BANKRUPTCY MATTERS.

New Zealand Herald, Volume LI, Issue 15518, 28 January 1914, Page 7

BANKRUPTCY MATTERS.

AFFAIRS OF A DRAPER.

PARTNERSHIP QUESTION.

A meeting of creditors in the estate of Harold Alfred Conies, lately trading as H. A. Comes and Co., drapers, of Auckland, was held yesterday before the official assignee (Mr. W. 0. Fisher). The bus' ness was formerly a partnership concern, the other partner being Sydney Lendrum, who was also present with nis solicitor Mr. W. E. Moore.

Bankrupt's liabilities, which were ell unsecured, were set down at £346 8s 9d, and his total assets were estimated at about £435 10s, which left an apparent surplus of £89. The assets included £133 10s. for stock-in-trade, but the assignee said that the auctioneer in whose hands they were at'preserit',' computed the value to be about £100, and after deducting expenses, he doubted if they would realise more than £60. Another item in the assets was book-debts, estimated to produce about £280. Bankrupt said a few of these had been put into the hands of a collector, who had succeeded with some of them, though he did not know to what amount. He had been suffering from nervous breakdown, preventing his working for over a year.

The partnership of bankrupt with Lendrum was said to have been dissolved in August, 1912, the latter claiming as his share of the business the sum of £150, which, however, he did not wish to press for until the other matters had been arranged. Sydney Lendrum, of Ponsonby, bookbinder, stated that be lent bankrupt the sum of £20 to start the business, with the understanding that he would get a fair share of the profits. He gave his personal services on several nights of the week, besides canvassing for custom, and he considered that he had helped the business materially. On the dissolution of the partnership he advised the customers of the change, but not the creditors, as he considered it was bankrupt's place to do so, as it was he who had managed the business. The assignee said that legal advice had been obtained from the Crown Solicitor (the Hon. J. A. Tole, K.C.) on the two questions— whether the partnership between Comes and Lendrum had been dissolved, and (b) even if the partnership were dissolved, what claim had Corae's creditor against Lendrum? Mr. Tole's opinion was that the weight of evidence was in favour of the view that the partnership was dissolved, though further evidence might completely change this view, and also that were it established that the partnership was dissolved, those creditors who gave credit with the knowledge that Lendrum was a partner, though they received no notice to the contrary, could enforce their claims. It was decided to leave the" realisation of the assets in the hands of the official assignee, the whole matter to remain in abeyance until further legal opinion had been obtained. LABOURER'S MISFORTUNE. The statement of Joseph Skelton, labourer, of Opotiki, who recently filed a petition in Bankruptcy, shows that there is a total deficiency of £140 13s 4d. A sum of £155 13s 4d is owing to unsecured creditors, but there are assets consisting of furniture valued at £15. Bankrupt states that he went to Opotiki with his family in 1908, and he was then financial. He worked as a labourer, but about 18 months after he went to the place his wife started a combined restaurant and fruit shop on her own account. This undertaking resulted in heavy loss, owing to his wife's inexperience in business matters. When his wife gave up business he advanced her £73 towards the payment of her creditors, and since then he had paid another £10. His average weekly wages as a labourer were £2 10s, and he had a wife and five children to keep. He had had considerable expense through illness, and his wife was practically a chronic invalid through a horse accident, which took place seven years ago. He had no proposal to make to his creditors. The adjourned meeting in this case will take place at Opotiki on Wednesday next. BAKERS FILE. James Henry Casley and James Thomas Casley, trading as J. H. Casley and Son, bakers, of Matamata, have filed a petition in Bankruptcy. The first meeting of creditors will be held on February 3, at 11 a.m., at the official assignee's office.