BANKRUPT ESTATE.

Taranaki Daily News, 12 April 1922, Page 4

BANKRUPT ESTATE.

A CARPENTER'S FAILURE. SLACK WORK BLAMED. A meeting of creditors in the bankrupt estate of William Charles Kingston, carpenter, of New Plymouth, was held yesterday, the D.O.A. (Mr. J. S. S. Medley) presiding. Seven creditors were present. The statement of bankrupt’s position showed that there were debts to unsecured creditors amounting to £2OB 13s 4d, secured creditors £3O (estimated value of security, £200). Total debts, £238- 13s 4d. Stock in trade was set down at £lO, book debts at £129 Ils 8d (estimated to produce £123 Ils 8d), cash in bank £6, surplus over secured debts £l7O, total £309 Ils Bd, leaving a surplus of £7O 18s 4H. The list of unsecured creditors was: Arnold and Co., £7 14s; Taranaki Herald, £2 12s; Modern Builders, £22 14s 2d; Bellringer Bros., £6 7s lid; Shuttleworth Bros., £l6 12s 2d; J. P. Casey, £1 15s; Darby and Hannan, £3 15s 3d; J. Nodder, £1 18s; C. V. Russell, £1 ss; W. Oliver, £4 12s; V. Griffiths, £5 ss; Russell and Son, £27 2s 3d; Sash and Door Company, £73 6s 7d; Trevor Bros. (Palmerston North), £l5 6s 3d; Harris, Glennie and Co. (Inglewood), £lB 7s 9d. Total: £2OB 13s 4d. The secured debt was an amount of £3O, to E. W. M. Lysons. The D.O.A. stated that the security for £2OO was over the furniture owned by bankrupt. There was an apparent surplus, but this depended on whether certain debts owing were realised.

In reply to Mr. F. C. Bellringer, bankrupt said he never had a partner, nor did he remember ever stating that he had a partner. However, his wife and he had a joint banking account; cheques wese signed by her and counter-signed by him. He did not consider she was a partner in the business, and the arrangement was more of a safeguard. Mr. Bellringer thought that the arrangement constituted a partnership. Mr. Lysons urged that the mere fact of bankrupt and his wife holding a joint banking account could not be considered a partnership. In reply to other questions bankrupt said he had never been in trouble before, though he had always had a hard struggle. He believed that if he had got certain of the moneys owing to him, and if work had not been so slack since the New Year, he would have pulled through. He had had a lot of sickness during married life. Further questioning elicited that about six months ago Kingston was in financial difficulties, and a number of creditors compromised by accepting five shillings in the £. In reply to a creditor Kingston said that for some time his house rent had cost him £3 per week, but be had succeeded in getting reductions, the amount being now £2 2s per week. After discussion it was decided to adjourn the meeting till the 24th instant, in order to make enquiries regarding the book debts.