CREDITORS DISSATISFIED.

Auckland Star, Volume LIV, Issue 217, 11 September 1923, Page 9

CREDITORS DISSATISFIED.

WITH FRUITERER S FAILURE. FURTHER ACTION REQUESTED. At a meeting of creditors in the estate of Riohard Charles Brown, fruiterer, of Dominion Road, yesterday, the assets of the estate were get out al £244 and the liabilities at £479, but the Assignee stated that he bad abandoned the item under the heading of stock-in-trade, which, with the fittings, had been stated by bankrupt to be worth £100. Book debts were set down at £52, which the Assignee saiei wws an estimate of 20/ in the £. Mr. Hnjig I for bankrupt) said that there was an amount of £44 in hand from the sale of a. motor truck. In the course of a written statement, the bankrupt said that he had started business about three years ago with a motor truck which cost him £ 140, and on whicli he paid a deposit of £100, and he did well. About eighteen months ago he bought a larger truck tor £260, getting an allowance of £100 for the other truck. From that stage he had trouble with the illness of .his wife and a child. His wile owned a house which had cost her £ 12*25, and waa now worth about £1300. The money to :buy that had been left to "the wife iby her people, and the mortgages on it aggregated £1275. He started a fruit sbop in Dominion Road in an endeavour to improve his position, having gone behind on account of the continual expense of the second motor lorry, which was damaged by collision with a tram and was six weeks out of commission, but the fruit business did not pay. In reply to questions by the Assignee the bankrupt admitted that his books were defective in that they did not show all his receipts. It was about four months ago that he started the fruit shop, and he thought he was then about £300 behind. He sta-ted that there was not a penny of his money in the house, which had been financed 'by his father-in-law. who had completed a mortgage of £300 about a week ago. The second truck had been seized and sold foT £97 to pay a debt of £53. Bankrupt declared that he had put no money away, but admitted that his -boo-ks were iinsatisfacrtory, and said that he had lost his bank book. He might have given twenty cheques in the last twelve months. A resolution was passed by the meeting requesting the Assignee to take action under the penal sections of the Bankruptcy Art.