IN BANKRUPTCY.

Wairarapa Age, Volume XXXI, Issue 9061, 9 April 1908, Page 5

IN BANKRUPTCY.

CREDITORS' MEETING —F. STAPLES' BSiATB. A meeting of creditors in the estate of Fred. Staples, restaurateur, of Masterton, was held yesterday morning. The creditors present were Messrs W. H. Cole, J. S. J. Alpass, R. J. Lyttle, G. Townsend, and T. Wagg, the D.O.A. (Mr VV. B. Chennells) presiding. Examined by the D.0.A., bankrupt said: I have kept books showing my cash takings through the bank book. I had a bank account at the Bank of New Zealand, and latterly at the Bank of Australasia. I paid all my money into the bank except that used for petty cash in buying small items. In the restaurant my expenses were heavy—rent 355, wages for cook £2, girl 15s. I had to pay cash for most of the produce required. When I started the restaurant I had about £4O in cash, arid was owing about £IOO. Business was good at the start, but during the seven months I was there I had seven different cooks, and consequently lost trade. My book debts are nearly all in connection with the milk business. I have not had the time co collect them. When I sold the milk business I paid off some of my pressing creditors, and those who did not press I let go. I have no employment now. I cannot make the creditors any definite offer. I intend to pay my creditors something when able. Mr W. H. Cole proposed that any surplus over the £25 worth of furniture allowed debtor under the Act be handed over to debtor's wife. This was seconded by Mr G. Townsend and carried.

It was decided, on the motion of Mr T. Wagg, that the debtor be authorised to collect outstanding book debts and hand same to the Assignee, and when these, together with a payment sufficient to give the creditors 2s Gd in the £ is made, the debtor's discharge be recommended.