IN BANKRUPTCY.

Auckland Star, Volume XXXI, Issue 64, 16 March 1900, Page 8

IN BANKRUPTCY.

,AA|red Howard Budd. a bankrupt, in his statement before the Official Assignee, said that he started business in Gisborne as a boardinghouse-keeper 9 years ago, with a capital of £60. He used this for the piu-posc of furnishing, and borrowed the remainder. He sold out on June 18 last to a man named Be'vins for £375 IS/, £100 cash and the balance on bills at £10 per month. On these he was advanced £150, with which he paid the greater part of his creditors. A week after buying Ihe business Kevins sold out to Powell, getting- £50 for his bargain, takingover ail .Kevin's liabilities. The bank was a party to this arrangement. So far Powell had only met •the bills (£273 IS/) to. the' extent of £50 IS/. Tie was in difficulties and owed the estate £225. Bankrupt owed the bank £133 12/. He left Gisborne for Auckland in July last. He was out of work until Christmas, when he got employment as barman at the" Britomart Hotel. He held this for twelve weeks and has since been out of employment. He had no assets except book debts for £150 in connection with the Gisborne estate, and his liabilities were £378 5/10 owed to ten creditors.