A TAILOR'S BANKRUPTCY.

Auckland Star, Volume XLIV, Issue 102, 30 April 1913, Page 6

A TAILOR'S BANKRUPTCY.

£400 LOSS IN A YEAR. A meeting of creditors in the bankrupt estate of Roderick William McDonald was held at 11 o'clock to-day, at which the Official Assignee, Mr. Fisher, presided, and explained that the debtors schedule showed a nominal deficiency of £375 12/4. The total liability was £646 7/5, and the assets £270 15/1. The debtor said he believed there was a chance of a relative making an offer. I In answer to Mr. Stewart (Sargood, Son and Ewen), debtor stated he had not acquainted his creditors with the fact that he borrowed the £150 with which he purchased the business at Whangarei. -When he transferred his custom to another house, he did not explain that his credit had been stopped by another firm, and that he was being pressed for payment. Since being summoned hy Jameson and Co., he had bought stuff from Sargood, Son and Ewen. Abbott, Foote and Jones summoned him later on. He had ordered goods from Sargood, Son and Ewen, right up to the 20th of March. That was after having been sued hy two other firms. He had sent a telegram to Sargood, Son and Ewen, ordering certain goods and stating that he was sending a cheque and letter. He purchased £35 worth of stock in March, and most of that was lying in the shop. Ait up, hut not finished. Debtor had been in business about twelve months, and had gone to the bad at the rate of over £7 per week. A creditor said that shortage was apart from any profit made in the business. In answer to further questions debtor stated his own personal expenses did not exceed £2 per week. Of £30 he borrowed he paid £5 to the bank, lent £10 to a friend, and the balance was absorbed by his trip to Sydney. Mr. Whitton: Jameson and Co. put in a distress, and debtor paid £10 into Court. The "bailiff did not take possession. The bailiff told him that if he paid in £10 it might be all right. The -bailiff did not return to his shop after debtoT paid the £10 into Court. He had not neglected his business through drink. It was not true that a lar°e portion of his time was spent in °a billiard saloon. He had been there occasionally during lunch time, or at night. He had not neglected his business for billiards. Mt. Fisher said that for the debtor to be nearly _ £400 behind in twelve months was a serious matter. At this stage the meeting was adjourned sine die, Messrs Stewart and Whitton being appointed as a committee to assist the Assignee to realise the assets, with power to accept a private offer if considered desirable.