“DEBTS EVERYWHERE”

Dominion, Volume 24, Issue 144, 14 March 1931, Page 9

“DEBTS EVERYWHERE”

Many Unsecured Creditors SALESMAN’S BANKRUPTCY “It appears that you contracted debts everywhere you touched,” said Mr. S. Tansley, Official Assignee, yesterday, when Charles Gordon MacKessack, salesman, Lower Hutt, had rend his statement to a meeting of his creditors. In a long statement, bankrupt set out tliat at the beginning of March, 1928, Jie had entered into a contract with Mr. Wilson, of F. K. K. Wilson and Co., Ltd., to sell shares on a commission basis. A deal which fell through cost him £2OO, and he decided to go south, and take up the selling of Hempland Bonds, having been allocated that territory by Mr. Wilson. He went to Dunedin and Christchurch. opening up branches in each place. Later his .agency was cancelled, and he sold shares for the Canterbury Gelatine Company, Ltd., and helped to organise a syndicate known as West End Mansions, Ltd., and then was concerned in the formation of companies connected with the acquiring of flax land, and the establishment of a picture theatre at Riccarton. Then he joined up with the General Mortgage Corporation, going to various parts of the South Island for them. He then helped to found Spray Decorators, Ltd., and then tried to form a small company to take the Muritai over from the Eastbourne Borough Council, and convert it into a cafetaria cabaret. He w«s receiving charitable aid at the end of last year, as his earnings were insufficient for his living. “Personally, I think it is criminal for a man to go floating around the country incurring liabilities. There are 76 unsecured creditors, going back to 1927,” said the Official Assignee. He mentioned that there was £940 owing to the creditors. Bankrupt replied that his books were being kept by an accountant in Dunedin, who was supposed to pay the accounts from the money coming in. “Instead of paying my accounts, he naid himself," said MacKessack. Examined as to why, October last, he had taken 200 shares in Spray Decorators, Ltd., when he had nothing to pay the calls with, bankrupt stated that if he had not taken up the shares there would have been no Spray Decorators, Ltd., and he would not have got anything out of it. Asked why he had taken £2/10/- for himself when the money had been given to him as application moneys for shares, in December, 1030, bankrupt said that it was because his wife and children were starring. ' The Official Assignee: Ido not know what you would call it. but At that'State a solicitor remarked that bankrupt's last statement, did not seem to tally with another statement made. The meeting was adjourned sine die