IN BANKRUPTCY.

Gisborne Times, Volume XXVII, Issue 2660, 16 November 1909, Page 3

IN BANKRUPTCY.

ESTATE OF CHARLES EUSTACIO CHRISTOPULO.

A meeting of creditors in the estate of Ohardes Eustacio Christopulo, confectioner, bankrupt, was held in the office of the deputy-Official Asignee, Mr. J. Coleman, yesterday. Air. G. Stock appeared for the debtor, and there were present: Messrs. J. Townley, E. Adair, J. Score, J. ’Warren, and W. Whittett.

The bankrupt’s statement- already published showed the assets £474 8s 9d, and liabilities* £517 19s -Id, leaving a deficit of £43 10s 7d. There was one secured creditor, Mr. Parnell. The amount being £35 ISs 4d over marble tops valued at £53 6s 4d. The debtor stated that ho had been in business for 22 months, and had a capital of £44 when he started. He took promises at £2 10s and rates, and kept them for 12 months. His business paid, and lie removed to larger , premises at £3 10s and rates. It took him nearly three months to fix the (place up and furnish it, and very little business was done during that time. During the winter business was very slack, and he .only cleared expenses. He lost a lot of stock through damage by water, and estimated it at more than £BO. He attributed his bankruptcy to tho fact that one of his creditors, Nathan and Co., pushed him for money. Ho was expecting t-o do good business at iSliow time, hut his trade was interfered with by tiio fire. He thought he would have got on all right if the fire bad not occurred.

The Assignee said he had advertised for tenders for the assets, but there had been no replies. The bankrupt said he took over £2 a day. sometimes making £5. Mr. Stock said that one of the creditors took out a summons against the bankrupt, and wanted him to sign a statement to «,pay £4 a week. Mr. J. Town ley suggested that if tho creditor should fall in with the other creditors they should let the bankrupt carry on the'business for _ a time. Mr. Coleman said it might be well to advertise the business in the “Mercantile Gazette,” and let bankrupt carry on for a time. Mr. Score, who rented the premises to bankrupt, said that if they let the business run for a month and it did not pay he would take a proportion of the rent. . It was decided to advertise the business in the “Mercantile Gazette,” tenders to be in within a month, during which time the bankrupt .would carry on and consider what offer die could make, the Deputy-Official Assignee and Messrs Score and. Townley to consider and purchase what stock was necessary. The, meeting then adjourned for a month.