MEETING OF CREDITORS.

Taranaki Daily News, 19 July 1922, Page 2

MEETING OF CREDITORS.

H. L. MARTINI’S ESTATE, A meeting of creditors in the estate or Henry Ludvic Martini, salesman, of Stratford, wa« held in the, office of the Deputy Official Assignee (Mr. J. ;S. S. Medley) yesterday afternoon. Mr. K. Quilliam appeared for the bankrupt. The statement of claim showed un--seeured creditors amounting to £750 10s, made up as follows:—Sayles, e/o Etherington, New Plymouth, £26 se; Burkett, Stratford, £3O 0s 6dj Donald and Son, Masterton, £27 10s; Allan, Kaponga, £l2 10s; United Insurance -Co., New Plymouth, £9 6s; Bennett and Sutton, Hawera, £33 12s; Gillanders, Hawera, £l6 10s; Little and Holmes, Opunake, £2 9s 6d; Farmers’ Co-op., Hawera, £7 3s 6d; C. A. Gray, Stratford, £2O 2s 6d; Kleeman and Bishop, Stratford, £2O; Thomas and Johnson, New Plymouth, £214; F. V. Wilson, Hawera, £4O; Pownall Rubber Co., Wanganui, £9O; Bennett, Hawera, £3O; Knuckey, Waitara, £120; N. King, Ltd., New Plymouth, £ll Ils 6d; D. Hurley, Ka.puni, £24 13s 6d; and H. L. Spratt, Hawera, £l5 15s. There were no assets.

Bankrupt, in his statement, said he was a salesman for Taylor and Co., of Eltham, and resided at Stratford. He came to Taranaki from Dannevirke at the end of 1918 as agent for Messrs. Reid and Gray. At thait time he owed about £l5O to various creditors in Hawke’s Bay. These creditors had been paid. For two years he did big business and had to hire an additional motor car and employ another salesman, as well as an office assistant. At the end of 1920, owing to financial difficulties, he called a meeting of his creditors and agreed to assign his estate to a trustee on their behalf, but owing to the attitude of Reid and Gray, the assignment was never completed, and, to make matters worse, he lost their agency. The, debts at'that time amounted to about £4OO. Debtor subsequently took up a sub-agency for Stainton and Co., Ltd., in respect of the Farmers’ Milking Machine, and later secured the Taranaki agency with Mr. Stone. Owing to the slump, many orders were uncompleted. .This agency was continued until November, 1921, when bankrupt gave it up. After a period of intermittent employment as a painter, he joined Taylor-and Co. in June last. Bennett and Sutton, of Hawera, obtained a judgment against him, and on July 6 he was arrested on a judgment summons. He then decided to file. Bankrupt added that he was a married man with two children, who had been ill during the last 18 months. These illnesses had caused him considerable expense. He had no assets except commissions on uncompleted orders, and was unable to make any offer to his creditors. Under oath, bankrupt stated that the commissions paid to him by Messrs. Reid and Gray were all absorbed in working expenses, and that he got nothing out of it himself. If all the orders that were booked last year were completed he ,would be entitled to about £6OO in commissions. The goods must be actually delivered before he became entitled to any payment. While he was in partnership with Mr. Stone he booked about 15 orders for milking machines for SLainton and Co., Ltd., and he believed that only about five were completed. He shoiild receive commissions when the balance of the orders were completed. He had received £lOO from Stain ton and Co., and £2O from the Farmers’ Milking Machine Co. He would be able to trace the. installation of machines booked by him. Taylor and Co. were paying him a salary with two and a -half per cent, commission and expenses. He was quite willing to allot the commission to his ereditors. After discussion on the possibility of collecting commissions on orders booked by bankrupt, the meeting was adjourned sine die to enable the Deputy Official Assignee to communicate with the Farmers’ Milking Machine Co.