BANKRUPT SALESMAN.

New Zealand Herald, Volume LXII, Issue 19171, 10 November 1925, Page 7

BANKRUPT SALESMAN.

START WITHOUT CAPITAL.

FIRM'S CLAIM FOR MONEY

A meeting of creditors in the bankrupt estate of Arthur Roy Brewer, salesman, was held at the office of the official assignee, Mr. W. S. Fisher, yesterday. The estate showed a deficiency of £397 18s 7d, liabilities to unsecured creditors amounting to £441 Is 5d and the assets to £43 2s lOd.

Bankrupt said he took a position as manager of the produce department of a local firm in 1923, remaining there 13 months. He subsequently had a breakdown in health through overwork, and following a dispute with the firm joined another business house. Last March he began to work up a business as mercantile broker, and having acquired several agencies, entered into an agreement in August to purchase the good-will of the business. He had no capital, but gave promissory notes for £l7O. Several of these had since matured, but none had been met.

Cross-examined by the official assignee bankrupt said that after ho had given his first employers notice they made a claim for moneys alleged to have been overpaid to him. No claim of any kind had been made prior to his giving notice. He attributed his present position to pressure applied for payment of this money. Mr. Fisher said it was very unbusinesslike of bankrupt not to have had a clear understanding of his position with the firm. Bankrupt said he could not make any offer to his creditors at present, but if permitted to carry on his business he was confident he could make a success of it. In the absence of a quorum no resolution was passed.