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THE HONG KONG DAILY PRESS, FRIDAY, JUNE 7, 1929.
MADAME FLINT'S BANKRUPTCY.
STORY OF HER PARTNERSHIP WITH M. DURAND,
LAUNCHED OUT INTO BUSINESS OF WHICH SHE KNEW NOTHING.""
"DISCHARGE GRANTED BOTH..
APPLICANTS.
A business partnership which dragged a well-known Hong Kong dressmaker into bankruptcy was recalled at the Supreme Court this morning, when the Chief Justice (Sir Henry Gollen) sitting in bankruptcy granted application for their discharge by Madaïne Marie Flint and M." Joseph Louis Durand. In the latter's cast judgment for the unpaid balance of preferential claims, namely 82,809 was entered.
Official Recalver's Statement.
The debtors suffered very, con- The Official Receiver, Mr. E. Liderably from insinuations and Agassiz said that an application the suggestion was quite clear at for discharge made on December 7, the time that they had considerable 1927 was adjourned for investiga-nasets and had made remittances of tion. Assets totalling 82.982 had large sums to France, leaving the been realised and paid to preferens creditors to suffer. tial creditors representing a divi- dend of 3 per cent.. the wages elaim being for $8,000, and he had in hand sufficient assets to enable a further dividend of 20 per cent to be paid on these claims.
"The proceedings against the DES VOEUX ROAD Societe Asie-Afrique still drag on, and have so far yielded nothing
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for the estate.
"I have made one payment on the demand of lawyers in Paris of 5,000 francs for costs, but am dis inclined to remit any further sum unless I see some reasonable pro spect of a definite result.
Until I hear further from the
lawyers in Paris, it is impossible definitely to state whether or no anything will be recovered from this, source.
The Official Receiver had very fairly pointed out that after the fullest investigation, there was no justification for that suggestion.
The debtors were in a position which, he was sure, a lot of trades people found theinselves in every
day with assets which, on their cost price, very considerably exeveded their current liabilities. "In rough figures the debtors' goods in Hong Konz had cost between $135,000 in- cluding everything.
“MISADVENTURE."
CHINESE BOY'S DEATH ENQUIRY.
TSUNWAN. MOTOR. MISHAP.
The death of a nine-year-old Chinese boy from injuries received | in a motor mishap on the Castle Peak Road in the forenoon of May 20 formed the subject of ar enquiry yesterday before Mr. J. A, Fraser, District Officer (South).
Mr. W. V. Waddington, of the P. and O. Bank, who was driving the car involved in the case, Mr. E. Lewis and Sister Nicholson, two passengers, in the car, gave evi- dence and the father of the de ceased lad was present,
Police officers gave evidence to the effect that motor-car No. 407 was examined subsequent to the Recident. The brakes were found to be in good order, and the car bore no sign of damage. The width of the road where the acciden inches, and the road was flank took place was twenty-three feet
ed on either side by steep banks.
Mr. Waddington stated that he- had three other people in the car which he was 'driving in the direc tion of Castle Peak. He was a mile and a half north of Taun Wah and near the ninth-mile post when another car passed by from the apposite direction. Almost at the same time he saw about three jeet in front of the right wheel of his ear a child running across the read. Owing to the danger of striking the bank or running over the child $20,000 Machinery Sold for Scrap if he swerved to the right, Mr. Waddington said that the caly course open to him was to apply the brakes, which he promptly did. The mudguard, however, struck the boy, and he saw him fall. Witness took the child in the car to the Kowloon Hospital after making a report to the Taun Wan police.
Iron.
His Lordship: What part waa in pect of articles for Madame Flint's dress-making business.
