MEETING OF CREDITORS.

Press, Volume LXVIII, Issue 20587, 1 July 1932, Page 5

MEETING OF CREDITORS.

HAIRDRESSER'S FAILURE. COMMENT BY OFFICIAL ASSIGNEE. "This is uot' a heavy bankruptcy as bankruptcies go theso days, but it has certain unsatisfactory features, and that aspect of the position will bo placed before the Court wlien an application for discharge is made. People who go into business with no capital aro not to bo encouraged." Those remarks were made by the Official Assignee, Mr J. 11. Robertson, in addressing a meeting of creditors of Thomas Arthur C'andyi aged 32, a liairdrosser, of 05 Strickland street, a bankrupt. i Tho Official Assignee stated that unsecured debts amounted to £3OG 14s 7d, while there was one secured d'obt of £IIIG —a mortgage held over a City property. Assets were of a total value of £l9 18s. "Creditors may confidently expect to receive nothing," commented the assignee. Cross-examined, the baulcrupt said that 110 had started in business as a hairdresser in December of 1931. When he started he had capital totalling £135 in cash and owed £l5O od in debts — one was to the State Advances Office of over £7O. Mr Eobertson: So then you wore really insolvent when you started in business. Bankrupt: Yes. Continuing, the bankrupt explained that business was not very good for the first six or eight weeks. The rent was £6 per week, and two other persons were employed in the shop at a wage of £4 10s a week each. The takings for January were £25; for February £45; for. March £SO; and for April up to the time of filing £22. That was a total of £142. "Did you tell your creditors that you had nothing. That you had started without any capital?" asked Mr Robertson. "No," replied the bankrupt. He added that he had honestly thought that he would be able to pull through. Mr Eobertson: To whom does the racehorse belong in Conway street. Bankrupt: That belongs to my brother-in-law. It is a yearling by Prodigal. There is a sulky there, too. I have had tho sulky in. my possession for four or fivo years, and the horse for about throe months. I have no interest in them at all. Mr Robertson: How much is the horse worth? Bankrupt: It might be worth £l, or £SO, or even £IOO. Mr Robertson: Do you gamble? Bankrupt: No. I might have bet 10s perhaps. I am not a gambler. I call a gambler a man who would put £SO to £IOO on a horse. Mr Robertson: Do not you think that this business venture of yours was a bit of a gamble? You went in with debts and the prospects were slender were they not? Bankrupt: I suppose ff. A motion leaving the winding up of tho estate to Mr Robertson was carried. The Assignee then added the remaxks Ml ®ui abov*-