IN BANKRUPTCY.

Auckland Star, Volume XXXVI, Issue 253, 23 October 1905, Page 2

IN BANKRUPTCY.

Thomas Francis White, grocer, of Poneonby-road, has filed a petition in bankruptcy. He states his assets, including stock-in-trade, estimated at £106 6/6, and book debts estimated to produce £135 7/4, amount to £241 13/ ip, and the liabilities to £488 1/iO, leaving a deficiency of £246 8/. The bankrupt started business in Ponsonbyroad as a grocer and provision merchant in October, 1904. He had no capital or assets, but a friend, he believed, guaranteed his account with Mr J. Schischka. He seemed to be prospering until about three months ago, in as much as he was not pressed for money. He paid his creditors what he could, and they appeared to be satisfied. Then there came a slump in business, and trade fell off. Owing to this and the Early Closing Act, the majority of his creditors stopped credit. A meeting' of creditors will be held on Friday next. R. E. Bell, trading as R. E. Bell and Co., storekeeper, of Epsom, who filed a petition in bankruptcy recently, has reported to the Assignee that his liabilities amount to £851 12/3, assets £570, deficiency £281 12/3. The assets include book debts estimated to produce £90, cash in hand £156 12/, promissory notes £121. Three secured creditors claim £ 1047 12/. The value of their security is £1250, which leaves a surplus to the estate of £202 8/, which is included in the assets stated above. Bell states that before buying Mr j. Jamieson's business at Epsom he had £206 in book debts at Clevedon, which he considered to be worth £ ISO. He owed to Auckland merchants about £35, which was paid out of the Epsom business. About £20 of the Clevedon accounts have been paid since. This and another £20 given by a friend were put in the business. Thus the £35 paid out to the creditors of the Clevedon business has been paid back, with £5 added. Mrs Bell put £200 into the Epsom business. His father-in-iaw guaranteed his account at the bank for a further £100. The property and business were bought through Messrs A. J. Entrioan and Co. in April, 1903. The cost was £700. He considered the business a good. one. The district grew quickly, and in less than two years he had doubled his turnover. Keen competition resulted in prices being cut and profits reduced. He found his capital too small with the larger firms, and trade began to fall off. After consulting with the largest creditor he s-old the business to Mr A. H. Stewart on July 27th last for £421, the.amount of the stock. The terms were £300 cash and two bills amounting to £121. He then found he had not enough money to pay 20/ in the £. His creditors were called together, and as a resuJt- of the meeting he was requested to file. A meeting of creditors will be held on Wednesday next.