BANKRUPT'S AFFAIRS

New Zealand Herald, Volume LXX, Issue 21596, 14 September 1933, Page 5

BANKRUPT'S AFFAIRS

£H EM I GAL MANUFACTURER

QUESTION OF PARTNERSHIP

An adjourned meeting of creditors in the bankrupt estate of Andrew McNeill, chemical manufacturer, of Auckland, was held before the' official assign nee, Mr. A. W. Watters, yesterday. In his statement, presented at *h® last meeting, when a committee of creditors was appointed to consider his affairs, bankrupt stated he purchased the business of the Domestic and Chemical Supplied Company, Newmarket, in 1925, and carried on successfully until 1931, when business decreased. An estimated surplus of £769 of assets over i liabilities was revealed in bankrupt's schedule, which showed debts amounting to £628 and assets totalling £1397. "Before any action can be decided upon, the legal position will have to be clarified," said the official assignee 'at yesterday's meeiifig. The main difficulty was whether a partnership with another man existed. As far as he waa aware the last stocktaking took place in April, when the value of the stock was assessed at £lB2. The estimate in bankrupt's statement was £137. A meeting of the creditors' committee would be held to-morrow, and ' he> thought there was no need of any resolution by the present meeting, which, was adjourned sine die.