SYMPATHETIC CREDITORS

Evening Star, Issue 19064, 6 October 1925, Page 2

SYMPATHETIC CREDITORS

BANKRUPT MOTOR LORRY CONTRACTOR A meeting of creditors was held .yesterday afternoon in the estate of Hugh Reid, motor lorry contractor, who recently filed as a bankrupt. The Official Assignee (Mr K. W. Cave) was in the chair. The statement of assets and liabilities showed:—Unsecured creditors, £7OO 12s sd; total debts, £7OO 12s od; stock-in-trade, £32; cash in hand, £2 18s 4d; total assets, £34 18s 4d; deficiency £065 14s Id. The principal unsecured creditors were Messrs J. and P, Scott, £380; O. and W. Shiol, £133 9s (Id; Abbotsford Tileries, £27 19s 2d; W. Ellis, £36 19s; City Corporation, £24; Calder's Quarry Syndicate, £2l Ids 6d; Co-operative Society, £l7; and J. M'Gregor and Co., £l3 18s. The bankrupt was represented by Mr W. L. Moore.

The Bankrupt, in his sworn statement, said that he started in partnership with Mr 13. Newman in 1919. Tho assets consisted of a lorry valued at £3BO, purchased from Messrs A. Steven and Co., £2OO being paid in cash. Mr Newman sold to bankrupt's brother, Mr Alexander Reid, who paid £l6O for bis share. He carried on with bis brother, and they purchased another lorry from the Express Company. Tho sum of £C-50 was paid. The partnership was dissolved at the end of six months, and he paid his brother £6O. Tho lorry broke down at the end of a fortnight, and had to undergo repairs for three weeks. A fortnight afterwards the lorry again hroko down, this time a crank shaft breaking. This cost £46. The machine was then in the garage for twelve months. Bankrupt enumerated other breakdowns, stating that his repair bill with one linn since 1922 had amounted to £789, of which he paid £4OO in cash, besides money spent in other garages. He attributed his failure to the breakdowns. He was now earning £4 9s Gd per week. Mr Moore explained that a private meeting of creditors had been held some tune ago. It seemed useless filing, but someone had issued a summons, and that had brought matters to a head. The man could not ofler anything, as he had a wife and seven children, one of whom was just about able <o support himself. A number of creditors had expressed their sympathy, Mr Moore added that debtor had spent an enormous sum in repairs, and this fact had mined him.

. Oho creditor raid that bankrupt had had very hard luck, and ho had frequently scon him 'on the road with n broken-down lorry. On the motion of Mr iV. Anderson it was decided that manor* should ho left in the hands'of the Otlirial Assignee and that creditors sympathise with bankrupt in the position he found hiniBelf.