IN BANKRUPCY

Gisborne Times, Volume XXVII, Issue 2483, 23 April 1909, Page 5

IN BANKRUPCY

ESTATE OF CHARLES DUNCAN

The first meeting of creditors in the estate of Charles Duncan, butcher*..was held yesterday afternoon in the office of Mr. John Coleman, deputy-official assignee. Present: The bankrupt and iris solicitor (Mr. Burnard), and Messrs W. Alien, Creamer, Fiddey, Gough, and F. King. . The bankrupt, on being sworn, said : “I have been in business in Gisborne as a butcher since August, 1907. I had a capital of £lO in cash. My wife hal about £SO in furniture, which she still lias. Previous to starting for myself I was managing the business' for Mr. F. Hall for twelve, months, on wages, at £3 per week. I then bought tlio business from Mr. Hall for £233, on credit, and found a guarantor (Mrs. Mackrell). Mr. Gough was in partnership with me from the start. He put in a capital of about £IOO, which was laid out in buying stock. We took out a balance-sheet in three months after we started, which showed a profit of £62. We drew what money re required. In January, 1908, Air. Gough went out of the business, when lie received £3O in cash and took hack some horses and carts that he had put into the business. After that l carried on the business on my own account till May, when Mr. llall called up the money owing under the bill of sale. I then borrowed £IOO from Airs. Alackre’.l and £IOO from Air. G. F. Brown, and gave him a bill of sale for six months. The balance I took out of the business to pay Air. Hall. A\ lieu Mr. Brown’s £IOO became duo, Air. Mach ell lent mo £IOO in November, and at New Year, 1909, Air. Machell bought mo out for £175, out of which he deducted the £IOO owing to bun. I paid the £75 away to my creditors. I paid them under pressure, having been summonsed. I then took a situation at the freezing works, where. I earn on an average about £6 .10s per week. This does not last all the year round, hut only during the freezing season. After giving up the business I collected so mo of tho book cLobtS; w liicli I p<iicl awav to different creditors. I did not take out a balance-sheet except the one that was taken out three months alter avo commenced business. Ihe cause of my bankruptcy was tho high price of stock, and heavy expenses. I was paying £7 per month rent-. My business did not fall off in amount of busihgss done. r JLIio writ ton Gfcnbcniont handed in by mo is true and correct. I cannot make any offer to my creditors, as I have nothing but my wages to look to. lam married and have one child. The immediate cause of my filing was pressure of creditors. _ Air. Allen and Mr. Matthews obtained judgment orders against mo, and Mr. Friar cob an attachment order against my wages, so that I had no alternative but to Tile. There was a deed of partnership. Air. Gough was to gel £124 on the dissolution, but all he lias received is £3O. The notice of dissolution was advertised in the “Gazette” and in the “Herald” some time after the dissolution.” , , Mr Allen asked as to what amount of book debts was collected after selling ■ out the business, and how paid out; and the meeting was adjourned till 2.4 > o’clock on Monday, -3rd May, to enable