BANKRUPTCY.

Auckland Star, Volume XLII, Issue 136, 9 June 1911, Page 6

BANKRUPTCY.

'A GUM BUYER'S ILL LTJCK. Walter W. Povey, who began busing in Wathopo as storekeeper s ani*g£ buyer 10 years ago, with a eamtoT? £400, has filed I schedule of ruptcy Most of his capital, he fyfc he put into land and buildings but it 1902, owing to book debts and lot Z on gum he had to go to the Uai g - Mercantile Agency for advarw* 3 gT men'ts of p m to London resulted k loss and stocks being allowed to ace, mulate m Auckland caused further Jo« from depreciation. Then losses on boot debts and interest on overdraft got him deeper in debt, and in 1910 he went m 2 of business. He started business n lv in January last, but could not impro™ lus position, and had to file his schedul. He was married, and had eight child™; ranging in age from two to fourte!, years. The statement of assets on Habilitic,. indicates that the estate should teal» more than 20/ in the £. to secured creditors are £2800 and rt estimated value of the securitif.* ;! : £2930, leaving an estimated surplus of £130. The liability to unsecured crU tors amounts to £506 6/9, of wWv £139 19/11 is owing to eleven »S diggers, and £S9 7/1 for wages. AeK the liabilities there are assets vato at £671 3/5-stock-in-tr-ade, £104 S oil launch £60, and furniture £80 17, . assets, together with the estimated sm! plus from the securities, leaves an »n! parent surplus of £164 16/8. P " The first meeting of creditors will 1* held in Auckland on 19th June. i