IN BANKRUPTCY.

Manawatu Standard, Volume XLVI, Issue 48, 26 January 1926, Page 9

IN BANKRUPTCY.

AIEETING OF CREDITORS. A meeting of creditors in the bankrupt estate of Walter Ratcliffe, confectioner, of Palmerston North, was held at tho Court hoitse yesterday afternoon, Air C. E. Dempsy (D.0.A.) presiding. Others 2 )rescn t were: Messrs D. A. Fraser (Windsor Alanufactunng Co.), A. E. Aiansford (Lewis Palmerston North, Ltd.), C. R. Perrin (Barraud and Abraham, Ltd.) and D. Lloyd. To Air Dempsy, bankrupt stated that he had been in business, first as a land agent, since September, 1924. Ho had commenced with a capital of In January of last year he had found that ho was getting behind. He had miormed Air Aiansford that he was m financial difficulties, but had been expecting his wife to receive the sum of £528 under the will of her grandfather in England. She had informed him that lie could have the use of tho money when it arrived. Ho was unable to say whether tlie money would come to hand now as his wife’s brother was endeavouring to upset the will. If this wero done she would receive nothing. Ho had been in the land agency business, but had made only one sale in six months and had lost £245 during that time. When he commenced in tho confectionery business he was paying £7 a week rent and £3 for wages. Bankrupt stated that ne was a married man with six children. He had been unable to pay liis houso rent (£1 15s per week) since last August. His furniture was worth £25.

In reply to Mr Lloyd, bankrupt stated that ho had not shifted any goods from the shop; neither did he have any knowledge of any confectionery which had arrived at the station. Ho had six children and not two as suggested by Mr Lloyd. “In fact, Mr Lloyd, if you like to put up any money I’ll take you and show them to you” he said, but was called to order by the D.O.A. In reply to Mr Mansford, bankrupt said that he had sold a house in Napier out of which lie had received £-100 which he had put into the business. At the end of the first six months his stock was £250 down. He had had frequent changes of staff. His turnover was £OO lor the first few weeks, but ultimately 'it dropped to £ll. He had drawn only £2 per week and had merely existed.

At this stago Mr Mansford suggested that bankrupt prepare a statement showing the amount of stock purchased and sold during the timo he was in business. This was agreed to and the meeting was accordingly adjourned.