IN BANKRUPTCY.

Auckland Star, Volume XXX, Issue 32, 8 February 1899, Page 5

IN BANKRUPTCY.

Morris Copelanc7 (trading- as M. Copeland find Co., wholesale merchants), Fort-st., made an affirmation before the Official Assignee to-day. He said flint lie came to the colony of New Zealand in ISOO or 1891. lie had practically no capital. Shortly after Jirrival a firm in town gave him credit for small quantities of tea. He gradually worked into a good business and jin 18911 was in a position to open, a shop in Howe-:st. At the end of ISO 4 he was able to. open a large place of business in Pa.rnell. This necessitated him borrowing about £200. The change proved successful, and in 1595 his credit btcmg gc,.,d he ex ten elect operations, and added wholesale to liia retail business. Finally about two years ago he sold out the retail premises and entered upon his present premises in Fort-st., trading as M. Copeland and Co., wholesale merchants. He never had a partner. All his transactions were conducted in his own name only. He considered that he had £800 to the good when he went to Fort-st. He took stock about seven months ago, and satisfied himself that there 'was 20/ in the £. He had .not kept a record of the stock taking. He was then aware there were some doubtful debts. He was not aware that he, was insolvent \mtil January 31, 1800. He was never pressed for money by any of the creditors except the bank, where he had an overdraft of £2150 of which £IGOO was guaranteed by his father-in-law. Thereupon the bank stopped further credit, notwithstanding that in addition to the guarantee they held bills for collection good-for about £100 and bond warrants worth. £350, leaving only about £100 unsecured. He explained his position to his principal local business creditors, and they sympathised with, him, with one exception, and were in favour of an arrangement for co^n*. promise in preference to filing. After consulting friends and his solicitor he decided to file, in view of the fact that several creditors were outside of Auckland and of New Zealand, it was deemed best for all concerned. Debtor estimated his liabilities at £7223 18/2, including £2402 18/6, loans from his father-in-law, who is only secured to the extent of about £100 in bond warrants, £2154 9/6 to the bank, secured to the extent of about £450, and his father-in-law's guarantee of £1600. To 74 other creditors (unsecured) he owed £2666 10/2. Debtor estimated his assets at £6108 14/S, showing! a deficiency of £1115 3/6. The. household furniture, valued at about £400, belonged to his wife, given to her by her father on their marriage. His personal effects were worth about £20 . _. .