MEETING OF CREDITORS.

Press, Volume LX, Issue 18135, 26 July 1924, Page 5

MEETING OF CREDITORS.

ESTATE OF G. E. PETERSON. A meeting of crrditora in the bankrupt estate of George Edward Peterson, electrician, of 897 Colombo street. Sydenham, was h.-Id yesterday, the Official Assignee, Mr A. W. Watters, presiding.^ Mr T. Milliken appealed for the bankrupt. The amount owing to unsecured creditors -was £9-18 Us od and to secured creditors £l4 15s. The security was valued at £4O. Stock in trade was valued at £3O, and bjok debts were estimated to produce £23 13s 6d. Cash in hand totalled £l4 2a , 4d, and wit l the surplus from the securit cs in thj hand J of the' secured cred.tors the total issets were estimated at £9B. The defioiency was £825 10s 7d. , The principal unsecured .creditors were as follow:—Carrick Wedderspoon and Comerchants, Christchurch, _ lis <d» Henry and Co., importers, Christchurch, £4l 18s Ed; Nivsn and Co., merchants, Christchurch, £76 lis; New Zea and Acetylene and Hardware Co., Armasjh street, Chr'stchurch, merchants, £lB9 9s 9d; J. A. Phi'ip and Co., Ltd., indent ageHs, Christchurch, £27 16a lid; E. Heecj. utd..merchants, Christchurch, £22 8s; Chrißtchurch Battery Co., engineers, Chriatcmirch, £34 l"s 6d- A. C. Panne'l, £3O; Ad-ma, Ltd., motor importers, Christchurch, £4B 12slld; Economic Tyre Co.. merchants. Christchurch, £27 10s. The renmmng amounts wer 1 made up cf sums of less than £2O. Bankrupt, in his sworn statement, said he was at the war for 3| years and had. secured a pension for two and a half years after his return to the Dominion. In 1913 h - borrowed from »the Repatriation Department prd had repaid meat of the r mount. Until March, 1922, he had worked as a journeyman electrician, but was put off on account of slackness of trade. He tried to get employment but was not successfu. and borrowed £3O frcm a friend to start business on his own account. lie had received no payment for the first job he had Hj had secured plenty of work but littie money and had been Kept busy up till the present time. During this past year his contracts had not successful. Competition was .keen and he had had ta cut his prices. He h d bought a secondhand carl but this vehicle was continua.ly breaking down and he h ; d sold it. H-- had purchased another car for £3OO, but this had been damaged by fire and almost wrecked. The insurance company had re-fiiß-d to nay for tha damage and bankrupt hi.d sued it for the money, but had lost th J case and had to pay the costs of both sides. Bankrupt's creditors, had pressed him about four months ago, and in trder to carry ox he save ord.-rs over various jobs to Several firms. His wife had been in charge oi. the but the returns from this were very ""lo'the Official Assign-e. bankrupt said he had brought out a rough balance-sheet about , a: year ago. He could not «y what the j state of affairs was then but he thought | that his liabilities exce ded his assets He | hid continued hoping-to pick up his losses. He thought that about the time he prepared his balance she;t, he bad been ab:ut £4Ol | behind. His country business was not proMr "MiPiken stated that bankrupt toTd him that his car w»s largely responsible for his, losses. It had cost bankrupt about £6OO The Official Assigns: Have yon kept any ledger account cf your expenses 7

Bcnkruot: No. The Official Assignee: Whew 1a your cash book 9 BanWrunt: "There is none." Continnm?. lie si>id lie bed no system of showing what his turnover was. Official Aeripvw. It is not s very sat ; s r actory way of do : ng business. It seems ti be B ; raplv cour+'n" disnster. One ot banVtint's books that hj» had a credit of £IW) in Feo'ember last, bnt this amount rot Bftve "bpfin corrects A creditor: Do you ramble? B»"ltmpt: I have T>ut only abo Tit 109 alWher on the totalisator. Ido not cr-d Ue carried on without keeping proper csVed to submit n of the reason for his fai'ure the Offic at Assignee »-d h's credits, and the meeting waa adjourned sine die.