Mr. Strellett asked his Lordship to note one amount available at the moment which was 820,000 in con. nection with a new boiler cleaning
process
If nothing further a vovered, the ordinary creditors will get nothing and there will be an un-
The Official Receiver said that satified balance due to the pre-that machinery realised only 8143, ferential creditors. amounting to It was sold as scrap iron as no
82,609.83.
offer could be obtained. There was In the circumstances, however, I
an air compressor which cost 83,000 see no further object in apposing and which realised $1,100. A con- the debtors' application for dissiderable amount of money was charge. As far as I am aware they spent, in furnishing and equipping have committed 110 bankruptcy the restaurant, amounting to abou offence, and their downfall has been $60,000. due to injudicious trading,
With regard to the cafe Madame on her
I desire, however, to differentiate Flint had several rooms between the case of Madame Flint hands and as she failed to sub-let and M. Durand Madame Flint them it was decided to fermerly had a flourishing drest French enfe, especially for French,. mäking business, and if she had
people. The venture cost them confined herself to this, and not #60,000.
run a
The whole of Madame Flint's
become involved in the disastrous partnership with M: Durand, is postock was sold under the hammer reason to suppose she would have for $13,000, while on the books the been in the position in which she est price was between $40,000 or now finds herself.
850,000.
M. Durand appears to have been
With regard to the machinery. “ the moving spirit both in the Cafe continued Mr. Strellett, it was Parisien and the Europe Asia Trad-used in France and French Colonies ing Co., and it appears to have been due to his advice that these concerns were started.
He, however, contented himself with providing advice and ideas, and so far as I am aware, he put no capital whatever into either öf these undertakings, other than the
with success.
The local experts, however, con- sidered that the cost was 'excessive but such experiments were the basis of business.
His Lordship on the Partners. In giving his decision, "E
sums which he received from the Lordship said that the two partie.. late Mrs. M. J. D. Stephens and
a small amount of savings estimat-traded in partnership, though th
most important business of the
ed at between 82,000 and 83,000.
If M. Durand's discharge is partnership was one which hrd granted, I consider it should be THE
conditional on a judgment being been created by Madame Flin entered against him by me, for the She had for several years ea:- unpaid balance of the preferential ried on a
very successful dress..
•HAMMOCK claims, namely for the sum of
$2,609:03.
making business in the Colour The Debtor's Dificulties. end probably would have continued Mr. E. D. L. Strellet who ap-to do so but for the fact that the peared for the applicants said that entered into partnership with M if his clients' stock had
Durand. been Bought at a proper valuation and there had not been a forced sale, the debtors would never have been
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filvent.
That gentleman appeared to have contributed very little to the part- nership, if anything. In any case, shortly after he had joined her, he On the figures, there was no ques: branch out in other directions.
persuaded her and she agreed to tion of them being insolvent and therefore the charge of injudicious I cannot say that their wisdom trading ought to be somewhat in investing something like $60,000 modified because they were the in this cafe, showed a very clear victims of most unfortunate cir. appreciation of the business possi
bilities of the Colony,
cumstances.
Hi. Lordship
remarked that Madame Flint had jaunched out on
business she knew nothing about
Then there was the further busi- ness which M. Durand started on behalf of the joint partnership, one.
at the instigation of the man. She cf boiler-cleaning. He paid sorne- was a woman of very considerable The business failed and, in fact, thing like 20,000 for machinery. business ability and courage and the machinery was sold as strap although his sentiments were very strong indeed as far as she was con-iron for 8145. It seemed to him the Official Receiver was quite right cerned and he had no objection to when he said that some distinction granting-her-immediate discharg". his feelings were not quite so would be made between the two favourable to M. Durand.
Unjustable Insinuations...
debtors,
"I think I should be doing rough and ready and by no means
Mr. Strellett said that the chief ineffective justice if I carried out charge brought against. M. Durand the suggestion of the Officia by the Official Receiver was that Receiver, that I should grant dis- he had been injudicious in his trad-charge to Madame Flint without ing but the rigid and sudden in condition, and that I should grant forcement of a judgment forced the discharge to M. Durand, subject to couple into circumstances resulting ingnear givet him for 608:50; in a three days sale for the col the balance of claims of preferen lection of assets which had taken tial creditors in these proceed. years to accumulate.
ings,"
Mr. Waddington added that he. often driven on it without mishap. knew Castle Peak well and had
After hearing the statements of a. Chinese eye-witness and the father of the hoy who was also near the scene of the accident at the time, a finding that death whe due to misadventure was recorded.
Mr. Waddington expressed his sympathy with the relatives and said he was willing to pay com pensation to the father of the boy,
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