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WEDERELL BANKRUPTCY.

LA-RGE DEFICIT.

A meeting of creditors in tbe bankrupt estate of John Richard Wederell, late licensee of the Hotel Metropole, Akaroa, was held on Friday morn" ning, the Official Assignee (Mr G. Smyth) presiding.

Mr F. K. Hunt appeared on behalf of the bankrupt's brother, and about half a dozen creditors were represented.

Tbe statement showed that there was owing to unsecured creditors £684 lis 7d, while th 9 assets were estimated at £192, leaving a deficiency of £456 lis 7d,

The Assignee, said hb understood that proceedings were being taken to declare bankrupt's brother a bankrupt. It was a partnership matter, and there were no assets outside tbe partnership assets. He thought it would be better, after reading bankrupt's statement, to adjourn till after tbe declaration of bankruptcy of bankrupt's brother. Another meeting could then be held ; and the whole matter gone into,

Bankrupt, in his statement, said he was a married man with a family of six children, On July 2, 1918, he. in partnership with bis brother, entered into occupation of tbe Hotel Metropole at Akaroa, paying for the goodwill of 17 months £550, which included the purchase money of the stock. Tbe furniture was tbe property of Messrs Fletcher Humphreys and Co, and Messrs Speight and Co. The £550 was made up as follows:—Mace and Co., £100; himself, £294; and his brother tbe balance. Tbe rent paid for the houee was £6 10s per week. He left tbe running of tbe business to bis brother, as he was engaged for the most part in the bar He did not take any interest in the receipts and expenditure of the house, as bis brother did all the business in that connection.

In March last his brother visited Christchurch on business, but did not return, and bankrupt continued the business until May, during which time be found out that his position was not satisfactory. He notified tbe mort gageeg that he could not carry on, and they then entered into possession, Subsequently Mr Bell took over tbe business and the license. During the time be was employed in tbe house bankrupt drew £25 to £80, and, in addition, his wife and family lived on the premises. Bankrupt was a saddler by trade, although he had had experience in the conduct of hotels, but in this instance be was guided entirely by his brother, who conducted all the business.

Bankrupt said he had not been extravagant in his habits, and had no benefit from the business except a bare livelihood. It was possible that he might still have an interest in tbe estate of his late father. Having no means of payment, he could not satisfy the demands of his creditors,

He was at present out nl Vmp'ovmpnr, j and might have to re-ort to trade j for a livii g [ In iiecirJano • «ith >h(- As-ignee'p ! suc-go?t'on, iha rreeting adjourned! after tbe reading of the statement. I

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/AMBPA19141020.2.7

Bibliographic details

WEDERELL BANKRUPTCY., Akaroa Mail and Banks Peninsula Advertiser, Volume LXXIII, Issue 3446, 20 October 1914

Word Count
490

WEDERELL BANKRUPTCY. Akaroa Mail and Banks Peninsula Advertiser, Volume LXXIII, Issue 3446, 20 October 1914

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