A BANKRUPT RESTAURANT PROPRIETOR.

Auckland Star, Volume XLVII, Issue 64, 15 March 1916, Page 8

A BANKRUPT RESTAURANT PROPRIETOR.

A meeting of creditors'. in the bankrupt estate of.lvan Kunack was. hell yesterday afternoon, in the office of t:ie Official Assignee in Bankruptcy. Mr. James Entrican presided, in the. absence of Mr. W. S. Fisher at Hamilton. The bankrupt'- unsecured creditors claimed £107 10/4, and the assets .were, by furniture £24-11/5, and cash ' £1' 12/3," . 'leaving an apparent deficit-of - £81 6/S. Sir. Hall Skcltbn . appeared for -tie ( debtor. . Mr A. V. Frear (chief clerk) submitted the statement of' the debtor, which showed, that he bought the .Brunswick tea rooms for £90, of which £60 was i cash and £30 left on bill of sale. He ( attributed his bankruptcy, to the war and high cost of living. Debtor said the £30 bill- of sale was , the one under which his goods were seized and sold.' The surplus of about £24 was handed to the Official Assignee. Mr. Hall'Skclton said debtor-pwed his , partner £45, but that claim had been waived. Debtor said, he first found tightness of ''money -in j his business about last October, but he hoped to pick up during the .holiday, season. That,-howcver, he did not do. In October there was a shortage of £40. to £50 as far as the ' bMls he owed. His assets about equalled his liabilities at - that time. ■ He could only have been a few pounds, short. Mr. Benjamin said the debtor always paid cash to his firm until recently, and then asked for a-mpnth's credit, which was given him. After that the debtor bought a watch for 18/, also a brooch. Mr. £kelton said the assets should have realised £100 in ordinary times. As it was. there would probably be li/ in the pound' for the creditors. ■ The' meeting decided to leave Che matter in the hands of the Official Assignee, to rcaiise the estate.