LEVIN BUTCHER MEETS CREDITORS

Manawatu Times, Volume LIV, Issue 6911, 17 May 1929, Page 8

LEVIN BUTCHER MEETS CREDITORS

NO RESOLUTION PASSED. A meeting of creditors in the bankruptcy of George Lamb, a butcher formerly of Levin, now of Carterton, was hold yesterday, the D.0.A., Mr. C. E. Dempsy, presiding. There _ were present the bankrupt and his solicitor, Mr. Rutherfurd, Mr. Adams representing Mr. R. McMillan, Mr. J. Davis and the trustees of the partnership, Air. Iv. Aitkcn (Clias. Begg and Co.) Total debts owing amount to £313 10s sd. Assets are set down at £3O leaving a deficiency of £2BB 10s sd. Of the debts £250 is'owing to a creditor whose security is estimated to produce £7O. Bankrupt’s Statement. In his sworn statement bankrupt said: I commenced business in Levin on March .1, 1926, as a butcher in partnership with C. Sherwood. As capital I had to borrow the £2OO owing to Honi AlcAtillan. This was all the capital I had. Business was satisfactory up till July, 1926 when Sherwood sold out his share, and continued satisfactory with a new partner until January, 1925. At this time the price of stock appreciated very considerably and this adversely affected the profits of the business. This fact and certain bad debts almost cut out the profit. Alv drawings from the business were at the rate of £5 5s a week from July, 1926, until February, 1929. Aly partner drew the same amount. In the first week of February, 1929, I became ill and was unable to attend to business for six weeks. During this period I drew only £3 10s. While I was ill my partner called a meeting of partnership creditors. The business was theretftcr run by two trustees for the creditors and was eventually sold, the proceeds going to pay partnership debts. I was then told to look for work. £ attribute my present position to the fact that the high prices ruling for stock practically cut out ail profits from the business and to my illness at a critical time. At the present time I am working for n. B. Thomas, Carterton, as a butcher at £5 5s a week. I am a married man with live children. Aly wife and four children are dependent on my earnings. Tho only asset I have is furniture jiartly under mortgage. I am unable to make any offer to rny creditors. Examined by Air. Adams bankrupt stated that his debts went back to 1924. The oldest account was a doctor’s. It was last winter when he found that the partnership business was going back. £6O was borrowed from Air. Davis to pay off the balance owing on his furniture. The partnership tried to bring the business round j by dealing in pigs which resulted in a heavy loss. Bankrupt owed nothing to Mr. Davis for pigs. On the completion of the examination the meeting was adjourned sine die without any resolution being passed.