A FOXTON BANKRUPTCY

Manawatu Herald, Volume L, Issue 3932, 18 April 1929, Page 2

A FOXTON BANKRUPTCY

UNCONVINCING EXPLANATIONS A meeting of creditors in the bankrupt estate of George Walter Boole Walker, fruiterer, of Foxton, was held at the olIi(ce of the D.0.A., Palmerston N. yesterday. There were present Messrs Joe Kwong Lee, G. C .Arlidge, J. 11. Sharman (B. H. Just), E. J. Brown (E-Tan Ice Cream Go.), G. T. Woodroofe (Mr G. K. Woodroofe) and Mrs E. Prendergast. Unsecured creditors were owed £555 18/11. Assets consisted of book debts £2 15/- and a motor lorry, valued at £75. The deficiency commented the D.O.A. (Mr C. Dempsey) was large for the class of business. In answer to questions, bankrupt said his average takings were from £25 to £3O per week, 25 per cent, being profit. lie had been in business nine years. “If you were making £7 and £8 and perhaps £9 per week, how did you get behind 1 ? asked the D.O.A. “You had a cash business and a good one, apparently. What did you do with the money? Bankrupt: It is quite a long story, perhaps, I had misfortunes. Do you gamble?—No. Do you drink? —No. Your creditors want to know wlmt became of the money. Bankrupt: Well, I had some bananas once that were frostbitten and I didn’t know at the start when to give up buying Island oranges.

The D.O.A. But those twopennyhalfpenny things don’t make up a loss of £SOO. Bankrupt: I had themisfortune of a fire eight months ago and lost £75 worth of stock. The D.O.A. It seems you can’t, say satisfactorily what became of Dm money. Have you any prospects of money? Bankrupt: Nothing but what I earn. In answer to further questions, the bankrupt stated that lie had dependent on him a wife and two of his daughters. The D.O.A. llow old are you? Bankrupt: Fifty-nine, I think. The D.O.A. You think? Bankrupt: I have to ask my wife

-ometimes. I was born in 1809. Mr Sharman asked what had be- •; nine of money for seeds sold on commission. ■ Defendant said he didn’t know but a lot of seeds had been destroyed in Die fire. The D.O.A. But the money was trust money. Why didn’t you pay it over? v - Baabrupt: I can’t answer that. The D.O.A. If seems you .don’t want to. You haven’t given a straight answer yet. Did you give your wife any money? Bankrupt: I did not. It took us all our time to live. Mr Arlidge: But your earnings were over £6 per week. Bankrupt: But I didn’t make that much. I was speaking previously of earnings in normal times. Mr Woodroofe: Do you collect rents? Bankrupt: Yes, as agent for Mr A. Lett, of Auckland. - Questioned as to his motor truck, bankrupt said the last payment on ii had been made. Mr Woodroofe asked bankrupt if he had another car. Bankrupt replied in,the affirmative and-admit-ted there had been a bill of sale over it. The ear was wrecked and lie had sold it to Mr Woodroofe for £7 10/-. The D.O.A. Did you tell Mr Woodroofe there was a bill of sale over it? —No. Don’t you sec you had no right to sell the car? It didn’t belong to you. Mr Woodroofe: There are a lot more debts owing than are shown in bankrupt’s statement. Bankrupt: I have given a few to go oil with. The position is bound In become worse. Mr Woodroofe: You bought goods worth' £4 16/- from Mrs Wtaodroofe at the end of last month and yet didn’t have the money to pay for them?—Yes. And since then you came to Palmerston N. and bought goods. Did you pay for them? —I had to borrow money from my daughter. And have you started another business in Foxton? —No, my wife ■has. You had fruit on your lorry this morning. Whose was that? —My ■wife’s. I am working for her. I’m under petticoat government at the present time. Mrs Prendergast stated that bankrupt must have coined money when he had the store at Foxton beach. He had promised to pay others but not her. The D.O.A. He has been'making .-ill sorts of promises. He has offer - cd to pay off all his creditors at £1 per week. It would take him 11 years to do that and lie’s an old man of 59. Bankrupt admitted that three years ago he was about three (months behind in payments and his present liabilities were equal to about six months purchases. The meeting decided to realise on the lorry. The D.O.A. expressed the opinion that the bankrupt ought to be publicly examined although he didn’t know if any good would come of it. He was not at all satisfied with the position. Creditors agreed but as a preliminary, bankrupt was ordered to produce a written statement of receipts and expenditures for the past six months. The meeting was accordingly adjourned. Bankrupt: lOan’t I make an offer? The D.O.A. What offer can you make?

Bankrupt: I would like to offer 10/- in the £. The D.O.A. Arid pay in cash? Bankrupt: No. The D.O.A. Can you get it guaranteed? The Bankrupt: I would not like to do that.