VENISON EXPORTER

New Zealand Times, Volume LIII, Issue 12618, 1 December 1926, Page 6

VENISON EXPORTER

FINANCIAL TROUBLE CREDITORS ACCEPT os XX £. A meeting of creditors in the bankrupt estate of Ralph Philp took place yesterday before the Official Assignee (Mr S. Tansley). At a previous meeting tho total debts of the bankrupt, who had been a butcher in Wellington, carrying on an export trade in venison, were shown to be £935 and assets £SSS, leaving a deficiency of £79. The Nelson Freezing Company were the largest creditors, claiming £3OB, and they had pressed for a realisation of assets. The Official Assignee stated that the realisation of the property and assets would provide for a dividend of about 3s in the £. In further examination, bankrupt admitted that some of the letters he wrote to tho company iu reference to his financial position were not altogether true; his idea was to gain time. Mr Meek: A very frank admission, anyway. The position seems very unsatisfactory; no proper accounts have been kept, and we do not even know what capital ho had when he started in business. Mr G. G. Watson (for Philp’): The bankrupt has been too optimistic, that is the trouble. Some of the creditors being willing to withdraw their claims, those present were willing to accept 5s in the £, tlie bankrupt being allowed to retain his furniture, and his discharge tc* be facilitated.