TAMARUNUI BANKRUPTCY.

Auckland Star, Volume LVII, Issue 103, 5 May 1926, Page 5

TAMARUNUI BANKRUPTCY.

An adjourned meeting of creditors in the bankrupt estate of Allan Wackrow was held to-day by the Official Assignee, Mr. W. S. Msher. The' bankrupt was represented by Mr. Ferguson, and a creditor by Mr.' Hislpt>. Bankrupt's schedule:showed owing to ;vmsecuted creditors : £-1293' 1/11 and Secured £380, security given being equal. Assets were £1225, of which. £750 was stock and £80. book debts. ■ Mr. Fisher said the first meeting of creditors was held at Taiunarunui, and ; was adjourned to Auckland. He had the stock valued by an expert, who fixed the 1 value at £ 47r 7/8. In a statement as to the cause of bankruptcy, MiVWackiw said in March, 1925, he bought a confectionery business at Taumarunui for £259, The rent was £2 15/ per week. He had* £47 left' after -paying for the "business. His wife looked after the shop, and he hawked fruit and vegetables. At first the business paid, but later he had to give it 'up and get work. He was now out' of employment. Distraint was put in for £43 due for rent. . Under 'examination, bankrupt stated he was a labourer before lie started the ■confectionery business. On paper the i business looked all right. When he pur- ■ chased; the stock he took it at invoice price. He borrowed £300 to start in business. : Mr. Fisher said apparently the sole profit for the year was £40. Mr. J. E. Entrican said it seemed there had been .a loss, of £16. 10/ per week for the whole period. Bankrupt said- regarding his furniture .that he made a present of it to his wife eight years ago. The furniture was insured in. her name, and he paid the ' premiums. l&v. Fisher: I will have to claim that •furniture unless the creditors direct mc to the contrary. Creditors decided that the matter of realising the estate be left in the hands of the Official Assignee and Messrs. ' Robinson, Entrican, and Stewart.