BANKRUPT TAILOR

Evening Post, Volume CXIII, Issue 139, 16 June 1927, Page 5

BANKRUPT TAILOR

♦ (By Telegraph.) (Special to the "Evening Post.") AUCKLAND, This pay. . At the hearing of the investigation of the affairs of' Isadore Schneidenian, the Official Assignee (Mr. G. N. Morris) questioned the right of the bankrupt to spend £300 a year in keeping one o£ his daughters studying in London, and suggested extravagance on the part of'Schneideman or his family. Bankrupt filed his schedule showing liabilities totalling £3923, of which £482 was in respect of bills he had guaranteed, the balance being due to unsecured creditors. The schedule stated bankrupt did not-possess any assets. In a written statement bankrupt said he and two of his brothers had been in business as tailors for upward of twenty years, and practically all his affairs had been conducted through the company. Business was good up to the outbreak of the war, when a public belief that they were Germans reacted to their detriment. The difficulties raised by this situation were surmounted, and after the war good profits were made. The slump, burglaries, and. the theft of £500 from the office of the company gave them another setback, from which business did not recover, and last November a liquidator was put in by the debenture holder. In. reply to the' Assignee, bankrupt said his income from the company had been about £750 a year, and as he had to support his wife and some of his family he had not been able to save anything. He was at present in receipt of a salary of £10 a week from Auckland Tailors, Ltd., o company which had been started by friends to give him and one of his brothers a fresh start. A creditor: "What about those racehorses?" . . Bankrupt: "We bought them because we thought they --would be an advertisement for" our business. They -were a good advertisement when they won, but when they lost they were a bad advertisement." (Laughter.) It -was decided that the Assignee should make an investigation in company with the liquidator. Messrs. Philip and Henry Schneideman, .managing directors of Sehueideman and Sons, publish a disclaimer in our advertising columns.