A PALMERSTON BANKRUPTCY

New Zealand Mail, Issue 1847, 31 July 1907, Page 24

A PALMERSTON BANKRUPTCY

PALMERSTON, July 27. - A meeting of creditors in the estate of Robert McArtney, plumber, was held yesterday. The debtor’s statement showed liabilities totalling ,£332 and a deficiency of .£217, Wellington firms being large creditors. He attributed his failure to the falling away of the building trade, and consequently of orders for plumbers’ requisites. Examined by the Deputy-Officer the bankrupt said he had no capital ivhen he started business. He began trade under the name of “Robert McArtney, Ltd.,, but afterwards discovered that lie could not do this. In reply to Mr Gooner, debtor said he only owed £2O xvhen he started business. Since then he had borrowed altogether about. J 8225 from Mr Loughnan, all being used m connection with the business. When he pui’diased the machinery from Wellington firms he told them he ivas going" to form a limited liability company. He denied that h© had stated that the company ivas going to have a capital of £2500. He had given cheques and opened a banking account in the name of “Robert McArtney and Co., Ltd.,” signing “per R.. McArtney. managing director.” At the time he did not knoAA 7 the difference between “McArtney and Co., Ltd.,” and “McArtney and Co.” He had ne\ 7 er taken any stops for the registration of the company, and he Avas not aAA'are that this was reqnired. Nobody bevond himself and Mr Loughnan, Avho hadadA r anced the money before referred to, had any interest in the business at all. He admitted that Avhen he Aviote a letter to Burt and Co. he referred to a man as being his principal Avhom he kneAv had been dead for three months. McArtney A\ 7 as examined at some length as to details in connection v Mth the business, and as to wliat he had done Avith £592 14s Avhich had passed through his hands in eight months. The meeting decided to accept Mr Loughnan’fl oner for the disposal or the assets and that a public examination Avas not desirable.