BANKRUPT COSTUMIER

Gisborne Herald, Volume LXVIII, Issue 20637, 18 August 1941, Page 2

BANKRUPT COSTUMIER

MANY QUESTIONS ASKED MORE DETAILS WANTED After many questions had been asked; creditors at tlje bankruptcy meeting, of Alexander Katranski, costumier, of Hastings, held in Hastings, adjourned until August 28, to enable the bankrupt to supply a detailed statement of his income and expenditure from all sources from February, 1939. The assets in the estate were shown 'at £ls 12s Gd and the deficiency at £l7Bl 9s Id. In his personal statement, bankrupt said that he had started shops in Hastings, Napier and Gisborne and these were doing well, and r about the end of 1939 he formed a company known as Fidora Frocks, Limited, which took over the three -businesses. -He then commenced to manufacture • frocks and supplied the company. This company, however, went back because of the war and import restrictions, aiid in addition the Gisborne shop-returns fell from £125 to £25 -per week. On investigating this, ho found that the fall was not only atTitributable to lack of attention, but also because over .£4OO worth of stock Twas missing. Owing to the drop in returns from the Napier and Gisborne shops, Fidora -Frocks, Limited, got . into a bad financial position and the Commercial Bank, as a debenture holder,: appointed a receiver. Gisborne Stock As bankrupt was personally liable under his guarantee, he had to de•sfposit fife policies with the bank as security. The statement intimated . that bankrupt Was liable for debts totalling . £947 for Fidora Frocks, Limited, and a further £7Ol for debts prior to the commencement of his business in Hastings. In addition he --owed the Public Trustee, Gisborne, : £32,gent, which should have been paid by Fidora Frocks, Limited, so that £1648 of his present liabilities comprised guarantees for Fidora Frocks. Limited, and his own business. Fidora Frocks,. Limited, owed him £SOO, which he had no hope of recovery. ~ | Mr. W. Harte, Official Assignee, who "'presided: You allege that one of the • ■reasons for your failure was dishonesty at the Gisborne shop. Is that correct? Bankrupt: Without prejudice. Mr. Harte: It can’t be without prejudice. You have said it in your sworn statement. Bankrupt: It is fact, but not accusation. The stock was sold, not stolen. Racehorse Ownership The bankrupt said he owned and leased some racehorses, and. asked how he found money to race and train them, he said it was not very expensive, j Mr. Harte: You are the first I have heard say that. In reply to further questions, the bankrupt said he was warned off the racecourse in April, and in the past 12 months‘he Had attended race meetings . at several places, having bets on the totalisator but not with bookmakers. He denied that he was a bookmaker, but described himself as a commission agent. He was now a billiard-room proprietor. He paid the marker half the profits, which were up to £3 a week. He accepted bets on behalf of ■ others at the saloon, securing Is Gd in the £l. A creditor remarked that they were getting nowhere with their questions, and another said that the bankrupt had gone to the meeting totally unprepared with- financial statements, and the meeting adjourned until August 28.