GARAGE PROPRIETOR FAILS.

Auckland Star, Volume LIX, Issue 119, 22 May 1928, Page 9

GARAGE PROPRIETOR FAILS.

STARTED WITH THIRTY POUNDS

A meeting of creditors in the bankrupt estate of Frederick Slater, trading as "Used Ford Parts Coy.," was held to-day, Mr. G. N. Morris, Official Assignee in Bankruptcy, presiding. Bankrupt's schedule showed unsecured liabilities £598 8/ and assets £285 4/10, of which £40 was for debts due the estate, and £245 JO/, the estimated value of the stock. Bankrupt stated that he started business as a garage proprietor in Garfield Street, Parnell, with £30 capital. Later he employed a Mr. Field, who put in £100, who was afterwards replaced by a motor mechanic, who put in £100. At the end of six months a profit of £210 17/9 was shown, of which he had drawn £144 7/3, leaving a surplus of £66 odd. Mr. Field had been repaid £60. A depot was opened in Albert Street, which was managed by Mr. Chapman, who put in £100, as well as a truck, valued at £60. The Albert Street depot was closed down after a loss of approximately £130. The manager wanted his £160 returned, and bankrupt, after consulting his other creditors, filed. Under examination, bankrupt stated that he started business about April, 1927. He had to cut out advertising and after that his business went down. The mechanic was to get £5 per week and an eighth share of the profits for putting in £100. He opened the depot in Albert Street because it was more central. The overhead costs were £10 per week. His drawings for the period were £340. Witness was a married man with no family. The furniture was got on time payment by his wife. At present he was out of employment. A creditor pointed out that bankrupt's drawings in the last six months had been at the rate of £8 per week. Bankrupt laid he had often paid for benzine out of his own drawings. Mr. Morris said the three principal creditors had got full particulars before putting their money in the business. He thought starting the Albert Street depot was the mistake made, after starting with too little capital. , It was agreed that the bankrupt should wait for his discharge until ha had done mufliing far Ju* cwditon