OWES £25,499.

Auckland Star, Volume LXIX, Issue 67, 21 March 1938, Page 8

OWES £25,499.

HAD £5000 A YEAR. WAS BREWERY DIRECTOR. OLD ETONIAN'S TROUBLES. (Special.—By Air Mail.) LONDON, March 2. Mr. Geoffrey Mark Crossman. former brewery director—"another person who apparently cannot live on £5000 a year' , —wore his Old Etonian tie when lie attended the first meeting of his creditors at Bankruptcy Buildings, Carey Street, London. His salary as a director was £2-"iOO a year, with an average bonus of £2500. He attributed his present position to living beyond hie income, Stock Exchange losses, gambling losses and heavy interest on borrowed money. When asked if he was likely to be employed again as a director he replied: "I don't think so. I shall' have {o find an occupation." Mr. Crossman, pale, plump and thirtyish—he left Oxford in 1926 and went on an eight months' world tour before starting: work—sat close to Mr. H. H. Gaine, the senior Assistant Official Receiver. Statement of Affairs. Mr. Gaine said proof of debts included £3490 for money lent. £2555 to a firm of moneylenders, and £64 to Tote Investors, Ltd. According to the statement of affairs lodged by Mr. Grossman unsecured liabilities totalled £25,499. Assets were: Furaitnre estimated at £400, a hunter estimated at £50, a motor car estimated at £50, and a book debt of £1000 loaned to a Henley-on-Thames man. The assets amounted to £1503. But against that were preferential creditors for £loßs>. The Official Receiver eaid there appeared to be no likelihood of any dividend. Went to EtonMr. Croseman's ''history," read by the Official Receiver, gave these details of his career: — Educated at Eton and Oxford. Left Oxford in 1926 and went on an eight months' world tour. From 1927-29 engaged learning the brewery trade at Newmark. In 1930 he went into Mann Crossman and Paulin's brewery to learn the business. Later became a" director. He remained a director until January 31 last, when he resigned owing to the present proceedings. The Cfficial Receiver, noting Mr. Cross - man's former salary and bonus, observed: "This is another person who apparently cannot live on £5000 a year." The creditors passed a resolution for the adjudication of Mr. Crossman in bankruptcy.