BANKRUPTCY.

New Zealand Herald, Volume XXVII, Issue 8375, 1 October 1890, Page 3

BANKRUPTCY.

DEBTOR'S STATEMENT.

Frederick David Woodrofke, in his sworn statement before the Official Assignee, yesterday, deposed that he had started in business as a draper about six years ago, with a capital of about £000, and a credit of between £500 and £000 in England. Six months afterwards he was joined by his father-in-law, Mr. W. Woodroffe, who brought into the business £3000. His own interest in tho concern was then reckoned at £1000. In 1887 lie purchased his partner's interest for £8000, payable to his children at his death, which occurred the saino year. Owing to the action of a man named Lemon, of England, who had a claim of £2GOO against his late partner's estate, several of the debtor's trade creditors pressed him for payment, compelling him to wind up his business at a great loss. He next went into partnership in a flaxmill, with Mr. W. L. Mitchell, borrowing the necessary capital. At this time his only unsecured debts were to three members of his own family. Mitchell absconded shortly after the mill was set going, leaving theiiiiances seriously embarrassed, all the working capital having disappeared. The mill was then closed. The debtor considered that the primary cause of his difficulties was his connection with Mitchell, who absconded with his money and left a load of liabilities heaped upon him, the amounts being as follows :— Unsecured liabilities, £312 12s Id; and secured creditors, £4'2S 10a 2d ; the total assets to be set against this amounted to £361 4s 10d. In the debtor's private estate the unsecured liabilities amounted to £1970 18s Id, and his secured creditors claimed £454. His total assets amounted to £315. All his transactions have been recorded in the books produced, and seeing no prospect of working the ilaxinill without) more mean? than are at present at his disposal, he wished the creditors to realise what remains.