RECORD OF KIND

Wairarapa Times-Age, 30 October 1941, Page 6

RECORD OF KIND

CHRISTCHURCH BANKRUPTCY SEVEN HUNDRED CREDITORS. - MEMBERS OF PURCHASING CLUB. (By Telegraph—Press Association.) CHRISTCHURCH, This Day. With 700 creditors, the bankruptcy of William Arthur Lyall Kilgour and Cyril Lawrence Crowson, trading as Kilgour and Crowson, lingerie distributors, ’was declared today bj r the Official Assignee, Mr G. W. Brown, to be a record of its kind. About forty of the 700 girls and women subscribing to a club run by the partners attended the meeting. The partnership statement showed liabilities of £1,730 and deficit of £1,359. Explaining the organisation of the subscribing clubs, Crowson said each club comprised 25 members, each of whom, subscribed £3 3s, in instalments, for goods of that value. When each member of the club had paid in 15s 9d, one selected by ballot received £3 3s worth of goods, without subscribing further. Again, when three-quarters of the payment had been made, another member selected by ballot received the full value of goods without further payment. New members were enrolled up till a fortnight before the petition had been filed. There had been about 2,300 members, of whom a thousand had received goods. The Official Assignee said he would make a close examination of the books and if there were any evidence of fraud appropriate action would be taken. “It is a most unfortunate business for hundreds,” said the Official Assignee. “I have never before seen a bankruptcy in which the loss has fallen so widely on those least able to bear it.” The meeting was adjourned.