GENEROUS CREDITORS.

Auckland Star, Volume LXII, Issue 259, 2 November 1931, Page 9

GENEROUS CREDITORS.

WOMAN TRADER'S FAILURE.

LARGE FAMILY TO KEEP

STOCK TO BE RETAINED

De-bts of £269, composed principally of liabilities to wholesale clothing firms, were shown in the financial schedule of Ethel Jessie Joyce, married, of Auckland, who met her creditors to-day before the Official Assignee, Mr. A. W. Waiters. The only assets were frocks, valued at £25.

. Debtor stated that she started a business selling, frocks to private customers in Milrch, 1930; having at that time £23 cash capital. In.December she purchased a motor car, the.deposit being paid with money she 'borrowed. Business had not been good, ancLshs had got into debt with the wholesale firms. She had hoped to borrow £100 from a friend, but the money could iiot be obtained and she was compelled to file ; ; her /petition in bankruptcy. In-the course of examination, the assignee pointed out that even if Mrs. Joyce had 'been able to borrow the £100 she-would still have been in an insolvent position. It would merely have transferred the . indebtedness to another "creditor. , ' . Debtor said the car was used entirely for purposes of. the business, and not for pleasure. She .was married, but her husband Avas out. of work and the maintenance of the children at present depended on her. ■ One of the principal creditors remarked that it must have 'been obvious to Mrs. Joyce that she was in a disastrous financial position. She received the monthly statements from the various firms to which, she was;indebted, and her insol-ven-cy must clear to her for some considerable time. One of the creditors remarked that Mrs.- Joyce's family obligations entitled her to some sympathy, and he would move that- her discharge.'.-from bankruptcy be expedited. She had six children to maintain. The other creditor already referred to suggested that this should be altered, to read that no opposition be offered to the discharge. This met with unanimous approval'by the creditors. . It was decided to allow bankrupt to retain '. the frocks she still has in her possession.". .'She was instructed to sell these, and pay the filing fee in bankruptcy. After this has been done she will be allowed' to keep the remainder.

BANKRUPTCY RETURNS. An increase from nine to 12 (bankruptcies'is .recorded by the returns_ in Auckland'for October, as compared with September. The total for the year to date is 108, against fll'9 last-year. In the corresponding.period of 1929 the total was 115. , '■■',