BANKRUPT BOOT SALESMAN.

Otago Witness, Issue 3673, 5 August 1924, Page 25

BANKRUPT BOOT SALESMAN.

A meeting of the creditors in the estate of Henry Arthur Price, a Mataura boot salesman and repairer, who was recently adjudged bankrupt, was held in the office of the Official Assignee (Mr E. W, Cave) on Saturday morning. Seven creditors attended. The bankrupt's liabilities were stated at £2ll 15s 2d, owing to unsecured creditors. His assets consisted of stock-in-trade valued at £BO and book debts estimated to jnoduce £lO. The deficiency was thus £l2l 15s 2d. The unsecured creditors were John Edward Butler, Ltd. (Dunedin), £54; Guthrie, Bovvron, and Co. (Dunedin), £54; Glendermid, Ltd. (Dunedin), £22 11s; R. M'Kinlay and Sons (Dunedin), £24 ss; Brace, Windie, Blyth (Dunedin), £9 2s; Wcolston Tanneries (Christchurch). £ll 18s 6d; P. S. Bett and Co. (Dunedin), £7 10s; Kingslands, Ltd. (Invercargill), £4 10s; R. I). Yule (Invercargill), £lO 16s 8d; John M'Gibbon and ,Son 3 (Mataura), 10s; Commissioner of Taxes (Wellington), £l2 12s. The only secured creditor was E. Lister (Mataura). The value of the security in his case was £4O. and the amount of the debt £4B. The bankrupt, in his written statement, attributed his failure to the high wages paid for assistance and to the starting of an opposition business in Mataura. He started business with a capital of £4O, belonging to his mother, and the business was carried on on her money. She signed all the cheques. The bankrupt was cross-examined at length by the creditors.. Eventually a resolution was carried leaving the question of the disposal of the stock in the hands of the Deputy Official Assignee at Invercargill, a suggestion being that tho stock be sold either in Invercargill or Dunedin. A further motion was passed desiring inquiries to be made into the position of Mrs Price, bankrupt’s mother, as to her liability in connection with the business.