IN BANKRUPTCY.

Manawatu Standard, Volume XLI, Issue 9588, 4 September 1913, Page 5

IN BANKRUPTCY.

Tho first meeting of creditors in the bankrupt estate of Xils Magnus Person, of Palmerston North, wat called for yesterday afternoon, but lapped for want of a quorum. In his written statement bankrupt 1 said that he started business as a painter and paperhanger in 1904 with a capital of £oo. Business was fairly good until 1910, and he was always able to pay his way. From 1910 ouirarda ihe had from time to time lost on contracte, the cause being principally tho labour conditions. He discovered that recently he had been making practically no headway, and with a view of placing the position clearly before his creditors he had his hooks balanced and his exact position defined. A meeting of his creditors took place, at which he offered to assign everything to them. Those present were favourable to this, but his largest creditor subsequently suggested that he should file. The proposed assignment was, therefore, abandoned. Ho had kept proper Iwoks and had alwavs lived sparingly. He wa« now left without any expectations. Bankrupt could not make any offer to his creditors at present.