TOO SANGUINE.

Auckland Star, Volume LVIII, Issue 41, 18 February 1927, Page 13

TOO SANGUINE.

UNFORTUNATE BUSINESS VENTURE. MEETING OF CREDITORS. "You see how it is. gentlemen,'' remarked Mr. G. \Y. Morris, Official Assignee in Bankruptcy. at the end of a meeting of creditors. "The bankrupt is of a sanguine temperament. He has lost about £1100 of his own money, as well as what he owes you. There is nothing criminal about it. lie simply should not have gone into business." The bankrupt was a draughtsman named Stanley Sadler. Mr. Biernacki. who represented the debtor, said that the schedule showed owing to unsecured creditors £4otf 4/;!. and to secured creditors £100. The value of the security given was £100. Thenwere 110 assets snown on the schedule. Bankrupt stated that he started 111 business with about £300 capital in hand and in sight, to develop a patent. Later he took over the affair from his partner, but finally, after expending upwards of £1000, "he was compelled to file. Mr. Morris said a statement 01 receipts and expenditure submitted showed tlie bankrupt had expended about £1238 6/ff in two years, plus living expenditure. Bankrupt said his partner was not paid anything when he retired from tinbusiness. He estimated that lie had put about £1100 into the business. He had £100 in cash. £200 from his superannuation, and tlie rest was from the sale of his house.

Mr. Morris said it ap,reared that the bankrupt was over £.">OO to the bad at the end of the lirst year. Mr. Sadler had wasted his own capital as well as lost money for his creditors. In answer to Mr. Schramm, the bankrupt said a firm was willing to handle the patent. Mr. Morris said lie would see if there was anything in the patent for the creditors. The meeting decided that the bankrupt's discharge be opposed, until he makes some payment to his creditors.