IN BANKRUPTCY.

Gisborne Times, Volume XLVII, Issue 4406, 25 November 1916, Page 6

IN BANKRUPTCY.

MESSRS. TWIG LEY AND MARSHALL'S ESTATE.

I file following statements have been filed with the Deputy Official Assignee by Messrs Twigley and Marshall and H. AY. Twigley and J. M. Marshall. Messrs. Twigley and Marshall say 5 “AA 7 e started in business in May, 1914, when we purchased the bakery business of Messrs. S. Clare and Sons. AA T e had between us £250, out of which we paid £2OO down and gave a bill of sale over the st-ock and plant for the balance of the purchase money, £746 16s, with interest at 6 per cent. AA'e had also paid an additional £2OO by instalments. Hie total cost of the business with interest was to have been £1241. This purchase money has been reduced to the remaining £2OB shown in our statement. Our rent under the lease wo took over was £36, and this lease included a farm for which we got £6 10s per month. The lease expired in March, 1915, and we were unable to obtain a new lease. The farm was not included in a weekly rent we have had to pay of £7 since the expiry of the lease. AA'e attribute our bankruptcy to high rent, heavy payments under bill of sale, and the increased cost of material due to the war. AA'e regret our position, also that we are quite unable to make any offer to our creditors.” H. AY. Twigley says:—‘T came to Gisborne from Scotland about 31years ago, and was employed by Messrs. Wootton and Findlay until April. 1914, when I arranged with Mr. Marshall that we would go into partnership, and we bought Messrs. Clare and Sons’ business. Out of the proceeds of the sale of my business at Home I found £l5O of the capital required to purchase Clare and Sons’ business. AA ith the exception of the £l5O I had no private estate. The furniture in private use my wife brought with her from Scotland, and it is her own.”

James AI. Marshall stated: —“l came to Gisborne from Auckland over three years ago. having been sent here by Alessrs. L. D. Nathan and Co. as an assistant in their hardware and fancy department, and remained with them till I arranged to go into partnership with Air. Twigley. I borrowed £IOO from my wife, which I put in as my share in the partnership. 1 also borrowed from my wife n f '.vrlher £27, which was used in the business. We arranged that Mr. Twigley was to take charge of the baking and I was to take charge of ‘the shop and outside part of the business. I bad no private property of my own. Alv wife has purchased what furniture we use with her own money, and I have no interest in it.”