2: B. W. Mentis, £47: Todd Motors' Ltd.. £95 17s 3d; Steel and Son, £4 15r 2cl. The estimated value of securities was £IIJS for the property at Redclitis, Jess mortgages and interest £IOB4 15s. The Official Assignee said that bank nipt- originally had a business in but he sold this and purchased a properly nt Red cliffs, paying £OBS, with £IOO deposit, his intention being 1«« grow vegetables and tomatoes. He built a. glasshouse, which cost £l5O. Tic borrowed £IOO from Mr Du rose for this purpose. He later took the title to the property, borrowed £725 from the State Advances Department for the purpose, and gave., a second mortgage to,. Mr Durose for £344. die had had a lot of expense in connection with the. divorce action lie took against his wife. He obtained by consent judgment for £250 damages, but co-respondent was unable to pa” more than £IOO. out of \yhich he had to pay his wife’s costs £4O, and his own solicitor's costs were heavy. He purchased a motor-car from Todd Motors. Ltd., for £250. paying £SO deposit. The company seized the car when bankrupt was unable to pay the first instalment, and they obtained judgment on a promissory note, for the amount stated in their claim. He had to pay £1 for a housekeeper to look after his four children, the oldest being ten years and the youngest five. He had had no revenue yet from his market garden and he lived on his' earnings as a paper runner, amounting to about £3 17s a week. The Official Assignee said he did not think it would be in the interests of the creditors to put the property up for a forced sale. Bankrupt was earning £3 17s a week as a newspaper runner, work which occupied his time for three hours or so a day, and he also worked on his property. If he had a good season with his tomatoes he anticipated making a sum of about £l5O. If bankrupt were left to go on and furnish statements from time to time he might possibly pull through. Bankrupt agreed to furnish the statements as suggested by the Official Assignee. Mr Hill, representing Hill and Son, said he lived at Redcliffs and knew bankrupt to be a hard working man. If he were given a chance he would in all probability come through all righl. i A proposal' was made that the i creditors accept an offer of sft in the I £, but Mr \Y. A. White, for Todd Bros . j said they preferred to allow bankrupt | to go on and do his best, as he might : be able to make a better offer later. I The matter was therefore left in the hands of the Official Assignee.