BANKRUPT STOCK BUYER

Taranaki Daily News, 17 August 1933, Page 12

BANKRUPT STOCK BUYER

DEFICIENCY OF £llB RESULTS. MEETING OF HIS CREDITORS HELD. A deficiency of £llB 16s. Id. was shown in the affairs of George Tippins, a bankrupt New Plymouth stockbuyer, a meeting of whose creditors was held, before the. deputy-official assignee (Mr. J. S. S. Medley) at New Plymouth yesterday. Creditors present or represented were the Bank of New Zealand, Newton King, Ltd., and Messrs. T. J. R. Moore and S. A. Whittle. Tippins was represented by Mr. R. Greiner. , Debts owing to unsecured creditors totalled £143 16s. Id., and to secured creditors £149 10s. 2d. Securities were £l5O, and assets, including furniture valued at £2O to £25. In his written statement Tippins said that for the past three seasons he had been buying stock for Mr. A. McMullian, Stratford, on commission which was 2s. 6d. per head on all stock bought and delivered at Inglewood. He was obliged to attend sales from Okato to Uruti and from Inglewood to Tarata, including private sales. He had to pay his own travelling expenses and the cost of droving to deliver the cattle purchased at Inglewood. Over the three years he did not average more than £2 10s. a week after paying expenses. He had trouble with his family and was caused a considerable amount of expense iri that connection. In the past three years many creditors obtained judgment against him, and he did his best by making small payments from time to time to satisfy those judgments. At present one creditor had obtained an order on a judgment summons, in default seven days’ imprisonment, while another creditor had issued a judgment summons. Under the circumstances he had no option but to file. He was at present out of employment and would be obliged to go on relief work.

Unsecured creditors for debts of £5 or over were: Newton King, Ltd., £18; Dr. E. F. Fookes, £l6; S. A. Whittle, £9 10s.; W. W. Thomson and Son, £l2 Os. lid.; F. W. Copestake, £5 13s. Ud.; F. E. Ellis £7 6s. 6d.; L. A. Nolan and Co., £2B; Mrs. A. E. Martin, £26 4s. 9d. All the creditors belonged to New Plymouth.

The creditors decided to return to Tippins his furniture, horse, saddle and bridle and to facilitate his discharge.