BANKRUPTCY.

Gisborne Times, Volume IX, Issue 804, 20 January 1903, Page 3

BANKRUPTCY.

The following statements of assets and liabilities has been filed by debtor in tho estato of Joseph Robert Sigley, tinsmith, Gisborno ; Soeurod creditors £55, loss estimated value of securities £IOO, surplus to contra £45. Unsecured creditors £252 18s 3d, which represents the total debts. Assets : Stock-in-trade at Gisborne estimated at £56 ,12s 3d ; book debts, £8 17s, estimated to produce £5 ; tools of trade and working plant, £92 ; furniture, £5 ; surplus from securities in hand of secured creditors, £45 ; total, £203 12s 3d. Deficiency, £49 6s. Tho unsecured creditors are : —Joshua Sigley £5 17s 3d, F. Stafford £26 18s, W. A. O'Meara £2 13s 2d, Adair Bros. £3 12s, Allan and Jones £7 4s 2d, Common, Shelton and Co. £2 12s 9d, Williams and liottlo £7 7s, Stubbs and Co. £7 14s, C. Olding 8s 7d, J. Brown 63, W. J. Cos £3 3s lOd, Shierlaw and Co. £1 4s, Webb and Sons £1 7s 6d, Morrison Bros. £2 Is 9d, A. R. Muir 15s 4d, Kennedy and Evans £4 6s 3d, Jones, Slack, and Gaudin £1 18s, Parnell and Co. £1 Is 7d, E, Yardley £1 10s, W. Scotter £1 7s 7d, J. Godfrey £4 13s, Clayton Bros 10s, T. Morrison 18s, Briscoe, McNeil and Co. (merchants, Wellington; £l3l 12s lOd, Buxton and Co. (Nelson) £2O, Thorn and Co. (Wanganui) £2 14s 2d, J- Paul and Co. £4 10s, E. Kitchen 19s, E. Bird £1 10s, Drummond and Sons 15s, G. Goss 10s (tho latter five being Wanganui creditors) ; total, £252 18s 3d. Tho secured creditor is W. Sievwnght, solicitor, amount of debt £55, the security tho leasehold interest ki portion of section 92, Gisborno, with building thereon, estimated value £IOO. Tho following is tho bankrupt’s statement “In May, 1901, I began business in Gisborne, having material and tools to the value of £SO of my own. My brother, Mr J. Sigley, bought for me tho business known as tho Cook County Plumbing Works, costing £l5O, for £SO by cash and the rest in two bills for tho balance. Tho cash I shortly afterwards repaid, and paid tho first bill in cash, and have gradually worked off the othor one. On balancing accounts at the end of 1902 I discovered tho business was insolvent, and at once informed my brother of the state of affairs, in tho hopo that ho would afford aid to enable mo to wind up without loss to any creditor. This ho refused, advising mo_ to stato the case to Messrs Briscoe, McNeil and Co„ the largest creditors. I did this, asking help. This was rofused, and aftor a short interval I received a wire demanding that I should at once filo my sehcdulo inbankruptcy. In tho meantime a socured creditor put a man in possession, thus closing tho concern and making bankruptcy inovitablo. I attribute my I failure to not having sufficient capital, to having been obliged to pay off tho cost of tho plant at too short a period, to the ■ poese and loss of time and trade consenuont on two removals to fresh business premises, to the fact that in Gisborne there exists more establishments in my trade than is needed, and these being wealthy concerns and well established makes it extremely difficult for an outsider to get a footing, and at the end to the presence of a bailiff in my shop, and the pressure from without compelling me to filo at ace,” __