BANKRUPT AND A COMPANY

Dominion, Volume 5, Issue 1411, 11 April 1912, Page 2

BANKRUPT AND A COMPANY

ELECTHICIAX'S AFFAIRS. A meeting of creditors in Ike liankrupf estato of James Charles Parke Kirkwond, electrician, lately in business in Willis Street, was hold in the Official Assignee's office yesterday. Mr. J. J). Hogbon opfeared to support the bankrupt. iiio bankrupt, in his .statement of aftans, showed a surplus of .£393 13s. lid. } ls ""--eciired debts amounted to .£lll J's. «., and on (he credit fide wore Duo!; cobts amounting to JtISG Ms. 44., osumalod to produce .tl.iO, and £030 shares in the Electric Light Co. of N.Z.. Ltd., paid up to 3s. Gd. per .share, and valued at .-C355 ss. The largest creditors were A. and T, Burt, Ltd., .Cil 3s. 2d.; James Drplalo, .& 3s. 2d.; Xcrman i ii Co -,.' C12 <*• 6d.; and Alexander Dunn, solicitor, J:10. Bankrupt stated that he had been In lusi ess ,n Wellington since. 1001. when o . artod with ~ capital of .1150 in a, l ; aitiersli.p, which was soon dissolved. At the end o 1903 ho look planing and mou ding nulls j u Edor Street, where he °er'n fl ' Vl " f, pi " ht ~r" -"l s ' his being .-tloll. After carrying tn bi"-incss for 18 months; he found he was'in debt In the extent of over .C2OD. He discharged all tho hands except an apprentice, and at the end o I!)(I7 he 1-4 managed to pay all his debts. In is«B he started business as electrical engineer and contractor, and after being in biHm»-s for about six-!iionths.was worth about' jauo. then he incurred n mirnbcr of bed debts which by the end of 1909 amounted to about £100, against which he had assets which more than covered the amount of the debts. At the end of 190!) he took his father in as a partner, with on eighth share, and until the end of March. 1911, had almost paid off all debts. On .March 31, 1911, the partnership business waa taken over by the Electric Light Company of Now Zealand, Ltd., but bankrupt retained his own book debts. He retained for his share in the business 2030 shares in the company, paid up to 3s. fid. per share, which shares he still held. Since he had been interested in the company he had given most of his time to the company's affairs, and had had.little time to attend to the collection of his own book debts. Ho felt sure that the amounts which would be realised from the book debts would more than cover the existing liabilities. He filed because some creditors pressed for immediate payment!

Iho Official Assignee: I suppose that after a lot of trouble the book debts yill provide about J;SO. Bankrupt: I estimate (hat thev will produce .£l5O. The Assignee: Haven't von picked lh« eyes out of them already? Bankrupt: No, not 53." Bankrupt said further that he had no cash in hand, and that ho had no furniture. All his furniture, not a vel-v laree stock, belonged to his wife. When the accounts came to be investigated, the Assignee declared that bankrupt's books were inadequate—were, in fact, "a disgrace." The Assignee directed that Kirkwood must bring his books up to dale, and make up a statement of all his business dealings for the past three years. Thero was some discussion about tha shares in bankrupt's name, and as to who the other shareholders were. Bankrupt was asked to say who the other shareholders were, but he refused to discuss the company's business. It was finally agreed that the meeting be adjourned for a month to permit of bankrupt's realising his book debts.