BANKRUPTCY. DEBTOR'S EXAMINATION.

Te Aroha News, Volume V, Issue 268, 30 May 1888, Page 2

BANKRUPTCY. DEBTOR'S EXAMINATION.

James Ilosic, a bankrupt, was examined by the Official Assignee on Xatuiday. Ten yeais ago he started a small store in Owharoa, Ohinemuri, woiking as a miner at the same time. lUiiiness increased, and in a few months lie put up a larger More, devoting 1 him,clf to the business and the management of a mine close by, of which he v>;is the sole owner. The mine and business paid well for five or six ;seais. The mine, returns then left off, and the population h.nin<* largely lefL (he <listi iet, busings decreased. ITe go*, behind with his cieditors, and had to borrow mom 1 ) at 40 per cent, on the secunty of the mine to pay creditors "who had ?pi:W Ins estate, an i his s\iTi\iis w?re placed in the hands of the tiustees, who crot the whole ol the niuney lie had boirowed, botw con Lf>oo l> LGUO. lie got a full discharge from all his liabilities in respect to his business- lie then lented a store and removed his stock, worth fromLSOO to LlOOO preparatory fo building a new store at a cost of . L3UO. In this ho carried on business for a couple ot years, and did fairly well until the Bth January, 1888, when the place was destroyed by fire, and only about LlOO worth of stock was saved, lie was indued for L 725. and he estimated his lo«3 at from L4OO to L5OO. | With tlio insu'ance money ho paid 20s in thc£ to all his creditors, leaving him about L4f>o in cash and goods, with which ho built another store, and started afresh. About twelve months ago he borrowed L 350 to make an addition to Ihe store for public accommodation purposes, and furnishing it He got a license, and carried on the combined business until recently, when his piincipal creditor, who had lent the L 350 under bill of sale over the building, furniture, buggies, etc., took possession in order to protect himself, as he was aware that others were pressing. Upon this he called a meeting of his creditors, and it was decided that he should file. lie parted with his interest in the goldmine for the sum he had borrowed about three years ago on it. His liabilities were, unsecured, £697 7slod ; secured, £350 ; total, £1047 7s lOd. The assets he estimated as follows ;—Stock-in-trade, £200 ; book debts, £20 ; and surplus from securities, £3 50 ; total, £370. Five cases of dynamite worth £25, were included in the stock-in-trade. He had no offer to make unless the creditors were prepared to allow him time.