BANKRUPT ESTATE.

Otago Witness, Issue 3888, 18 September 1928, Page 13

BANKRUPT ESTATE.

LAWRENCE BOOTMAKER’S AFFAIRS. A meeting of creditors in the estate of David AI Intob’h, jun., bootmaker, LawrS!lc.e ’ was !leld the office of the official assignee (Mr W. D. Wallace) on luesday afternoon. Mr D Finlayson appeared on behalf of the bankrupt and Mr R. Free for Mrs Esther Thompson. The bankrupt’s statement showed that he owed unsecured creditors £249 17s lid the chief items being David MTntosln sen £BB 14s, Mrs Esther Thompson £Bi 9s Bd. Guthrie, Bowron and Co. £25 2s 2d and Ross and Glendining £lB 12s. " ’ The bankrupt s assets were set down at stock in trade £165 2s, book debts . '’ a u*'- and surplus from securities £l4O, a total of £340 Ils 6d. This amount showed a surplus of £9O 13s 7d over the ascertainable liabilities. In his statement, the bankrupt said that tor many years he had been a bootmaker in the employ of the late David Johnston, bootmaker, Lawrence Mr Johnston, who had died in 1917, had "bequeathed his stock in trade and the goodwill ot his business to him, but most of the .stock was old. He had commenced business on his own account in the shop in Ross place, previously occupied by Mr Johnston. The first stock he had bought was from Sargood’s to the value of £lO5 and he gradually got more stock He had to borrow £2OO from a friend with which to buy stock. He afterwards borrowed £2 JO from the late •John 15. .Thompson, auctioneer, Lawrence to pay off the previous loan. He also’ ! nor tß a g ed his life policy for £215 to Mr Ihompson. He signed a fresh mortgage in 1J24 to Mr Thompson, the mortgage being put in his wife’s name. He lost about £lOO by the flood in Lawrence ’7 S ! P r C 1 n 1 A e 2;’ 1927 ’ and he had also lost about £lOO through bad debts. 1 bankrupt was examined at some length by the assignee regarding his transactions with Air Thompson. The assignee said that the bankrupt had not produced any proof regarding his statements, and that in one instance at least the papers produced showed that he was wrong. fiiPi?'- 1 ? declded to adjourn the meeting till Friday week to see if Mr Finlayson can arrange for Mr M’Tntosh to r’aise £l/0, that sum being sufficient to pay all the expenses of the administration and a dn idend of 10s per £ to the unsecured creditors.