BANKRUPT PRINTER.

Wairarapa Daily Times, 8 September 1926, Page 5

BANKRUPT PRINTER.

ESTATE OFFREDCOLE. MEETING OF CREDITORS. i . -A; ifieetihg of creditors in the bankrupt estate of Fred Cole, painter and paper hanger, was held this morning. •Mr A. D. Low, D.0.A., presided, and seven .creditors attended. Tie'statement showed that the bank-, rupt-’s total debts amounted to £397 4s 7d, and his assets/to £285 14s 2d, leaving a deficiency of £lll 10s sd. There was also; an. additional £390 Is 9d owingl jto -W.-.: H. Cole, the principal; am-, bunt; being,.£22B 2s lid paid to, bank iji. Jiquklatiop. oi overdraft.. -. ... - i , Tile"unsecured creditors were Turner and jCo.‘(Palmerston North), £33 5s 4d; H. 'll. YouWg, Ltd. (Palmerston; North), £5 liis-6d : Hill and Plummer (Auckland),: £5 Os Id; Camp Paint Co. (Auckland), £3.95; Shcrwin, AVilliams (Wellington), £l9 3s 4d; Lewis Berger and Sons (Wellington), £l7 17s lid; Guthrie, Bowron and Co. (Wellington), £7 15s 7d; Smith and Smith, Ltd. (Wellington-, £l6 Is Sd; Jackson and' 1 Go. (Wellington), : £9- oft- Tldjo- Ross mid Glondinning (Wellington), £S 17s 6(1; L. J. Watkins .(Wellington.), £4. 15s: Griffiths and Co.. (Wellington), £1 9s. 10d.; .Nelson Paint Co."( Nelson), £6 ss; -Rigg Bros.' (Masterton), £l4 '2s sd; Gardner and Sons (Masterton), £4'lßS' 2d; Coradine arid •‘•McSveit ! (Masterton)y r 10s; ; Lyttle ; and'.'Gb.;- (Masterton), £ll iJ3s : Id;, ATidre-n-s and.,. .Rolph (Mastertan)/ £2-. 17s .fld; fmith,, (Master;. , ton)) '£4 9s 6d : r Ford .HotpM, (Masterton) ,i £1 15s 6d; E: Wiii-hall (Mastertori),] £7 'l7a''3d; l . J. Sliiearer (Master-t-on),. £1; Graham-andHo/' (Masterton), 19s 9d; Hoar and Pcrmain,; . .(-Master--ton),! £9 17s 6d; i JEiekeriag.Hr.(is,...(Masterton), £7 6s 9d;’ 'Age ' Cov (Masterton)/ £l4 13s fid; “Daily Times)’ (Masterton), £ll 0s 2A'; H/ J. .Tolies and Co., (Masterton), 15s; "A. 11. Clark (Masterton)’, 14s; 1 C; E. Daniell, Ltd. (Masterton), £64 : 6s-.7d;-;-W.; ;H. -Cole(Masterton)/ £SO; ..J/' Willis; (Masterton),; £4l 13s. ..... ... OF the book dtlds (£-02 15s), £9O were' considered to be good. Bahkrupt, in a statement, said that he dissolved' partnership -with' liis brother in November two years ago'. They halved the, stock, and his father guaranteed him at the bank. His capital with which he started was under £lO.. His half-of the stock was. worth about £l5O. He also liajved the book debts. There was a liability on’ an indent to his father. His share of tho book debts which came in was a. little over £IOO. His half of the indent..cost him about £4O. He did very well, for the first twelve months on the prices he, got for liis work as compared with what he could get now. The money went back into stock. He drew about £3 weekly out of the 'business. He increased -his overdraft by £IOO to meet indents, his father agreeing to guarantee an extra £IOO at the; bank.

Mr E. Hodder (C. E. Daniell, Ltd.) considered that the bankrupt should prepare a statement of his affairs for the* creditors. There must be some explanation of the £7OO debts ill two years. The' D.O.A. remarked that there ■seemed to bo a tendency oil the part of creditors to ~lje: : dissatisfied-with bankruptexplanations, and,.lack,, of .information ,as to..how present position. ;.

•' After further,, discussion,, Mr Ilodder. moved that life bankrupt; 'be asked to product' a statement of trading "and a balance-sheet showing 1 1 is position at the time of the bankruptcy. This was seconded by Mr G. L. Thomas, and carried. - • Bankrupt said that, his bankruptcy was precipitated by his father cancelling his guarantee at the bank. He was then notified -by the bank that no further cheques would be paid. It was decided to call for tenders for the stock iu separate lots, the D.O.A. being authorised to accept offers at his discretion. The. meeting then adjourned till, a later date, when bankrupt eould produce a statement of his trading.