BANKRUPTCY.

New Zealand Herald, Volume XXVI, Issue 9369, 20 May 1889, Page 3

BANKRUPTCY.

« DEBTOR'S STATEMENT. H. A. H. Hitchkns.The following statement) was made on Saturday before the Official Assignee, by H. A. 11. Hitchens, bankrupt : —ln 1870 I started business as manufacturer of the medicine known as the "Blood Restorer," which was a great success for some years, returning me £1200 ayear profit. In 1881 my plant, furniture, and .all that I possessed to the value of £2500, was destroyed by fire. Through this and other causes, over which I had no control, my business was seriously crippled, this culminated in my filing a petition of insolvency on the loth May, ISS4. I paid a composition of 5s in the £. After getting my bankruptcy annulled I was persuaded to form my business into a company. I did so in 18S6, under the title of the " New Zealand Patent Medicine Manufacturing Company, Auckland," with 2000 shares, at £1. Under this arrangement I was to receive 400 paid-up shares, £500 in cash, and a salary of £5 per week as manager or manufacturing director of proprietory articles. .All went well for six months, when, through the action of an alleged creditor, who claimed under the previous bankruptcy, all goods in possession of the new company. A petition was presented to make me a bankrupt, which, after protracted proceedings extending over two years, resulted adversely to the petitioners. During the whole of this time the company's operations were at a standstill, and I received no salary, nor did I receive the £500 under the agreement. About £150 of it was, however, .paid to satisfy my old creditors. About four months ago steps were taken to wind up the company, and liquidators were appointed and duly registered. After this wasdonelapplied to the liquidators through my solicitor for payment of money due on salary account, restitution of keeper, trade marks, and certificates, or "patent rights." Being refused, I brought an action against them. The liquidators succeeded in satisfying the Court that they were irresponsible, and I lost the case, but am advised that an appeal would set aside the nonsuit, and, nob having the means to take this step, I decided to file, with the view of giving my present creditors the opportunity of proceeding, as the items enumerated are my only assets.