CAN HAVE DISCHARGE

Sun (Auckland), Volume III, Issue 698, 25 June 1929, Page 10

CAN HAVE DISCHARGE

BANKRUPT’S COMPANY PROBLEM DEFICIENCY OF £3,000 Compelled to file in bankruptcy because he was shareholder and guarantor of a company which went into voluntary liquidation, Carl Henry Tileman, of Mount St. John Avenue, met his creditors this morning. A lenient view was taken of Tileman’s affairs and the creditors decided to facilitate the discharge from bankruptcy. Tileman owed £2,787 to unsecured creditors, and £2,875 to secured creditors, but the value of the securities was £3,099. He had no assets and the total debts representing the deficiency, were £3,011. Stating the reasons for his failure Tileman said that the immediate cause was that he was unable to mee: the demands made upon him for uncalled capital by the liquidator of C. H. Tileman and Company, Limited. fr addition, a firm to which money wa s owing by the company, after being guaranteed by the bankrupt personally, had demanded payment. To th* liquidator of the company he owee £1,875. To Mr. V. R- Crowhurst, depur official assignee, Tileman said that £ had been a director of Tileman Company, a firm which manufacturesupplies for stationers. He had no work and no prospects at present. ■ Mr. H. L. Rees, for Tileman: in the same position as Mr. Micawt*. —waiting for something to turn up. Bankrupt said that his creditors forced him to tile and the proceedu*had crippled his earning capacity to a extent. “The bankrupt should not be further,” said a creditor, ‘ and 1 m that there should be no objection to discharge. There is nothing againthe bankrupt personally.” Another creditor, seconding motion, said that the Tileman Company had been “woefully under-oapitaUsea Much machinery had been bougni the hire-purchase plan.