NO CHANCE OF PAYING

Poverty Bay Herald, Volume LV, Issue 17228, 7 April 1930, Page 11

NO CHANCE OF PAYING

BANKRUPT AND HIS DEBTS

“UNSAFE TO EE AT LARGE’’

That bankrupt was not sale to be. at large in business was the opinion expressed iby Air. E. Al. Silk, Officiax Assignee, fit a meeting of creditors in Wanganui in the bankrupt estate of Geoffrey Gladstone Campbell, tearoom proprietor. Bankrupt was represented bv Mr. 0. H. Clin karri.

Bankrupt’s statement revealed a total amount of £542 17s owing to unsecured creditors and £572 to secured creditors, against which there were assets valued at leaving a balance of £2B over and above the amount claimed under tlie securities. Deposits amounting to £4 were shown, bringing the total assets to £32. The dclieiouov revealed under these figures amounted to £5lO 17s.

Campbell, in his signed statement, said that after being in business in Gonville he took over the Custleeliff Kiosk With security over the furniture given to a furniture factory and Hie Aerated Water Go. The season was bad ami he got behind with his payments and all his creditors. Mr. Withers, ol the Aerated AY at or t'o., said the books kept by Campbell were hopeless. . A Her examination, bankrupt ml.nutted having paid £32 oil a car, also buying a watch for a present. , ' Mr. Silk: It seems to me Hint you incurred debts which you had no reasonable chance ol paying, that is a penal offence. If the creditors like to go further in the matter they can. Personally, I cannot understand how

creditors allow a man to got AA° , a position like tliis. It is largely thcii own fault. The moot in}; was adjournod ,to onable the Deputy Official Assignee to examine the books and accounts ot the secured creditors. The Deputy Official Assignee advised bankrupt to ha\e a profit and loss account prepared as soon as possible.