A TAILOR'S FAILURE

Evening Post, Volume CVI, Issue 54, 12 September 1928, Page 19

A TAILOR'S FAILURE

DISCHARGE FACILITATED A meeting of creditors in the cstato of Clarenco Henry Stockbridge, tailor, of Brooklyn, AVellington, was held at tho ofuco of the Official Assignoo (Mr. S. Tausloy) yesterday. Tho statement of accounts showed: — Unsecured creditors, £118 17s lid; secured creditors, £01; less estimated value of securities, £92; surplus to contra, £31; deficiency, £50 17s lid; stock-in-trade, £10; book debts, £15; furniture, £12, total assets, £GS. Tho principal unsecured creditors were:—A. Traccy, £40; R. Jamieson and Co., £13; Standard Manufacturing Co., £17. Jit his sworn statement, bankrupt gave a detailed account of his business dealings for several years past, _ and concluded by attributing his position to being charged too much for stock and fittings; to losses incurred by going in for a house at too high a price; to bad. debts and lack of capital. In reply to questions, bankrupt said that when he bought a motor-car ho thought he was iv a financial position to niako the purchase. He paid £10 a month on the car. His drawings from the business for personal expenses averaged about £3 10s a week. Trad.) depression was the main reason for his bankruptcy. • The Official Assignee: "I think ono of tho reasons for this bankruptcy was the purchase of a motor-car when bankrupt could not afford to do so." A creditor expressed the opinion that the debtor had tried to make his business a success and pay his way. It seemed to be, he said, mainly a case of bad luck. Bankrupt was subjoct to a close examination as to his business doalings extending over a period of several years; . , : At the conclusion of the examination several creditors said they agreed that bankrupt had been a "trier," and had not been extravagant in his mode of life. ,' It was agreed that bankrupt's discharge Ik facilitated, and the meeting was adjourned sine die.