AFFAIRS OF A PLUMBER.

New Zealand Herald, Volume LIII, Issue 16408, 9 December 1916, Page 7

AFFAIRS OF A PLUMBER.

NOMINAL SURPLUS SHOWN.

ESTATE TO BE REALISED.

Tub first meeting of creditors in the bankrupt estate of James McGrath, of Auckland and Takapuna, plumber, was held yesterday afternoon at the office of the official assignee, Mr. W. S. Fisher, who presided. Bankrupt's schedule showed liabilities to unsecured creditors totalling £265 7s sd, and to secured creditors £303 7s, a total of £566 14s sd. Assets were set down at £1000, comprising securities held by secured creditors, £450; stock, £230; book debts, estimated as worth £150; mining shares, £20 : and furniture, £150. These figures showed a nominal surplus of £433 5s 7d. Bankrupt said lie commenced business seven years ago with a capital of £25. He had been forced to file owing to pressure by one creditor. Examined by tho assignee, the debtor said he could not explain his position, except on the grounds of lost time in collecting book debts, and tho necessity of paying interest on the stock he had 'had to keep. He had not made losses in speculation ; lie did not drink; and had never attended a rate meeting. A creditor said that bankrupt was a steady man, and his position was due merely to want of business tact. In any case, he was not in such a bad position. Tho creditor urged that bank nipt should be given, a chance to work his way up again. It was decided to allow bankrupt to retain furniture and tools to the value of £75. The creditors also authorised tho assignee to realise tho assets in the estate.