MEETING OF CREDITORS.

Press, Volume LX, Issue 18128, 18 July 1924, Page 7

MEETING OF CREDITORS.

ESTATE OF"W. J. H. RIDDELL A meeting of creditors in the bankrupt estate of William J nines Hill Riddell, leather goods manufacturer, Christchurch, was held yeßterday, the Official Assignee, Mr A. W. Wattera, presiding. The amount owing to unsecured creditors was Bet down at £251 12s 9d. The principal creditors were: "W. gins, Ltd. (Wellington) £2B 13s 9d, H. Lightband and Co. £lB 7a 7d, Woolston Tanneries Ltd., £l6 5s Bd, Geo. Jfewey and Co. Jtbd lis 9d, J. Bayley and Sons, Ltd. tureen Island, Dunedin) £l7, E. Tithcridge (Christchurch) £l3, A H. Bruce (Christchurch) Christchurch Battery Co. (consignment sales) £lB 33 Bd, Brown's Laundry (rent) £l3. The assets amounted to £223 13s Id, as follows:--Stock-in-trade £59 12s 10d, plant and tools of trade £53 13s, book debts estimated to produce £lB7 Os 2d, cash in nana £4B 7s Id, leaving a surplus of £47 Os *"■ In his sworn statement the bankrupt said that he commenced on his own account as a leather goods manufacturer on September Ist, 1922, with a capital of £l3B 10s 3d, most of which was raised by mortgage over his property in Leiceeter street, Sydenham. For the first twelve months he did fairly well, making a net profit of £194 19a Id, but during the second year his profits got gradually less. In August last" he Bold his property in Sydenham for £IOSO, which meant a loss of £l5O, as he had acquired it for £llsO, and the expenses of the transfer and commission on the sale amounted to £SO. After paying off the mortgages, including a temporary mortgage of £llO, which he had raised for the purpose of his new business, he had a. matter of only £57 left. He now realised th'it without considerable capital he could not hope successfully to carry on the business. On May 31st, 1924, the balancesheet taken out for the nine months ended on that date showed a loss of It was June before he knew that Jiis loss amounted to £9O, and though he knew he had made «• email los 3 he considered himself justified in continuing the business, as he was of the opinion that he had an asset of £2OO in the goodwill of the lease of the shop premises in Colombo street. He had taken these promises on a five years' lease at £3 a week. In May last, even before he knew that there was a loss of £9O for the nine months, he agreed to assign his lease to Mr G. E. Burt, who contemplated starting in business as a mercer. After negotiations, Burt agreed to pay him £175 if bankrupt would get out and let him have a freßh lease. This was agreed to. Burt paid a deposit of £SO, and the balance of £125 was to be paid on June 30th. Unfortunately, a few days afterwards, Burt received advice that a positron at Napier', for which he had been negotiating, was available to him. Burt, he believed, was now nt Napier. Burt had arranged for someone else to take over the lease, but this arrangement. fell through. If the £125 had been immediately- forthcoming he did not think there would have been any necessity for him to file, but without that money he had practically no alternative. A motion was carried that the tools of trade be returned to the bankrupt. The chairman said that if the sum mentioned in connexion with Burt was recoverable there would be nearly enough in hand to pay 20s in the £.

A motion was carried that the stock-in-trade be sold by public auction, and that the Official Assignee get legal advice aa to whether or not the £125 mentioned was recoverable.

The chairman said that bankrupt's records had been splendidly kept. . The meeting then adjourned.