IN BANKRUPTCY.

Shannon News, 25 January 1929, Page 4

IN BANKRUPTCY.

OTAKI AGENT PILES. A meeting of creditors in the bankrupt estate of Arthur James'Penman, traveller and commercial agent, of Otaki, called for Wednesday, lapsed, no creditors turning up. / >

In a sworn statement to the ,0.0. A. '(Mr. C. E. Dempsy) bankrupt said that he commenced business about September, 1924, as agent for the Otago Brush Co., his district being the. /whole of the North Island with headquarters at Wanganui; He was to receive a salary of £3 per week plus 5 per cent commission on the whole of the company’s North Island turnover with the exception of Auckland city business. Had the company adhered to this arrangement in its entirety he might have done better but he had noit received more than his salary and 5 per cent on some of the North Island sales which he directly effected. His expenses were extremely heavy and he gradually lost ground. Eventually in 1925 the accumulation of business and family troubles culminated in a reverse in health and he was forced to give up business and go to live with his people in Otaki. He had managed his mother’s hairdressing and tobacconist business ever since, drawing £5 per week in wages out of which, he paid from 30s to £2 5s per week for the support of his children. Indoor, life did 1 not suit his health and he now found it necessary to leave the shop. Recently he had been pushed by creditors and had no option but to file.

Assets in the estate are nil and moneys owing unsecured, creditors amount to £IOO 9s Bd. ■