A BANKRUPT ESTATE.

Otago Witness, Issue 3862, 20 March 1928, Page 5

A BANKRUPT ESTATE.

SKIN MERCHANTS FAILURE.

A meeting of creditors in the estate of Allen Shand, formerly a skin merchant and now a labourer, residing in Balclutha, was to have been held in the official assignee’s office on Wednesday afternoon, but as there was not a quorum present the proceedings were adjourned for a week.

Th e bankrupt’s statement showed that his assets, consisting of stock-in-trade, were valued at £l2, while his libilities were £177 13s 7d, leaving a deficiency of £165 13s 7d. The list of creditors, all of whom are unsecured, is as follows Wilson, Canham, and Co., Dunedin, £126; Drapery Supply Association, Dunedin, £ll ■ W. W. M‘Lachlan, Dunedin, £8 11s; J. H. Stevenson, Balclutha, £7; W. Harris and Son, Dunedin, £7; Otago Sports Depot, Dunedin, £6; Edward Stewart, Balclutha, £5; Import Company, Balclutha, £4 2s 7d; James Dunn, Balclutha, £2; R. Powley and Co., Dunedin, £l. The following written statement was submitted by the bankrupt:—“ In August, 1923, I started in Balclutha as a skin merchant. I had a second-hand Ford truck worth £lOO, and in this I used to go round the country and pick up the skins. For the first two years J did all right out of the business, and in August, 1925, I agreed to purchase a new Gray truck from Todd’s for £315, bein<* credited with £llO for the Ford truck and having to pay the balance at the rate of £36 every, three months. In August last they seized the truck, as I had failed to pay a balance of £25 owing to them. I then went into partnership with Alan Mitchell, and he advanced me £l5, which I pa’A together with £lO of my own, to Tqdd’,s, and obtained th e truck back. Mitchell also advanced me other moneys, in all about £5O, to enable me to pay some of my debts, and I gave him security over th e truck for these moneys. W e carried on together for a while, but through having to pay heavy travelling expenses and high prices for the skins there was very little margin left for profit. Mitchell has since sold the truck and paid himself out. I lent another skin merchant various sums, amounting in all to £ll2, to enable him to purchase skins, but he disapppeared about 18 months ago, and I lost the lot. I used to obtain advances from Messrs Wilson, Canham, and Co. with which to purchase skins, and should have been able to pay these advances back if I had not been taken down. I have been out of work since Christmas and at present cannot make anv offer to mv creditors.”

The meeting was adjourned till 11 a.m. on Wednesday next, and the official assignee stated that if the bankrupt made an offer of 5s in the £ in cash lie would advise the creditors to accept it.