IN BANKRUPTCY

Gisborne Times, Volume XXVII, Issue 2524, 10 June 1909, Page 5

IN BANKRUPTCY

IN RE MARTIN KIMBELL.

The following statement has been received by the Deputy-Official Assignee from Martin Kimbell who has been adjudged bankrupt. ‘T started business in the shooting gallery in June last year, putting £6B into the business, this sum being Balance of a loan of £llO secured on 300 fully paid-up shares in the Lynda Soapmaking and Trading Company, Ltd: For a time business went very well, and thinking it would keep on I drew largely to pav accounts incurred while working at the soap Avorks previous to going into business. Gradually the takings from the shooting gallery fell off, and eventually I took work in the country, leaving a man in charge of the business; I found I had to contribute to the gallery to keep things going. Finding I aalis going back I called a meeting of creditors on the 3rd inst., and I was then advised to file. Had the Lynda Soap Company proved a success, I Avould have realised on my shares and paid all my creditors in full, but the company going into liquidation, has subsequently reduced the biggeshbankruptey to the failure of this com"bankruptcy to thefailure of this company and to the falling off in business.” The unsecured Gisborne creditors arte —E. Campbell £ls; Thos. Adams £2 12 6d, E. W. Burton £ls, Common Shelton and Co. £5 5s fid, Davys, Third and Mitchell £l3 7s. S. and Ik Fromm 13s 4d, Gisborne Times Companv £l7 13s 6d, Gisborne Gas Company £1 6d, Horne and Grey 17s 6d, Lockett £1 10s, Jas. Morrison £ Is, Murray and Crompt-on £1 7s fid, L. D. Nathan and Co. £3 16s 3d, Po\*erty Bay Herald Company £5 18 fid, G. F. Preddy, £6, Parnell and Co. £l, F. Stafford £27 14s (rent) and goods £l- - fid, R. T. Seymour £6 3s fid, Smith Bros. £4 19s fid, John Townley £1 4s, Wade and Grey £lB 14s 7d, W. J. Barlow 13s 6d, C. G. Piesse £l9 15s. Auckland creditors: Burns and Co. £l4 10s, Hay man and Co. £22 4s 3d, Dennis Bros. £6; total, £222 14s lOd. The secured creditors are : A. Wade (Hastings) £2O, E. Campbell (Gisborne) £SO, A Sawyer (Gisborne) £lO (security 300 in paid-up shares in Lynda Soap 'Co., Ltd., value £110); Milos Varley (Gisborne) £45 (oil engine at cost, £45). The liabilities amounted to £222 14s 10d, and the assets were : Stock-in-trade at Gisborne £l9 17s 4d. plant £l6O 0s 3d (less engine secured, £45), estimated at £ll7 0s 3d; cash in Bank of Australasia £1 0s 9d; surplus from securities, £25; 60 £1 shares in Lynda Soap Co. paid up to £37 10s (£ls due), £10; book debts 3s; total £l7O Is 4cl; leaving a deficiency of £49 13s fid, _