HEAVY DEBTS.

Press, Volume LXIV, Issue 19343, 22 June 1928, Page 3

HEAVY DEBTS.

GARAGE PROPRIETOR'S FAILURE

A meeting of the creditors of George Clement 'Carter, garage proprietor, New Brighton, was _ held yesterday, when the Official Assignee (Mr A. W.j Watters) presided. Bankrupt, in his sworn statement, said that he started business in a small, way in ■ New Brighton in 1925, with about £55 capital, and paid £SO deposit on a house. In 1923 he took three years' lease of a garage at North Beach. His assets then exceeded. his liabilities by £l4O. In 1927 he was persuaded to take a peitrol station at the bridge at the entrance to New: Brighton. He had a contract to maintain tnei New Brighton .fire engine at £225 a year.' This necessitated taking .• a lease of a big garage which cost him £3 a week and rates. He closed down ' the bridge garage and the . fire brigade contract representing a loss of more than £4 a week.. Interest on his house in Rookwood avenue got into arrears and the first mortgagee entered in possession. Smaller creditors were continually pressing and the constant worry began tp undermine his health. Faced with the prospect of carrying on during the winter when work would be scarce and having a wife and five children he felt that it was bettor to file and try to get 'a steady position. The deficiency was set down at £355 7s lOd, the liabilities amounting to £864 18s lOd, and the assets £509 Us. The prnicipal assets were: — Stock' in trade, £130; tools, paint, and fittings, £175;; book debts estimated to produce £1&); furniture, £SO. The sum of £B3l 9s was owing to secured creditors'and the estimated _ value of securities was £836. The principal unsecured creditors were: —Acetone Illuminating Co., £22 Is sd; British Imperial Oil Co., £l7 9s; Brown Bros., £lO 7s lid; Blackwell Motors, Ltd., £lB 18s lOd; F. Blunt, £39; Cycle and Motor Supplies, £27 3s sd; F. Carter, £24; Dunlop Tyre Co., £10,143 3d; Dr. Glasgow, • £l2; Hope, Gibbons, £lB 5s lOd; E. ■ Langford, £ls 15s; Michelin Tyre Co., £4O 9s 8d; J. J. Niven and Co., £SO; New Zealand Loan arid Mercantile Agency, Co., £l3 18s 2d; A. S. Paterson and Co., £3l 17s 3d; J. R. Scarvell, £29 13s 4d; Vacuum Oil Co., £366 8s 3d. The secured creditors were:—F. Blunt, draper, £Bl, estimated, value of security, £.46; Dominion Motors, Ltd., £2l 9s, estimated value of security£Bo; M. Wills, piano dealer, £39, estimated value of security, £6O; S. J. Good, £520, estimated value of security £650; and H. J. Otley, £l7O, second mortgage over same property. The Official Assignee said that he did not think the creditors would get very' much out of the estate. The books were j in very good order and seemed to have | been kept up to date. At the end of the year profit and loss accounts had been prepared. From bankrupt's assets had to be deducted £SO for furniture and tools, which he was entitled to retain. Mr T.' S. Dacre, who appeared for the bankrupt, said that he understood that there was a man at New Brighton willing to tender for the business. "If we could sell it as a going concern it would be very helpful," Mr Watters said. ' Mr S. N. Perry (Vacuum Oil Co.) and Mr C. Purchase (J. J. Niven and Co.) were appointed supervisors for the purpose of assisting the Official Assignee in disposing of part or whole of the business, by private contract or tender.