BANKRUPTCY OF BUTCHER

Taranaki Daily News, 7 February 1931, Page 11

BANKRUPTCY OF BUTCHER

HIS BOOKS NOT PRODUCED CREDITORS’ MEETING ADJOURNED PURCHASE OF LIVE STOCK. No books were produced and a statement had not been made previously at tha meeting of creditors of a single man, G. E. Clout, a butcher of New Plymouth, who met his creditors before the D.0.A., Mr. J. S. S. Medley, .yesterday. There were present Messrs. R. H. Quilliam (representing Dalgetty and Ce., Levin and Co., W. J. Huston and E. Milner), G. H. Short (J. 0. Hutton, N-Z., Ltd.), and R. L. Slyfield (C. H. Furness and Co., Ltd.). Bankrupt owed unsecured creditors £405 3s 2d, and his assets were estimated to realise £3lO. Owing to the fact that the position was not clear after bankrupt had been examined the meeting was adjourned until next week. Questioned by the D.O.A. as to how much he owed, Clout said he thought he had debts to the extent of about £4OO, His only assets, he said, were book debts from his butchery business for £220 which, he thought, would be worth about £llO. There was no furniture nor stock-in-trade as these things had been sold. He had no property and he thought the stock-in-trade had been sold by auction in September. A man had charge of his books and he had been unable to get in touch with him.

In reply to Mr. Quilliam he said he did not know the whereabouts of the man. ■

Mr. Quilliam: This is too absurd. Counsel alleged that Clout “had been on the booze,” which Clout denied. He possessed a car on which nothing was owing, and 100 shares in Newton King, Ltd.,- which he thought were preference shares, said Clout. The latter were in the possession of Mr. L. A. Taylor, solicitor, Hawera, but there was no lien against them. In answer to Mr. Quilliam bankrupt said he left his butcher’s shop at the end of August. He was not sure to Whom he owed money, nor by whom he was sold up. Mr. Medley: Until he makes up his mirid to whom he owes money we can’t do anything. The point is that it is doubtful if we can do much at present. Examined under oath Clout admitted that judgment was given against him for £OO5 Ils for Mr. F. Sarten in July last. This had been on account of stock sold to Clout. He also admitted that towards the middle of July a writ of sale was', issued against him. The full amount of the debt was paid to Mr. Sarten and the writ of sale withdrawn. H< did hot know whether the proposed sale had been advertised.

Mr. Quilliam: Where did you get the money to give Sarten I— My mother lent me the whole amount. I had no other money at the time. Bankrupt sdid later that his mother did not lend, him the money but paid it to him as consideration for house property in Rimu Street, Fitzroy,. He had no assets when he transferred the house property. He did not think he owed very much money at the time. He did not know the amount. For about' three weqks in July his shop was closed arid to start again he had obtained stock from Dalgetty and Co., Levin and Co. and W. J. Huston. For this pur- ; pose he went to Feilding and paid for the purchases. Iu reply to Mr.. Medley he said that: he had sold the house property for about £l3OO. After paying debts he had about £3OO. left.

Mr. Quilliam: Whbt did you do with the £3OO? —That was paid into the National Bank at New Plymouth. The pass book is at the bank. Mr. Quilliam: How did you spend the : £300?-—I owed the bank £3OO. When asked how he expected to pay fo~ stock bought from Levin and Co. (£150) on July 17 and’24 and’from Dalgetty’s ( £88) on August 4, bankrupt replied “from his business.” “Your credit was stopped in New Flymouth?” asked Mr. Quilliam. “Was there anyone in Taranaki you' ’could have bought stock from? —I think so.; A Who?—l don’t know. Bankrupt: The only stock I bought after the writ of sale was that which I bought from the Alaliawatu district, Mr. Medley: If he bought all thip stock there ought to have been some return from the stock. Mr. Quilliam: How much money did you liavfe when yhu bought £l5O worth of stock from Levin and Co. in July ? It wasn’t sufficient to P a y ■for it. • That is so. Bankrupt admitted also that he did Hot have enough money when he bought the stock ia August. The money he obtained from the sale of the meat was paid into the bank. Mr. Quilliam: So that after you had paid Sarten and the bank you had nothing? —Yes. “Probably the position was that that money was used to purchase stock at Feilding,” said Mr. Quilliam. When he was at Feilding and after he had purchased stock bankrupt made an arrangement with Mr. Huston to purchase more stock. After the first lot of stock he paid for no more. Mr. Quilliam: After you had bought that stock you didn’t expect to have any money to pay- for it?—l- sold a horse Called Annoyer before I went to Feilding for £3OO. “It is of no use; he appears deplorably ignorant of his own affairs,” said Mr. Quilliam. “The only thing, for bankrupt to do is to show his position right through.” “First of all he must get. his books from Mr. Priest or whoever has them, also his pass book from the bank,” said Mr. Medley. The meetin«• was adjourned for a week to give the bankrupt time to prepare a statement. The list of unsecured creditors as far as could be ascertained Was: J. C. Hutton (N.Z.), Ltd., £27 10s; C. H. Furness and Co., Ltd., Auckland, £lO 18s lod; Dalgetty and Co., Feilding, £93 6s 6d; Levin and Co., Feilding, £l5B 16s 3d; W. J. Huston, Dannevirke, £6O 16s; Cook and Lister, New Plymouth, £5 OS 6d; E. Milner, New Plymouth, £35 6s 6d; Post and Telegraph Department, New Plymouth, £3 9s 9d; Newton King, Ltd., New Plymouth, £lO 10s; total, £405 3s 2d. Assets were book debts £220, estimated to produce £llO, a motor-car ( £150), and 100 shares in Newton King, Ltd. ( £5O), a total of £3lO.