IN BANKRUPTCY

Manawatu Herald, Volume XLVII, Issue 2960, 10 November 1925, Page 2

IN BANKRUPTCY

A meeting of creditors in the estate of G. T. Woodroofe was held in the Town Hall supper-room this morning presided over by Mr.C. E. Demp.sv. Official Assignee. In his personal statement bankrupt states that he commenced business in Eoxton as an auctioneer and commission agent in partnership with Hans Madsen Ries in August, 1922. He had owned the property on which the business was conducted, while he had provided £165 in capital. The profits from the business had not proved sufficient to justify both partners, continuing and he had taken the business over. The account books had been made up and bankrupt had agreed to pay his partner £365, giving promissory notes for the amount. Of that sum, £290 had been paid. In April,- 1924, he had arranged with R. McMurray to •commence a carrying and distributing business under the name of “The Foxton Distributing Coy.” and had purchased a second-hand lorry from C. L. Neilsen and Coy., Ltd., of Dannevirke, payment being made in monthly instalments of £9 13s 4d. The business had progressed and in September of the same year he had arranged to purchase a new 4-ton motor lorry. The monthly payments had been very heavy but all the promissory notes had beem met untill January, 1924. In February, 1925, the shipping trade at Foxton had been disorganised and the lorries rendered idle. In April, 1925, he had entered hospital to undergo an operation and on discharge had dissolved partnership with McMurray. He had, however, failed to earn sufficient to pay the running expenses and the lorry had been seized under the purchase agreement. Other creditors had commence to press him which had left him with no option but- to file.