IN BANKRUPTCY.

Manawatu Standard, Volume XLV, Issue 126, 1 May 1925, Page 3

IN BANKRUPTCY.

UPHOLSTERER FACES CREDITORS PUBLIC EXAMINATION ..FAVOURED. A meeting of creditors in the bankrupt estute of William Martin, of Palmerston North, upholsterer, was held before the D.O.A. (Air C. E. Dempsy), yesterday, when there were present: The bankrupt, Alessrs F. S. Driller, D.. Skinner, E. T. Jones and J. L. C. Merton (representing Mr G. H. McDerinid). On being,. sworn, bankrupt stated that he had started in business as an upholsterer in Broad street, without any capital and in debt to the extent of £43 15s 9d, having been insolvent when lie had come to Palmerston North from Eltham. He had been aware .of the fact, but had obtained credit in Palmerston North, AVellnigton and Auckland, and had thus incurred further indebtedness to the extent of £lßl in 10 months. The goods manufactured had been sud privately, but bankrupt did not remember the extent of his sales as no accounts had been kept except memoranda in a notebook, left at home that day. Bankrupt stated that he was a married man with three children, and was without funds or prospects of any kind.

In reply to questions put by creditors, bankrupt stated that he had not worked constantly. He had made payments during the ten months both in connection with the business and oil account of back d6bts. He made a guess at the prices charged. He did not take out a quantity of the material used and invoices handed to the D.O.A. covered all the goods lie had received while in business, aor did lie give any upholstery material to liquidate delit. On March 20th he had sold three bales of material for £lO, they haying cost £lB, plus freight anii cartage. He had done this because he had no food and had to get money somewhere. On the motion of Mr Alerton, seconded by Air Driller, it was resolved that, should the realisation of the stock be sufficient to cover the cost of a public examination, the proceeds be used for that purpose. The meeting then adjourned.'