A TE AWAMUTU BANKRUPTCY.

New Zealand Herald, Volume XLIII, Issue 13325, 3 November 1906, Page 6

A TE AWAMUTU BANKRUPTCY.

The first meeting of the creditors of the absconding bankrupt, H. Sangster, baker, of Te Awamutu, was held at the official assignee's office yesterday. The official assignee explained that the bankrupt had absconded, leaving his wife in the business. The total debts amounted to £470. The value of the plant, shop fittings, etc., was estimated at £197 10s 2d. The total liabilities, including bankruptcy expenses, were estimated at £544, while there were £297 as.sets. The assets might amount to £397 if the value of the lease was as estimated at £100. Mr. R. W. Sinclair, on behalf of T. H. Hall and Co., who are the largest creditors, suggested to the creditors that their company should put a man in, and carry on the business. Mr. Gerard said it had been intimated that a claim was to be put in for one of Sangster's daughters for £180, which amount had been left to her, and borrowed by her father. Mr. Mennie, of Mennie and Dey, suggested that Hall and Co. should pay the other creditors 10s in the £, and carry on the business themselves. On the official assignee pointing out that he (the official assignee) would have control, Mr. Mennie moved that the official assignee carry on the business for six months. The motion" was carried, and the meeting was adjourned sine die.