FORWARDING AGENT'S FAILURE.

Auckland Star, Volume XLVII, Issue 243, 11 October 1916, Page 9

FORWARDING AGENT'S FAILURE.

XO PROFIT SINCE 1913.

A meeting of creditors in the bankrupt estate of Hugh NesbitLat'imer, forwardI ing agent, was provided over by the Official Asignee, Mr. W, S.,Fisher, yesterday afternoon. The bankrupt's schedule showed debts to unsecured creditors amounting to £313.3/6, and to secured creditors £250. The securities were : estimated to be worth £225, leaving a nominal deficiency of £25 to add to the unsecured debt, making the total liability | £338 3/6. -"Hie assets -were- valued at £132 18/5, leaving a nominal deficiency of £205 5/1. / . j In his statement Latimer said that he | started in partnership with the late Mr. James McKnight, of Clevedon, in November, 1912, in a parcels delivery and general carrying business, McKnight finding the capital and bankrupt drawing what amounted to ealary. They traded with varying success until October, 1915. McKnight withdrew from the partnership, but still held an interest, and. on. his death in May 'last that interest was: offered to bankrupt for £250. He decided to accept the offer and carry on. He was in negotiations for getting more money into the business, but they fell through, and as. largely owing to the war, his June transactions showed a big shrinkage, he decided to file. The Assignee expressed the opinion that of the business was of no value. The debtor, in answer to the Assignee, said that the balance-sheet for 1913 showed a small profit, while 1914 and 15)15 both showed a loss. He realised they were showing a loss all the time, but he was reconstruct. He added that he possessed no property whatever, and saw no present chance of making an offer to his creditors. J ,1 * meeting passed a resolution to the effect that the creditors had no wish to make any claim on the household furniture, which bankrupt stated belonged to his wife.