In Bankrupcty

Horowhenua Chronicle, 29 January 1916, Page 3

In Bankrupcty

+ ESIAIE OF HERMAN T. GRAHAM A meeting of the creditors in tho estate of Herman Thorn Graham, bankrupt, of .Shannon, was held before Mr G. T. Scott, Deputy Official Assiifnee, yesterday afternoon. Mr li. G. Moo re appeared for bankrupt, four 'creditors were present. The bankrupt's statement showed that his total debts amounted, to .L'2'2'2 -f 2d. ail of which was owed to unsecured creditors. His total assets were £103 lis (id, including stock in trade £43 lis (id, estimated to produce £60. The chief creditors were Messrs F. Reynoldis and Co. (Wellington), £40 12s; Vacuum Oil Company (Wellington) £22 19s 3d; Hail and Jones (Palmers ton North) £21 5s 2d ; M. iVioynihan (Shannon) £10; and i\ F. Gibson (Shannon) £11 3s. The bankrupt in a further statement said that he was running a bicycle shop at Shannon for Messrs Hall and Jones, Ltdi., oi Palmerston North, on wages and a commission. He had no. money of his own. His brother-iu-Laiw, lUydencik Henderson, had £175, audi he went into partnership with bankrupt. They had bought out the business ol -Messrs Hall and Jones, paying them £110 in cash, and put £50 in tho bank to start on. Almost immediately alter starting war broke out, and the business tell oft to Jess than Jialit lie had been doing for Messrs Hall fiiuiil Jones. His partner stopped on lor twelve months, and a. there was not enough for two he went out, on the agreement that if he paid £15 private <fob(a of his and ■ took over the liabilities lie could nave ! the business. He had gone on since his partner left him, but found he could not carry on with insufficient j capital to keep a good stock in tho j shop. Four distress warrants had been taken out against him, and ho j had no option but to file. Mr Scott said that bankrupt's bank- | ing account sin/wed that lie had £ I!) j Is 5d in the bunk on August 1. had puikl in £232 3s lid, ami had drawn £281 3s 4d. -Bankrupt said he had paid off £15 of pi i vato die'bts. J It was deeded to authorise Graham' v to collect the book debts at 10 per ' cent commission on results. F it was agreed to call prices for tho stock, and to lot Graham keep his fc tools. It was also decided to re-corn- j mend the Court to discharge batik- ! f rupt. |