A FOXTON BANKRUPTCY.

Manawatu Herald, Volume XXX, Issue 382, 7 May 1908, Page 3

A FOXTON BANKRUPTCY.

The Official Assignee (Mr A. Simpson)presided on Tuesday over a meeting at Wellington of creditors of William Wright, bootmaker, Foxtou. The bankrupt’s statement showed unsecured creditors 16s gd ; assets —stock intrade £164 14s 2d, book debts duce ,£7O, cash, in hand ,£56; total, L4 S 2d; deficiency, as jd. The chi’ef creditors were Sargood, Son and Ewen, Ross and Glendining, and Bing, Harris and Co. The bankrupt attributed his failure to illness, proof of which was furnished by a medical man. The Official Assignee said the stock had been removed to Wellington in order to effect a better sale than would be the case were it put up for sale at Foxton. The furniture was the property of Mrs Wright, and the creditors could not touch it.

Wright, under examination, said he started with a capital of He had no liabilities at that time. When bankrupt was ill his sou looked after the business. When he found he was in difficulty he determined to shut up the shop, and he refused money from customers, believing that it was the property of creditors. The bad season and fall in price of flax had affected his business, several customers having gone away in debt. To Mr Dees (Bing, Harris and Co.), bankrupt said one of his sous made him a present of with which he started business. When in business at Otaki he compromised with his creditors for 4s in the £l. This was about four years ago. The property at Otaki was not worth much, but there was a doubt as to whom it belonged, although his wife was in possession of it, and he had lived in it without paying rent for some years, The Official Assignee; How did you come to get possesion of it? Bankrupt; Well, a man who is now dead said he did not want to be bothered with it. So he went in. Mr Dees (Bing, Harris and Co.): It is a nice property —shop, house, and section in the main street. Mr Tewsley (Sargood, Son and Ewen) : Who is collecting the rent now ? Bankrupt: Well, Mrs Wright tries to get it, but the people will not pay her. Mr Tewsley : They appear to know as much about the property as you did. Bankrupt said one of his sons had undertaken to pay 10s in the £\, but the creditors would not accept this proposal.

It was resolved that an accountant should go through the bankrupt’s books, and report at a future meeting. Mr Creig (Ross and Glendining) moved that the action of the Official Assignee in making arrangements to sell the stock be confirmed. This was seconded by Mr Rees and carried. Bankrupt was represented by Mr Reade, solicitor, Foxton.