FAILURE IN BUSINESS.

New Zealand Herald, Volume LXVII, Issue 20560, 10 May 1930, Page 15

FAILURE IN BUSINESS.

CABINETMAKER'S ILL-HEALTH PATIENT IN HOSPITAL. " A CASE OF MISFORTUNE." A meeting of creditors in the estate of Thomas Cottingham, cabinetmaker, of Morrinsvillo, was held in Auckland yesterday, Mr V R. Crowhurst, official assignee in Hamilton, presiding. Bankrupt did not appear owing to illness. Bankrupt's schedule showed that liabilities to unsecured creditors totalled £364, and the value of stock-in-trade and book debts was estimated at £232, leaving a dericiency of £132. In bis statement bankrupt said he had been in Morrinsville since 1912 and until 1923 he was employed as a journeyman carpenter. In 1923, owing to failing health, he commenced business as a cahinotmaker and furniture dealer with £350 loaned to him by his wife. The business paid its way and in Novembei. 1927, he moved into a new shop in an endeavour to improve the busi ' ness. About February, 1929. lie met with an accident, and as a result had been an ininato of the Waikato Hospital ever sinco. suffering from paralysis Since his illness, his wife had carried on the business. Bankrupt said it was unlikely that ho would be able to do any work again, and consequently he could make no offer to creditors. He attributed his position to illness caused by the accident, business competition and general trade depression. Tho official assignee said Mrs. Cottingham could not give a statement to supplement that of bankrupt, but had expressed her willingness to go to Hamilton and be examined concerning her dealings with creditors and her knowledge of the estate generally. "It seems to be purely a case of misfortune," said a creditor. It. was decided that Mrs. Cottingham should bo examined, and that if the result of the examination was satisfactory, facility should be given for bankrupt's dis charge. The official assignee was in structed to take action necessary to realise on tho stock.