A BANKRUPT AGENT.

Auckland Star, Volume LVIII, Issue 134, 9 June 1927, Page 8

A BANKRUPT AGENT.

CREDITORS IN KINDLY MOOD. "NOTHING TO MAKE A SONG ABOUT." The "milk of human kindness" appears to 'he flowing freely amongst creditors this week. At two meetings this week creditors showed sympathy with the bankrupt. To-day a meeting of creditors was held in the estate of Frank S. Gillespie (Mr. J. F. W. Dickson), at which Mr. G. N. Morris presided.

Bankrupt's schedule showed owing to unsecured creditors, £242 0/G. The asset 3 were set down at £137 3/3, of which £55 was estimated to be recoverable from book debts. The estimated deficiency was £84 17/3. Bankrupt stated that in August, 1924. he purchased a produce and commission business for £300. and £20 was paid for goodwill. For the first 16 months the business showed a small margin of profit. As business increased ho had great difficulty in getting in bad debts. About 14 months ago he made a loss of about £40 on a deal in potatoes, due to the market dropping. About the same time £.",0 bad debts had to be written off". The whole of the £300 capital was lost. He attributed his failure to insufficiency of capital, as there was plenty of business to be done.

Mr. Morris said bankrupt's book* were pretty good. They showed that for 10 months the bankrupt had drawn only £141 from the business. Items for wages were only for his employees. Bankrupt said at present he was earning about £3 per week, working on a commission basis.

Mr. H. Perkins said he was satisfied this was a case of misfortune, and a deficiency of £84 was not worth makino a song about.

On the motion of Mr. J. Jones, seconded by Mr. Perkins, the Assignee was instructed to facilitate the "discharge of the bankrupt. It was agreed to dispose of the assets by auction.