BANKRUPT BAKER

Waikato Times, Volume 122, Issue 20494, 10 May 1938, Page 8

BANKRUPT BAKER

PAYMENTB ON MOTOR CAR rSTATEMENT TO ASSIGNEE A meeting of creditors in the bankrupt estate of George Terence Arrnitage, a baker, was called before Mr V. R. Crowhurst, Official Assignee, in Hamilton yesterday. In a statement bankrupt said he started a bakery business at Te Kawa, having £IOO borrowed capital, out of which he bought the requirements for the concern. The first year proved successful, and he purchased a car for £l3l, paying £6O deposit and £6 a month. He kept this payment up until he left Te Kawa, when he found that the vehicle was draining his resources. Bankrupt sold his Te Kawa business for £SO, stock and plant, and used the money to pay off the balance owing on the borrowed capital. Thus he was left without anything to pay his creditors. to whom he was owing about £l3O. As he was unable to keep up the payments on the car it was repossessed by the vendors when some £SO was still owinff. When he left Te Kawa. bankrupt found employment at £5 10s a week, and had since been unable to make any payments to his creditors. He was married, with four children. Bankrupt's debts amounted to £156 15s and his assets were £25, leaving a deficiency of £l3l 15s.