BANKRUPT SALESMAN

Press, Volume LXXIV, Issue 22508, 16 September 1938, Page 18

BANKRUPT SALESMAN

DEFICIENCY OF £125 REPORTED

TO CREDITORS

A deficiency of £125 was shown in the bankrupt estate of Hoy Stanley Johnston, a salesman, of Kendal ton, when he met his creditors at a meeting presided over by the Official Assignee (Mr G. W. Brown) yesterday. The bankrupt, under cross-examina-tion, described various company promotion schemes in which he had been associated, and which he said had given him “a lot of headaches.” After the cross-examination, Mr J. Dolph, who represented the Public Trustee, said that this appeared to be a most unsatisfactory bankruptcy, and should have the fullest investigation by the Official Assignee. The information given by the bankrupt had been vague and nebulous. The bankrupt, who was represented by Mr J. R. Hapipton, said that for some time past he had been engaged in company organising. Until December of 1936 he was employed by General Assessors and Underwriters, Ltd., as manager at £lO a .week. He relinquished his position with the company, and formed Johnston, Sterling and Co., Ltd., to engage in organising new companies. Owing to unforeseen and difficult conditions, the company did not prosper, and had not been carrying on business for some time. _ His work with this company kept him occupied until the end of 1937. Since then he had been selling on commission. In 1929 he guaranteed payment of an amount of £3OO. Early this year he was sued for this amount, which represented nearly half his liabilities to unsecured creditors, . A judgment summons was issued on the judgment. It became progressively harder to obtain adequate remuneration as a salesman,, and several creditors took proceedings against him. Eventually two committal warrants were issued, and the bankrupt was compelled to file. . After cross-examination, and after Mr Dolph and Mr A. C. Perry had both asked that further information be supplied of the bankrupt’s affairs, the meeting was adjourned sine die.