IN BANKRUPTCY.

Press, Volume LVIII, Issue 17629, 5 December 1922, Page 5

IN BANKRUPTCY.

ESTATE OP W. PECK. A meeting of creditors in the bankrupt estate of William Peek pram repairer, of Ferry road, was held in the office of the Official Assignee yesterday afternoon. Mr A. W. Watters, Official Assignee presided. Bankrupt estimated his assets at £BS while his total liabilities which were owed without exception to unsecured creditors, amounted to £164 14s (id leaving a deficiency of £79 14s 6d. The principal - unsecured creditors were: J. E. butler Ltd. saddlers (Christchurch) £65 17s 3d; It. Jennings, grocer (Christehurch) £l3 12s lid; and A. Schumaker, baker (Christehurch) £ll 3s 4d.

Bankrupt, in lis statement, said he commenced business about six years ago without capital. By working long hours he was able to provide for his dependants and pay liis way until about two years ago. Since then, owing to the increased rates and charges for the material he used, he had been unable to make both ends meet. He had made repeated attempts to get away from the business and obtain employment, but had been unsuccessful. He was sued in the Magistrate's Court, Dunedin, by the largest creditor, on November 2nd, 1922, and this firm had secured judgment. As they .had since placed a bailiff in possession, he was compelled to seek shelter in the Bankruptcy Court to protect his other creditors. He had no means of carrying on as the materials which he had been working with had become practically exhausted, he having been unable under the existing conditions, to provide for any replenishment. He had no prospects to fulfill any promise or proposition which he could perhaps submit to his creditors, as he had neither money nor employment. Bankrupt attributed his failure m the first place to the action' of one of his creditors suing him for inability to meet his debts and subsequently placing a bailiff in his house. Secondly, bis business had been seriously affected by competition which hnd opened near his premises, and thirdly, he wished his creditors to note the fact that he had no capital with which to commence business.

The Official Assignee stated that bankrupt had kept no .books and had hut carbon copies of receipts to mark the various business transactions which he had made. He had accounted fairly satisfactorily for the expenditure of the money he had received during the period under review. The meet-incr decided to leave the matter of realising on bankrupt's assets in the hands of the Official Assignee.