BANKRUPT CONFECTIONER.

Auckland Star, Volume LVII, Issue 12, 15 January 1926, Page 8

BANKRUPT CONFECTIONER.

ACCIDENT IN MINE. INEXPERIENCED IX BUSINESS. A meeting of creditors in the bankrupt estate of Joseph Matthew Mannix was held before the Official Assignee, Mr. W. S. Fisher, this morning. The meeting was purely formal, as there was only one creditor present. Bankrupt's schedule showed that the ' amount owing to unsecured creditors was £274 3/2, and to secured creditors £210. The estimated value of the securities was £200. There -were no assets, leaving a deficiency of £290 3/2. Bankrupt's statement attributed his bankruptcy to his landlord putting the bailiff in, on account of rent that was owing. His failure in business came about through the closing down of the Waihl Grand Junction mine. He worked in the mine to make ends meet and was paying back a loan of £300. While in the mine he 'met with an accident and lost half his left hand. The Official Assignee stated that, at a preliminary meeting, held on December 22, the schedule showed that tiie stock, plant, etc., was valued at £200, and that it was covered by two bills of sale, under which £210 was owing, and, in addition, the landlord had distrained for rent amounting to £40. The meeting had decided that no action should be taken to realise the plant, machinery and fixtures covered by the bills of sale, but that they be left in the hands of the landlord and the bills of sale holders to deal with. Under examination, bankrupt stated that he was a miner by occupation and had had no training as a storekeeper. He left the mine because of his health. His wife had had experience in a con' fectioner's shop. He started in 1921 and borrowed £100 from his mother to start the business. The price of the shop was £450. He took over without having the stock and fittings valued, and in reality had given £450 for a place worth £350.