AGENT'S FAILURE.

Press, Volume LXII, Issue 18677, 28 April 1926, Page 3

AGENT'S FAILURE.

LACK OF CAPITAL. A SMALL DEFICIENCY. Attributing his failure to lack of capital, heavy expenses, and goods of inferior quality, Frank Stanley R-ad-burnd, manufacturer's agent, of Christcliuirch, attended a meeting of his creditors yesterday morning in the office of .the Official Assignee, Mr A. W. Watters, who presided. Mr Inder appeared for the bankrupt. In his sworn statement bankrupt said he commenced business in October, 1924, and borrowed £240 with which to start. He obtained an agency w'ith the Windsor Manufacturing Co., Ltd'., on monthly terms and commission.. In April, 192u, he got behind, as some of his customers were unable to pay. In July last year he borrowed £IOO from his father. At the end of last November he , consulted his solicitors, who were satisfied that his failure was due to lack of capital, a,nd a private meeting of creditors was called. • The representative of the Windsor Manufacturing Company would not fall in with tho rest of the creditors,, and the firm finally issued a writ and- subsequently a charging order nisi over the moneys which had been collected by bankrupt's solicitors. To protect the other creditors, therefore, bankrupt decided 1 to. file. He attributed his failure to the fact that he commenced business with a small capital, having large overhead expenses, and to' the fact' that the goods he 'was selling were of an inferior quality. Unsecured Creditors. ■ : . The total amount owing to creditors, all of whom were unsecured, was £'4/3 4s 9d. Book debts were estimated'' to realise £lO5 14s, cash in hand £SO, and a motor-car was valued at £IOO, making a total 0f£250 14s. The deficiency therefore was £22 10s 9d. 1 The list of principal creditors was as follows:—Tho Windsor Manufacturing Co.. 1 Ltd.. £313 2s; E. Iladburnd, Teinuka, £100; P. and T. Department, £1 2s 2d; Messrs box Chivers, Ltd.. £4 65,6 d; N.Z. Farmers' Co-op., £7 16s 9d; J. Rattray and Son, Ltd., £7 6s 3d; Grierson and .Davis, £1 10s; Miller and Burrows, Ltd.. £24 9s 9d;T. B. Britton, £2 10s; D. M: Mackintosh. £1 12s 6d; W. L. Walker, £2 4s; I?. A. Tapper, £o. Replying to Mr Watters, Radburnd said the niotor-car was seven years old. When he bought it tlie car was nearly new. No offers had been received for it. Mi- Waters remarked thai the car might not realise £IOO, and against this must be set off charges for garaging, which wore in arrears. Examining the list of hoo'j; debts. Mr atters said he was not hopeful that all the money would he realised. He. knew some of the debtors whose positions were practically hopeless. In answer to further questions bankrupt said he had not received a letter from the Assignee requeuing him to furnish certain books, including cheque butts and bank book. ' .The Assignee said that notliir"*. conifl bo done without the information he desired, and the meeting was therefore adiourned till 1] a.m. on Friday, Mav 7th.