IN BANKRUPTCY.

Temuka Leader, Issue 2606, 11 January 1894, Page 3

IN BANKRUPTCY.

A meeting of the creditors of Sydney W. Powlesland was held in the Deputy Official Assignee’s office, Timaru, yesterday. There were only four creditors present. The bankrupt’s statement showed :—Liabilities, £260; Assets : book debts, £2O; stock, £SO, but expected not to realise more than half that amount. He had £4O when he started in business eighteen months ago, his expenses were about 35s per week, and his losses had been at the rate of about £3 10s a week since. The bankrupt in his evidence stated that being only an upholsterer, and having to employ a cabinetmaker, together with the depression, was the cause of his bankruptcy. The immediate cause of hia bankruptcy was because Mr E. Brown came into his shop and demanded money or goods for his debt. He allowed Mr Brown to take away the goods, as he had no money. Several creditors came in and looked round, and he thought the best thing he could do was to file. The bankrupt was questioned at some length by the creditors, from which it appeared that he only kept a day-book, which was incorrect, and was not able to give a satisfactory account of his transactions. It was resolved — 4 ‘ That Mr E. Brown be asked to return the goods taken by him for debt, or legal proceedings will be taken for their recovery.” It was resolved to sell the stock by auction. One of the creditors pointed out that by the way bankrupt kept his books he rendered himself liable to two years’ imprisonment, but no definite action was taken in the matter.