BANKRUPT CORDIALMAKER

Dominion, Volume 23, Issue 57, 30 November 1929, Page 16

BANKRUPT CORDIALMAKER

oPUBLIC EXAMINATION. I’almerston North. November 28. A public examination of the trailing operations of Charles Albert Thomas, bankrupt cordial manufacturer, was conducted in the Palmerston North .Magistrate's Court yesterday. Mr. J. I’. Innes appeared for the Oliicial Assignee ami Mr. Cordon for bankrupt. A detieiemy of £1204/11/1 is shown in the estate, assets being £14()/*.)/7 mid liabilities £1345/0/8. . ■ . . Bankrupt stated, under examination, that lie had commenced business in 'Wanganui in 1921. He had left, the business in charge of his brother in November, 192(1. His debts then were £175 and his assets over mortgages £350. His brother had later sold up the business when there was a deficiency on some of the debts, dating from an original .partnership ' between him -and his brother. Bankrupt had purchased a business in Palmerston North in November, 192(1. as a going concern for £BOO. the premises being leased. He had paid nothing down on the business but had given a bill of sale. In .Tune. 1928, he bad compromised with some of his creditors, the total amount of the unsecured liabilities then being about £BOO. The compromise had affected a little over £4OO of his liabilities, the creditors in those cases being pressing. The sunt of £2OO had been borrowed and paid to enable a settlement on a dividend basis to be paid to those creditors. No actual discharge in full had been received from, the creditors. In June, 1928. he was unable to pay his debts as they fell due and his debts then exceeded his assets. After that date he had continued to go further back to some extent, incurring further debts. He had not called his creditors together at an earlier date because he had arranged for a partnership which he had expected to result in his being able to pay his debts.