BANKRUPTCY.

Auckland Star, Volume XIX, Issue 223, 21 September 1888, Page 4

BANKRUPTCY.

Arthur Dumbebin Bennett.—This bankrupt was examined to-day before the Official Assignee, Ho said ;_ I camo to Auckland about six years ago, and commended business as an.accountant and notary,, possess' ing at the time several hundred pounds, and no liabilities. In 18841 married, and, in accordance with previous 'agreement, sebbled on. my wife all mj" furniture aud ■silects. ; ,In Ocbobor, 1886, while: engagedperforming my duties a.a trustee in the Hplton • estate, I incyned several hundred pounds personal expenses;. l In 1885 _ started to.float.the Auckland Woollen Company, which ,_ after two years' hard work. I succeeded in registering with some live hundred distinct:;:shareholders. ";'< Owiri*' to bhe difficulties and expeuse in- "floating this Company I obtained money from my wife to keep me, and assignedthe dwelling-house, in which wo how. liVe, .to her. In April last 1 resigned. the Woollen Company's affairs to their directors^, the Company at this tiihe being '.at': full work and good prospects. In May I commenced legal proceedings agaiiibb tho Company to; enforce payment of' my promoter's fees." I; was, .hpvi'cver, advised, to discontinue the faction aiid ask for an amicable settlement.; I '.■-jyas, unsuccessful' and "decided- to issue a fresh writ. To enable mo to find fees I sold the cutter Czar for £45 cash to my wile, and' afterwards 1'" asked' h||r to .mortgage hor property and advance,.'me I further costs. I 'was then advised that 'the Company was about to liquidate, ' and therebpon ' discontinued my action.' The Company then set down for hearing a counter claim for; the expenses previouslypaid in their behalf and succeeded in obtahiin» :'a/'verdict. ';:Tho Company; then, immediately put in an execution, placing bailiffsin possession of my office and dwellinghouse—the latter' ah^^^ of its contents being the property of my W_fe—upon vvbichl tiled in bankruptcy, as a,'matter;• of duty to my: creditors. , '.AI. consider I'was solvent "six weeks', ago and did nob anticipate any, claim of the kind brought against me by the Compan-j. I had £200 invested in the Company, viz...: 200 fully paid up shares,-; 3U of which X;soi_." with the. concurrence of: the directors, about two months ago,. leaving 170 shares still belonging to me. I also claim that £269 stands;to mj credit in the"Company's-! books, the balance of £500passed,,by. bhe:! directors and shareholders, as can be shown -j by th« Company's ledger and balance- \ sheets.--. I consider these two items are beypnd legal'dispufe.'; Mydther assets consist! of mining share*, which cost me £500,! but ,now,:of;/doubtful; lvalue, sundry) book debts,' estimated at.. £206 odd,, and household , effects not; included in my : wife's settlement, £14L Assuming that the Company can legally, -hi pound the: 170: shares arid £260, "which T claim as balance of promoters , money, as a sco off againsb. tlie verdict oi £370 awarded by the: CourtT consider there remains a balance' of £60 due to my estate. My. horses were:sold .jorne three months a g? .9 enable ,xa& to,-; reduce., expenditure, .: My unsecured liabilities amount to £101 163 including £30 for, office rents which is aboub covered by .the furniture therein. ' These liabilities, ate for household" Oxpdiises ■ incurred last .month i and some- outstanding; debts held over pending receipt of' antici- j pated money from; the Woollen Company. I have ,boeu-dn : ,the ; : habit ply, keeping. Am regular .set of books; bub"'latterly .have pontined. myself to a: cash .book not being 7* engaged :;:ih' trade, ' 'frdni. this . book X will, prepare a -'statement of my receipts;; and- expeuditu re: s from October 1886 (the date when my misfortunes ■ commenced)- to date of 'filing^ I, , h.ve;' fully. -: diaoiosed 'my pesitlonp apd declare, tbat I'-hayd: no other ftsßets than; those set-forth in _hy. sohedule' and ih: this 9tatement,:andarri3i^ prepared to guggeeb anyiCOOiiiromisß, ■> - ;." ■ "■'"