CLERK'S BANKRUPTCY.

New Zealand Herald, Volume LXVIII, Issue 20958, 22 August 1931, Page 14

CLERK'S BANKRUPTCY.

PICTURE THEATRE VENTURE. NO CAPITAL AT OUTSET. The business activities of a bankrupt clerk, George Horace Percy McMullan, aged 24, who had entered the motion picture field, were investigated yesterday by the official assignee at Auckland, Mr, W. A. Wattcrs. Bankrupt's financial statement showed £207 owing to unsecured creditors. There were no assets. In his statement debtor said that in December, 1928, he was employed as a clerk to a seed firm at £3 a week. Wishing to add to his income he bought the Hobsonville Picture Theatre for £7o' with money borrowed from his mother. I'or the first three months he had made a profit of £2 a week. Then he decided to extend the business to Waimauku, Kumeu and Kaukapakapa. Owing to the closing down of the Hobsonville brick works his takings fell considerably, and a season of prolonged wet weather further embarrassed him. Bankrupt said he bad carried on until January, 1930. • He had started without capital and had not kept books. Later he had lost his position, atid had tried to recover by contracting for the installation of talking picture outfits. Latterly he had been selling wireless sets on commission. After examining bankrupt at length the assignee remarked that the case was not a bad one, though McMullan was at fault in not having kept books. The debts owing were not excessive, and bankrupt perhaps might be able to pay 10s in the pound