MEETING OF CREDITORS.

Dominion, Volume 6, Issue 1631, 24 December 1912, Page 10

MEETING OF CREDITORS.

n LACK OF CAPITAL. A first meeting of creditors in the- bankrupt estate of Claude William Illm"vrorth and William Gustnve Caton was held at the Official Assignee's office yesterday. Mr. Ulingworth was- present with his solicitor, Mr. Barnett. Creditors present were . Mr. G. R. M'Kay, Colonel Hume, and the Sterling Electro-Plating Co., represented by Mr AV. Scammell. Bankrupt made a statement to the effect that they had opened a partnership business at the beginning of April this year without capital, in a workshop in Singer's Avenue. They wci;e engaged in making electric radiators for the trade. For some months business had been good, but subsequently became slack. Their average joint drawings from the business did not exceed £3 per week throughout the whole period. They attributed failure to lack of capital and the heavy cost of material and 'the high price of rent. They had nothing to offer. ... In their individual statements, Illingworth showed debts amounting to MO 10s. lid., assets amounting to JJ2O. Caton's statement showed that he had neither debts nor assets. Colonel Humo moved that the books be carefully examined, and if necessary another meeting be called. Mr. M'Kay seconded the motion, which wa.s carried. Bankrupt was asked to submit a statement to the Official Assignee of receipts and expenditure from the time of commencing business to the date of bankruptcy, and to have it ready by January 14, 1913. The meeting was adjourned sine die.

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