PICTURE DEALER BANKRUPT

Press, Volume LXXIV, Issue 22501, 8 September 1938, Page 9

PICTURE DEALER BANKRUPT

DEFICIENCY OF £lßf MEETING OF CREDITORS HELD YESTERDAY A deficiency of £lB9 ISs was shown in the statement of a bankrupt, John Walker Gibb, at a meeting -of creditors yesterday. The assets of the bankrupt included a house (£810), policies (£400), stock and tools (£136 10s lid), book debts (£BB 14s 8d). and furniture (£IOB 18s 6d), a total value of £1544 4s Id. Liabilities were shown at £1733 17s Id, comprising £BBB 8s lid owing to unsecured creditors and £lO7l 8s 2d to secured creditors. The Official Assignee (Mr G. W. Brown) presided and' there were 10 creditors present. Gibb, a picture dealer, said that during the depression his turnover was reduced considerably. This in conjunction with heavier overhead expenses left him'in difficulties and be had to mortgage what assets he possessed. Since then- there had been a yearly decrease in bis turnover. He attributed this to a decreasing interest in works of art and increased competition in the sale of His income had been diminishing gradually until it was almost nothing. He filed in bankruptcy himself and was not forced into it by any of his creditors. The creditors present were sympathetic with the' bankrupt in his misfortune, and decided, to allow hiwi to retain his furniture, and made a recommendation "to the Official Assigned to leave the house property undisturbed. -