IN BANKRUPTCY.

Stratford Evening Post, Volume XXVII, Issue 44, 22 June 1915, Page 7

IN BANKRUPTCY.

F. P. CARL ILLS ESTATE. An unsatisfactory state of affairs was disclosed at a meeting of creditors in the above e-tate, held yesterday. There were present: The Deputy Official Assignee (Mr A. Coleman), Mr Rutherford (representing the lessor of the premises, Mr F. W. Wake), Mr J. W. Boon (J. \V. Boon and Co ), and the New Plymouth Sash and Door Factory, Ltd.), Mr B. C Price. Mr delay (Sargood, Son and tSwen). Mr H. Wilson (Tattersfield, Ltd., Auckland), and the Bankrupt and las solicitor. Mr li. K. Lawrence.

The Bankrupt, in his statomei t, said that ho started bu-iness in 10'3, having then £lO in cash, and no stock. :He attributed his bankruptcy to the falling-off in trade since the war broke out. The rent of the premises was very heavy. His unsecured credit amounted to £332 Bd, 1 His making his total liability. His total assets amounted to £202 6s, made up of stock-in-trade, plant, etc,, £252 8s fid, look debts £2B 12s, cash £ll 5s 6d . He had called a private meeting of creditors, and all except five had agreed to accept 10s in the £. Mr Wilson, in referring to this mooting, pointed out that bmikmpt had kept no books, and the only dn-ck as to his dealings was a momoi andurn hook, of winch it was difficult to make anything.

| Questioned, hankru't said that ho j thought the book referre 1 to was i f r.o importance and had destroyed it. I The DO A pointed out that bankrupt’s action was a very in ’isereet one as he destroyed the only means creditors had of checking his transactions.

Mr Boon was of opinion that the whole trouble was bankrupt's folly in starting business on such a large scale on such a small sum as £lO.

| Mr Boon moved that the Deputy 'Official Assignee t>e instructed to disclaim the lease of the business premises immediately possession is given jof the stock-m-f rade and plant therein, !which is to be sold.—Seconded by Mr [ Wilson and carried. Mr Boon moved that the whole of the assets, with the exception o' the book debts, bo sold by public auction on Thursday, Ist July, the sale to be without reserve. -Mr Price seconded, and the motion was carried.