"A DARNED GOOD BUSINESS."

Auckland Star, Volume LX, Issue 215, 11 September 1929, Page 9

"A DARNED GOOD BUSINESS."

BAKER'S FAILURE. MEETING OF CREDITORS ADJOURNED. * A deficiency of £24G 11/5, respecting the claims of unsecured creditors, with assets nil, was shown on the financial statement of W. J. Logan, baker, of Lillington Road, Remuera, who met his creditors to-day before the Acting Assignee (Mr. V. R. Crowhurst).

in a written statement dealing with the causes of his bankruptcy, Logan said that up to August, 1927, he was carrying on business as a baker at 81, Remuera Road. He became involved with his creditors, and in the following month lie called them together. By a unanimous resolution ho was requested to assign his estate, and an assignee was appointed. He understood that the deed of -aspiigTiment was to include the names of all the creditors, but subsequently discovered that this was not the case. Some, said debtor, had not signed, but would have been agreeable to signing had they been approached. From February, 1929, up to the present date he had been working as a factory manager. He was receiving £7 a week, -but his position was endangered by the present proceedings. Answering the Acting Assignee, debtor said the meeting in September, 1927, was fully representative of his creditors, and there was no opposition to the resolution that the estate should be assigned.^

One of the creditors remarked that it was "a darned good business," but it was carried on too long by the aseig-uee and his committee.

Mr. Craig, on behalf of debtor, stated that Logan's position was due to circumstances over which debtor had no possible control. The meeting was adjourned until September 24 for a statement of receipts and expenditure by the assi;;nee to be produced.