IN BANKRUPTCY

Evening Post, Volume LXXXVIII, Issue 92, 15 October 1914, Page 2

IN BANKRUPTCY

I ■ -»■ A JEWELLER'S AFFAIRS. A further meeting of creditors -in the I bankrupt estate of William James Phil-, lips, watchmaker and jeweller, of Taumarunui, was held at the Official Assignee's Office yesterday afternoon, the acting Official Assignee (Mr. C. Zacha,riah) being in the. chair. ,• < A fresh statement of the bankrupt's accounts, prepared by Somerville and Co., of Taumarunui, set down the liabilities at £654 10s lid, and the assets at £495 16s 4d comprising stock-in-trade, £431 10s lid; plant and fittings, £40; and book debts, £24 5s sd. There was thus an estimated deficiency of £158 14s 7d. ' Creditors present at the meeting were not prepared to accept the statement furnished by , Somerville and Co., and it was suggested at the outset that the accounts would have to be looked into again. •• a The bankrupt, under examination on oath, attributed his position to an "unfortunate" transaction in purchasing from Pratt and Co. the assigned stock ! of one Chilcott, and to the fact that he was too easily influenced by travellers. He could not account for the difference (as shown in the books) between his takings and his business expenses and household expenses. He had no money now, and the only cash payments ho had made were for necessaries and articles of furniture. _ The bankrupt's wife was then questioned, and after hearing her it was decided to place the books and invoices in the hands of a qualified accountant, to see if anything could be made of them, and to call for tenders for the stock. A valuation of the furniture is to be obtained in Taumarunui. " Mr. Zachariah suggested to the bankrupt that it might help matters if bankrupt's mother withdrew a claim she had lodged, and that could be treated as a set-oif against the money which bankrupt had assigned to her. Tho creditors did not desire to be hard on bankrupt's wife in dealing with the furniture, and some allowance might be made. The meeting was adjourned until a date to be fixed, the bankrupt being instructed to render any assistance necessary to the accountant examining the books.