SOLDIER’S MISFORTUNES

Hauraki Plains Gazette, Volume XXXIV, Issue 4584, 9 July 1923, Page 2

SOLDIER’S MISFORTUNES

BANKRUPT IN BUSINESS. LOSS OF WAR SAVINGS. The affairs of a bankrupt returned soldier, Benjamin Greig, a hairdresser and tobacconist, of Paeroa, were investigated at a meeting of creditors held in Auckland on Friday. Th? official assignee, Mr W. S. Fisher, presided. The bankrupt was represented by Mi’ C. J. Lovegrove. The schedule showed that liabilities amounted to £562, of which £537 was owing to unsecured creditors. Assets totalled £469, of which £340 was represerited by plant and stock-in-trade and £5O by furniture. The deflcincy was £153. \ in reply to the official assignee and creditors bankrupt said he had carried on his own business at Paeroa for 3% years, having been financed by his own capital of £225,< saved while at thq front, and £3OO borrowed from the Repatriation Department. He attributed his insolvency to prolonged ill-health, consequent upoa contracting malarial fever while a prisoner of war in Turkey. He had been taken prisoner at Gallipoli,' and spent three years in Turkish prison camps. Six weeks ago he was summoned by one of his creditors and forced to file. He was married, with one child.

Bankrupt was pointedly questioned by some of (those present respecting his later dealings With certain of the creditors. He admitted not keeping adequate accounts since the middle of 1920, and said he only realised he was insolvent three months ago.

Mr Lovegrpve protested that some of ’ the criticisms levelled against bankrupt was too severe in the circumstances. “It is a bad ‘gruellingyou are giving him,” said counsel; “he should be more entitled to sympathy.” Bankrupt, said Mr Lovegrove, in addition to putting his savings ir.to the business, had also invested his entire war gratuity in the concern, amounting to £ll4. He had had no business experience, and the concern had apparently not paid since its inception, practically every penny going to the creditors. He was an acute sufferer from malaria, and in the circumstances the present outcome was only to be expected. The meeting decided to accept an offer for the stock-in-trade.