UPHOLSTERER FAILS

Sun (Auckland), Volume I, Issue 185, 26 October 1927, Page 9

UPHOLSTERER FAILS

CREDITORS DISSATISFIED DISCHARGE OPPOSED Herbert Maria McGregor, a bankrupt upholsterer, of Kohimarama, was subjected to a. stern examination by his creditors when he met them this morning in the office of the official assignee, Mr. G. N. Morris. At the conclusion of the meeting a resolution was carried instructing the assignee to oppose bankrupt’s discharge until he had made an effort to pay something off his debts. A statement of his .financial position showed that bankrupt owed £195 to unsecured creditors. His assets, totalling £ 90, consisted of book debts £SB, stock £2, and furniture £3O. In a statement read to the meeting McGregor said he entered a partnership in 1922 and carried on business successfully for three and a-half years. He then set tip on his own accoun; in September, 1925, and was successful for the first three months. In December, 1926, he lost about £3O as the result of a fire in his shop. Soon afterward a distress warrant was issued against him, and two suites of his furniture, valued at £SO, were seized. A motor-

car of liis, under hire purchase agreement, was extensively damaged by a friend to whom he had lent it. As the borrower disclaimed responsibility for the repair bill, he could not afford to settle the account and the machine was seized by the vendor company. Early this year he found it impossible to carry on and assigned his business. Since then he had been doing casual work, averaging about £3 10s a week.