IN BANKRUPTCY.

Press, Volume LX, Issue 18186, 24 September 1924, Page 5

IN BANKRUPTCY.

ESTATE OF E. L. AND R. ROACH

A meting of creditors in the bankrupt estate of Eva Louisa Eoach. and Ritta Koach, of Christchureh, spinsters, and former!}' of Duncdin, fancy goods dealers, »■« called for yesterday afternoon before the Official Assignee, Mr A. VC. Wattcrs. The meeting lapsed for want of a quorum. The statement of bankrupts' position showed "that there was a deficiency of £207 7s'ld. The amount duo to uneccured creditors was £3-20 7s Id, and to secured creditors £317. The estimated value of the security was £430, leaving a eurplu3 to contra cf £li:;. Tho principal unsecured creditors were: A. do Beer, Stuart street, Dunedin, indent agent, £l6l les Id; Sargood, Son and Ewcn, Duncdin, merchants, £26; J. Ballantync and Co., Christchureh, £47; New Zealand Farmers' Co-op. Association, Christchurch^jElS; Cucinghani and Taylor. Folicitors, juristchurch, £l7 lis; A. J. White, Ltd., Christchurch, £H. The secured creditors were tho .National Bank of Xew Zealand, Christchureh, £MO, and J. Mr,N*aniara, care T. Gapes »nd Co., painters, Victoria street, £57. _ The securities were properties in, Wellington. In their sworn statement, bankrupts sfat.-d that they onened business as an art depot in 1921 in Dunedin, with a capital of £2OO. They he'd equities in propert.es valued at £I2OO. When they took over th-3 business they expected to use the same premises as the previous occupant, but he gold the lease which necessitated the Tenting of new premises at £2O a month, plus rates. Owing to tho ill-health of Miss U. Boach, they Lad to take premises in a warmer situation, the rent being £3 103 a week. Business was successful for a tirri--, hut became slack, and the Christmas trad? did not come up to exoectations. Lack of capital and inability to realise on Chnstchurch properties caused them to sell the lease of the shop and stock, the money h.ing paid out to pressing creditors. Properties at Christchureh (in New Brighton • and Armagh street) were s:ld up by the mortgagees. Since coming to Christchureh, they hud earned their living by keeping a boardinghousc. Bankrupts attributed their failure to the slack business ia Dunedin and the fact that they cou'd not realise on their properties to pay creditors; a'eo to the fact that the stock, which -was Bold by auction, realised only on.:third of its- value.