A PALMERSTON BANKRUPTCY.

Evening Post, Volume LXXIV, Issue 24, 27 July 1907, Page 5

A PALMERSTON BANKRUPTCY.

"AN UNREGISTERED COMPANY." [BT TELIiGItArn.— PRESS ASSOOIATIOX.J PALMERSTON NORTH, This Day. A meeting of creditors in the estate' of Robsrt M'Artney, plumber, was hsld yesterday. _ Tho debtor's statement showed liabilities' totalling £332 and a deficiency of £217, Wellington firms being large creditors. He attributed hb failure to ths falling away of tho building trado, and consequently of orders for plumbers' requisites. Examined by tho Deputy Officer tho bankrupt sa.id ho had no capital when he started business. He began trado under the name of 'Robert M'Artney, Ltd," but afterwards discovered that' ho could not do this. , In reply to Mr. Cooper, debtor said ha only owed £20 when he started business Since then he had borrowed altogether about £225 from Mr. Loughniin, all b?ing iisod in connection with ths business. When he purchased tho niachinery from Wellington firms he t.old them he was going to form a limited liability company. Ho denied that he had stated that tho company , was 'going to have a capital of £iisoo. He had given cheques and opened a banking account iv the name, of "Robert M'Artney and C., Ltd," signing "per R. M'Artney, managing director." At tho he did not know tho difference between "M'Artney and Co., Ltd." and '.'JM.'Arlney nnd Co." He hnd never taken any steps for tho registration of tho company, and he was .not aware that this woe required. NQbody beyond himSfllf and My.' Loughnan, who had advanced the money before referred to, hnd any interest m the business at all. He admitted that when ho wrote a letter to Burt and Co. he referred to a man as being his principal whom ho knew had been dead for three months. M'Artney was oxaxn.in.ed at some length as to dotails in connection with the, business, and as to what ha had done with £592 14a ' which had passed through his hands in eight months. The moeting decided to nccept Mr. Loughnan'a offer for tho disposal of the assets and thnt a public examination was not desirable.