£1217 DEFICIENCY.

Auckland Star, Volume LXVII, Issue 237, 6 October 1936, Page 11

£1217 DEFICIENCY.

BANKRUPT RADIO SALESMAN. UNSUCCESSFUL PARTNERSHIP. (By Telegraph.—Own Correspondent.) HAMILTON, Monday. With a schedule showing £1337 owing to unsecured creditors and total assets of £120, Desmond Coutes Dallas, a radio salesman, of Te Aroha, met his creditors before the Official Assignee, Mr. V. R. Crowliurst, to-day. The deficiency was £1217. Lack of capital and heavy running costs were ascribed by bankrupt as the reasons for his failure. In his statement he said he commenced business in a partnership in 1034 with £5 capital, while his partner had nothing. 111 February, 1935, the partnership was dissolved and he took over all the assets and liabilities. He remained in business until July, 1930, when his financial position compelled a closure. He was now milking 20 cows on a small leasehold property, the stock being mortgaged to the full value. In examination Dallas admitted that the large majority of hire purchase agreements forwarded to the suppliers of one brand of radio sets were incorrect, and he could give 110 account of it, except that his obligations had been heavy. Mr. Crowliurst: "When did you start getting credit in this way? —About eleven months ago after we started. Mr. Crowhurst: It is difficult to know why you resorted to these means. To a creditor who asked how much he had received through alleged agreements, Dallas replied, "About £700 or £800." The meeting was adjourned sine die.