A BUSINESS FAILURE.

Auckland Star, Volume XLI, Issue 37, 12 February 1910, Page 9

A BUSINESS FAILURE.

A meeting of creditors in the estate of Percy Joseph Maxwell, music and stationery dealer, of Thames, was held at the Official Assignee's office yesterday afternoon. The bankrupt's statement has already been published in the •Star.'" He stated that his liabilities amounted to £356 17/7, and assets £143. leaving a deficiency of £213 17/7His losses were brought about by hard times in trade and continuous illhealth.

The Assignee said the nominal value of the stock, set down by bankrupt at considerably over £100, was in reality only £92 14/-.

Mr. Skelton (foT bankrupt) said his iaie partner Houghton paid into the business £50 cm the partnership being severed, and took out £27 in cash and £33 worth of stock, which he was to sell at a shop in Onehunga. From the proceeds of the sale he was to deduct £6 10/-, which, he said, Maxwell owed him. and forward the balance to the bankrupt. Bankrupt also gave Houghton an TO U for the amount. He had received nothing on account of the goods, and a demand had been made for payment of the I 0 U He had not either received the goods, which Houghton's agent advised were unsalable, and which, he said, were being returned to Maxwell.

The Assignee said he would interview Maxwell's brother with a view to seeing if the latter would purchase bankrupt's fifth interest in a post obirfc valued at about £30.

Reviewing bankrupt's business transactions, the Assignee remarked he had handled his affairs in a childish way. The Assignee went on to remark it was surprising to him that tradespeople gave him credit. , After five minutes 5 conversation with him, he (the Assignee) would not give him e recit for £ 20: yet some business people gave the bankrupt credit in sums of £50 or more.

It was decided to instruct the Assignee to realise on the stock, and cost obiit. t

The meeting then adjourned sine die, the Assignee stating that in the mean™k he would endeavour to find a man BQey, who might be likely to know something about the estate, and also as to the whereabouts of Houghton.