ANOTHER BANKRUPTCY.

Auckland Star, Volume LIX, Issue 224, 21 September 1928, Page 8

ANOTHER BANKRUPTCY.

TE AROHA JEWELLER

ILLNESS AND TRADE SLUMP.

"You are about i2OO behind, and after preferential payments, there will be nothing much for the creditors. What do you propose to do?" This statement wa« made by the Official Assignee, Mr. G. N. Morris, this jjiorning, when dealing with the bankruptcy of William McCulley, jeweller, of Te Aroha. In reply bankrupt said if any creditor would give him a job he would do his beet to pay off his liabilities. He was suffering from the effects of trench fever and gas. He could live on £4 a week or less, and if lie received work at £6 a week he could pay back the money he owed. ll© had recently been in bos-pital.

Bankrupt's statement showed that he owed £424 to unsecured creditors., against which he set stock in trade representing £180. book debt* £11 and furniture and tools £50, leaving a deficiency of £193. f In a written statement bankrupt said he. had served in the Great War and coming to New Zealand in 1923 he took over a business at Paeroa and subsequently went to Te Arolia.' He attributed his position to a fire at his premises, when he lost £1100 worth of stock and received £GOO in insurance; to ill-health and to general trade depression.

A resolution was carried, leaving bankrupt's affairs in the hands of the Official Assignee.