DRAPER'S BANKRUPTCY.

Auckland Star, Volume LXII, Issue 148, 25 June 1931, Page 3

DRAPER'S BANKRUPTCY.

BUSINESS IN FRANXTON. ■ CREDITORS EXPRESS SYMPATHY. A nominal surplus of £552 was shown in the financial statement of Henry Ernest Carde, draper and mercer, of Frankton, whose creditors met in Auckland yesterday. The Official Assignee at Hamilton, Mr. V. R. Crowhurst, presided. A sum of £1701 was owing to unsecured creditors, and £2479 to secured creditors. There were securities to tlie value of £2000, and the assets included £2282, the value of the stock in trade. Bankrupt attributed his failure to the fall in value of a mortgaged property at Devonport and a claim brought against him on behalf of the second mortgagee. In June, 1922, he raised a mortgage of £2000 on the property, which was already subject to a first mortgage of £800. The money was used in the purchase of the business at Frankton, the total price being £2083. During the first five years the mortgage had been reduced by £400, but illness occurred in the bankrupt's family and th© business suffered from trade depression. In May he was advised to call his creditors together, and the business was placed under a supervisor. Later, in view of the demand on behalf of the second -mortgagee, it was resolved that Carde should file in bankruptcy. A resolution of sympathy was passed, and the assignee was requested to facilitate debtor's discharge. One of the principal creditors Was appointed to act with Mr. Crowhurst in the administration of the estate.