DENTIST'S FAILURE

Waikato Times, Volume 96, Issue 15035, 5 September 1922, Page 6

DENTIST'S FAILURE

ALLOWED TO "OARRY ON." A meeting of oreditors in the estate of Robert Archibald de Lautour, dentist, of Hamilton, was held at Hamilton yesterday before Mr V. H. Sanson, deputy official assignee. statement showed total debts amounting to £957 14s 7d, .secured creditors £9B 14s, less estimated value of securities £450, furniture £BOO, book debts estimated to produce £145 2s 6d, cash £1 10s Bd, surplus from securities in hands of unsecured creditors £351 6s, leaving a nominal surplus of £340 4s 7dBankrupt said he came to Hamilton in 1919. He then had about £BOO, but after paying about £650 for house and furniture did not, as he had expected, get someone else to go into business with him. He had difficulty over getting rooms and had to shift about, and finally took over Odium's plant at a cost of about £350. He paid £25 in cash and gave p.n.'s for the balance, which he paid off. He made arrangements with a man to find him capital, and finally got a letter undertaking to see his creditors paid within a week. This, however, the writer of the letter failed to do. He made other tries to get capital, but failed, and he made an assignment, but it >was not signed. Had this been done and Mr Sanson empowered to act, he believed he would have been able Xo pull through. Instead he had been pushed by his creditors. He could honestly say he had done his best to try and make good and had considered his creditors all along. Bankrupt added that he intended to remain in Hamilton, and even if after being sold right up would, in the end, pay all. Mr Sanson said the bailiffs had been put into bankrupt's premises by the owners of the premises, and the distress warrant was restrained on him (the deputy official assignee) guaranteeing 12 months' rent if the assets realise this much. Mr Sanson said bankrupt's house was originally bought for £2150. Bankrupt paid £SOO cash and there was a first mortgage of £1250 and a second one of £4OO. The house was sold last Tuesday by the second mortgagee and bankrupt's interest was wiped out. It was decided to allow bankrupt to carry on his business under the supervision of the Official Assignee and a committee.