AN AGENT FILES FOR BANKRUPTCY.

Star (Christchurch), Issue 17831, 27 April 1926, Page 1

AN AGENT FILES FOR BANKRUPTCY.

FAILURE DUE TO LACK OF CAPITAL.

Lack of capital and heavy working expenses together with having goods of inferior quality in stock, were the reasons attributed by Frank Stanley Radburnd, manufacturer’s agent, for his bankruptcy. A meeting of his creditors was held this morning, the Official Assignee, Mr A. W. Watters, presiding. Mr Inder peared for the bankrupt. The total amount owing to creditors, all unsecured, was £478 4s 9d. Book debts were estimated to realise £lO5 14s, cash in hand £SO, and a motor-car was valued at £IOO, making a total of £255 14s. The deficiency therefore was £22 10s 9d.

The list of principal creditors was as follows: The Windsor Manufacturing Co. Ltd., £313 2s; E. Radburnd, Temuka £100; P. and T. Department, £1 2s 2d: Messrs Fox Chivers, Ltd., £4 6s 6d; N. Z. Farmers Co-op, £7 16s 9d; J. Rattray and Son Ltd., £7 6s 4d; Grierson and Davis, £1 10s; Miller and Burrows Ltd., £24 9s 9d; T. B. Britton, £2 10s; D. M. Mackintosh, £1 12s 6d; W. L. Walker £2 4s; R. A. Tapper, £5. In his sworn statement bankrupt said he commenced business in October, 1924, and borrowed £240 with .which to start. He obtained an agency with the Windsor Manufacturing Go. Ltd. on monthly terms and commission. In April, 1925, he got behind, as some of his customers were unable to pay. Jn July last year he borrowed £IOO from his lather. At the end of last. November he consulted his solicitors who were satisfied that his failure was due to lack of capital, and a private meeting of creditors was called. The representative of the Windsor Manufacturing Company would not fall in with* the rest of the creditors, and the firm finally issued a writ and subsequently a charging order nisi over the monies which had been collected by bankrupts solicitors. To protect the other creditors, therefore, bankrupt decided to file. He attributed his failure to the fact that he commenced business with a small capital, having large over-, head expenses, and to the fact that the goods he was selling were of an inferior quality.

In reply to the Offcial Assignee bankrupt said the motor-car was seven years. Tt was nearly new when he purchased it. He had received no offers for the car.

The Official Assignee said the car might not realise £IOO. There was also an amount in arrears for garaging. Examining the list of book debts, Mr Watters said he. was not hopeful that all the money would be realised. He knew some of the debtors whose positions were practically hopeless. In answer to further questions bankrupt said he had not received abetter from the Assignee requesting him to furnish certain books including cheque butts and bank book. The Assignee said that .nothing could be done without the information he desired, and the meeting was therefore adjourned till 11 a.m; on Friday,- May