BANKRUPTCY

Greymouth Evening Star, 10 September 1927, Page 11

BANKRUPTCY

FAILURE AT WESTPORT. A meeting of the creditors in the bankrupt estate <?f Samuel Mclntyre blacksmith and cabinet maker, was held at Westport on Thursday, before the Deputy Official Assignee (Mr W. T Slee). Bankrupt attributed his failure to the fact-that he engaged in a business he knew nothing about. His statement was as follows: — For many years past until October, 1922, my brother Jack and I carried on business in partnership as blacksmiths and wheelwrights. I then took over the business on my own account. No money was paid to my brother for the business. The arrangements were that I had to pay all accounts owing by the partnership and I had to receive all debts owing to us. About October 1922, I purchased Mr George Fraser’s machinery and stock. I paid Fraser £493/19/4 for same. Of that sum I borrowed £250 from A. E. Morley, £lOO from D. Driscoll and the balance I found myself. At this time it was not my intention to carry on the business of cabinetmaking. I had intended to carry on business as a motor truck body builder, combined with the business of blacksmith. At that time the prospects of the motor truck business seemed very bright. However, it did not turn out as I anticipated, and 1 commenced business as a cabinetmaker in November of the same year. In November 1923, as I could not attend to both the businesses of blacksmith and cabinetmaker, I gave up the blacksmith business to my brother. He paid me £9O or thereabouts for the stock. In May, 1926, I again took over the blacksmith business. The value of the stock taken over by me was £73. My turnover for 1924 was £1212/10/4 and expenditure £1242/8/5; 1925 turnover was £1330/2/10 and expenditure £ll9l 5/9; 1926 turnover was £1335/8/6 and expenditure £1282/7/5; 1927 turnover was £642/10/2 and expenditure £386/3/2. The figures for the turnover are taken from the day book and the expenditure from my bank book. I paid many of the accounts by cash and of course these payments are not included in tile expenditure set out above. I am unable to say how much I received from the business from 1924-27 but my drawings would not exceed £4 per week. I attribute my bankruptcy chiefly to the fact that I engaged in a business I knew nothing about. Other contributing factors were slackness in trade, bad debts, and also the fact that the gas engine gave me a lot of trouble during the months of July to September, 1926.

The total amount owing to unsecured creditors was £lOl6/11/11. . His book debts amounted to £397, estimated to produce £206/9/3. Bankrupt stated that he did not give any prospect of realising on his portion of the property. He had no ouw not dlma k eco and view rkinno work in view and could not make an offer to his creditors.