“NOT FIT FOR BUSINESS”

Sun (Auckland), Volume II, Issue 395, 2 July 1928, Page 13

“NOT FIT FOR BUSINESS”

BANKRUPT SALESMAN UNLUCKY PARTNERSHIP “This man does not seem fit to be in business on his own account; he should have filed two or three years ago at least.” In those words the Official Assignee, Mr. G. N. Morris, summed up his examination of Robert Horatio Waddington Sherbrooke Hansen, bankrupt salesman, who met his creditors this morning. Bankrupt’s financial statement showed £ 385 owing to unsecured creditors, and £4OO to secured creditors. Other liabilities amounted to £8 10s. The assets were valued at £3S 15s, consisting of furniture.. A deficiency of £755 was revealed. In a written explanation Hansen said he attributed his failure to an unfortunate verbal partnership with his brother in a furnishing business. They traded conjointly from April, 1921, to November, 1922, after which the brother carried on alone. He was called to a meeting of creditors of the partnership in the following July, and was given the option of assigning or going bankrupt. He decided on the former course and paid £196 on assignment and a further £29 later, together with other smaller amounts. He had put £2OO into the business, but it “faded away." However, as prospects were bright, he carried on until 1926. The position became serious and he secured a position with a firm of furnishers. His failure was thei outcome of responsibility for the partnership debts and of difficult times as a salesman on the road. To the assignee Hansen admitted that he was £7OO in arrears two years ago, and since then had paid £2O or £3O off the sum. He had thought several times of filing, but had never carried out his resolve. He was now working on a salary of £5 a week in addition to a-quarter of commission on orders obtained. This brought in another 10s a week. Hanson, who lives with his parents, said that at present he could not see iiis way clear to make any offer because be had to make a large contribution to their maintenance. He also had a child to keep. “This man seems to have the ! tea that his creditors are well disposed toward him. Some of his debts have been incurred while he was insolvent, said Mr. Morris. ...... A creditor her© remarked that Ills firm felt very keenly about the way it had been treated. Another said that Hanson had tricked his creditors. A resolution was passed instructing the assignee to oppose bankrupt’s discharge until he had made some honest attempt to pay-his liabilities.