BANKRUPT CONFECTIONER.

Auckland Star, Volume LVII, Issue 139, 14 June 1926, Page 9

BANKRUPT CONFECTIONER.

TOO LITTLE CAPITAL. TOO MANY SHOPS. CREDITORS DISSATISFIED. A largely attended meeting of creditors in the bankrupt estate of Rowland John Foxell and Ethel Foxell, confectioners, was held this morning. Mr. sented Mrs. Foxell, Mr. Goldstine and j Mr. Simpson appearing for creditors. Mr. W. S. Fisher, Official Assignee, presided. I The joint schedule showed unsecured I creditors £192!) 13/10, secured creditors £524 7/9, estimated value of security given £2000, leaving an apparent surplus of £1477 9/9, which, deducted from the total liabilities, left a net liability of £455 19/1. Mr. Foxell stated that he took full responsibility on behalf of his wife. As to the cause of bankruptcy, he said they had a shop in Queen Street, another at Newmarket, one in another street, aud took a fourth in Karangahape Road. The shop in Karangahape Road was a loss. The other shops also went down in takings. Mr. Foxell said they had made a mistake in being over zealous in taking on a fourth shop. Bankrupt is a married man with two children. Mrs. Foxell said she looked after the shop iri Queen Street, her husband managing the financial part of the business. The shop in Queen Street paid, but they took on three outside shops and made losses. They landed from England with £100. Mr. Fisher said the position was that there was a sum of £80 in hand on running the shops, against which there were totalling £260 for goods supplied. He had no funds in hand to test the bill of sale. ■ A statement from Mr. Pratt was read to the effect ; that they had tried to sell the businesses, but not a single tender was sent iff. High rents and general depression were'given as the causes vlhy the businesses were not' purchased.' Being' sworn, the bankrupt said under examination; that while in England he was in't'he goods office of a railway company. He had not experience of con- j fectiohery business when he started in Queen Street. They might have had about £100 when they opened the shop in I Queen Street. His sister lent him £1600, j for which she did not get security. The receipts for the first twelve .months were ! paid to his sister. He next took another shop at Newmarket. He thought things would have been all right but for taking up the Newton shop. His total liabilities at that time were about £600. His assets then were probably worth £2000. He refused one offer of £1500 for the Queen Street shop. He called his creditors together and put his estate into the hands of Pratt and Co. because he was getting summonses pretty frequently. Mr. Fisher said the bankrupt seemed a most unpractical man. He took shop after", shop in a business he had no experience of. With regard to Mrs. Foxell, a resolution was passed expressing the sympathy of the creditors and asking the Official Assignee to facilitate her discharge. The creditors also decided that the liabilities incurred-.for goods supplied while the 'businesses were being run by Pratt and CJo.'" ba. considered as .preferential.. ■. ■.. '•* <i|£-,*J •* •A motion w<te passejdKffThat the credi.tojsCjare dissatisfied';i%li;tiie conduct of and request' the Official Assignee to oppose his< discharge." Four creditors voted against tills motion.