YOUNG MAN BANKRUPT.

New Zealand Herald, Volume LX, Issue 18498, 7 September 1923, Page 5

YOUNG MAN BANKRUPT.

FURTHER ACTION PROPOSED.

PONSONBY ROAD TOBACCONIST.

A meeting of creditors in the bankrupt estate of William George Tucker, a hairdresser and tobacconist, of Ponsonby Road (Mr. Mackay) yesterday dee ded to have the facts laid before the Crown Solicitor with a .view to a prosecution. The official assignee, Mr. W. S. j Fisher, presided over a. small attendance. / • The bankrupt's schedule showed ' that the total debts were £253 •' 12s 9d, all owing to unsecured - creditors. The assets were set down at. £98, made up of stock-in-trade £73, and goodwill of the shop, £25. Tho official assignee said he had had'the stock valued by an expert, who had appraised it on presert values at £48 9s Id, while a creditor said they could not count on anything : for the goodwill. . •" .. (i..'' The bankrupt had been iin 'a similar business at ■Te Awamutu, and had sold out about four months ago. i It was contended by creditors that bankrupt ' had assured one firm he had cleaved £170 out of the sale, while owing £133't0 another firm in the same line of business*. ~ There was also some question whether a brother of bankrupt had been in the business with him as a partner, but this the, bankrupt denied. He stated that when he cfime to Auckland he owed £160, and possessed about £50. He had *, no fixed sura as weekly drawings. He did not know much about keeping books, but had kept a record of his dealings as well as he could. Mr. Mackay, said that Tucker had no business knowledge, and creditors had given him credit without asking ques--tions. He had sold his Te Awamutu business for £170, and had to meet accounts. A prudent man might have then called his creditors together, but he had not done this. Counsel said he was sure there was nothing dishonourable about bankrupt's actions. . The' official assignee said that Tncker had a very bad business record for a young man, and he would put in a very strong report when bankrupt applied for his discharge. ./• " After further discussion, a motion to refer tho matter to the Crown Solicitor was carried unanimously. :