INGLEWOOD BANKRUPTCY.

Taranaki Daily News, Volume LII, Issue 208, 7 October 1909, Page 4

INGLEWOOD BANKRUPTCY.

H. H. CURTIS. The adjourned meeting of creditors in the estate of H. 13. Curtis, Inglewood, was hold at the Court House, Inglewood, on Tuesday. There were present Messrs. J, S. S. Medley, D.O.A*, ' Crossman, Spurdle, Lile, Nicholls, Drake, Huston, A. 13. Nlcholls, Curtis, Hdllestou and Mrs. Sutherland. Mr. Thomson appeared for Shaiiand and Company, petitioning creditors, and Mr. Johnstone Represented the bankrupt. Mr. Medley explained that the meeting had been adjourned for the purpose of hearing Mr. Johnstone, bankrupt's counsel. Bankrupt, resworn, was cross-exam-ined "by Mr. Thomson. He said his assets were only ,i! 4 17s. He had purchased a considerable number of bottles from Mr. R. Froder. He did not know how many, and they were not in stock. Hp had entered a horse, Seldom Seen, in his name in several races. It was not his horse. The agreement was that lie should have half the profits. 'There were no -profits. As regard* the horse Pauline, lie only raced her tmce in Tarata. She did not belong to him. Since 11HJ0 he had nut raced her. lie did not mention to any of the creditors that the plant was not his own. When | lie took over the business he did not sign any document to show that the business was not his own. lie said j he stated that only one creditor had obtained judgment again*; whereaw there were more. To Mr. Johnstone: All the horse transactions were befoic hy commenced in fnglewoo,.. He oweu money before he commenced business as an aerated water manufacturer, ifa might have owed between £ls and ■€2o. The bottles bought from Froder wore mostly -wine bottles, which wore not returned. That u6 »» ny they were not in stock. Mr. Lile said he would take back his bottles. Mr. Lile contradicted this' statement.

Bankrupt said he had carried on the business, but the plant belonged to his father, it was carried ra in his'own name until his father took it over about four months ago. All the profits of flic business and his own during the last four mouths' earnings iiad been paid to the creditors. He shifted to his 1 father's cottage when Stewart's lease was up, about 0 or 7 months ago. He was about a month in the new premises when his father took over the premises

H. li. Curtis, father of the bankrupt, stated tliat ihis son incurred debts before lie went into business amounting to about £BO, and these lie had voluntarily paid. He gave £225 for the business', which he gave to his son, keeping the plant himself. He gave it into bankrupt's charge. Sharland's first bill for bottles was paid after a while. He had mentioned to Sharland's traveller and some of the creditors that he had lent bankrupt the plant, and advised them not to trust him too much. Me went expressly to see Sharland's traveller to tell liim this. The traveller took some of the goods supplied hack again. His son went to him and said lie could not get anv credit or continue. He then told -him that if he would pay cash from that day he would lielp him. He meant that he would manage for him. He saw or wrote to Sliarland and Company, and they agreed to wait. As Sharland's would not wait be took over the business, He hud paid ;C2O to the creditors during the last four months, .tin of which was out of his own pocket and the remainder by profits. If Sharland's hail waited the boy would have pulled through.

Mr. .Curtis made an offer without prejudice of 10s in the ,C. Bankrupt, his counsel and Mr. Curtis then retired whilst the offer was consiilcred, and evcntu.i..y a special resolution was passed that 12s (id in the pound lie accepted, Mr. Curtis agreed to this. The resolution will have to no confirmed at a subsequent meeting.