CONFECTIONER’S BANKRUPTCY

Press, Volume LXXVI, Issue 23001, 22 April 1940, Page 7

CONFECTIONER’S BANKRUPTCY

CREDITORS* MEETING AT TIMARU . A deficiency of £4lO 2s 7d was shown in the bankrupt estate of Bertie Heil, confectioner. Stafford street, Timaru, a meeting of whose creditors failed for want of a quorum. Unsecured creditors were owed at £533 11s 7d and secured creditors £SB. Assets included stock in trade estimated to produce £4O, cash in hand £5.95, surplus from secured creditors £72, leaving a deficiency of £4lO 2s 7d. In his sworn statement, bankrupt said that in November,'l937, he purchased the business of the Royal Milk Bar from E. W. Pellowe, for £225, including stock and goodwill. He paid out of his own moneys £l5O cash and £75 was advanced" on the- security of the plant by the South Canterbury Loan and Finance Company, Ltd. He had about £25 left in the bank when he started business and he owed no debts. During the summer of 1937-38 the business paid its way, but began to fall back in the winter. He held his own in the following summer, but could pay nothing off the debts. - In September or October, 1939, he put the business in the hands of agents and although each brought along a prospectibe purchaser no sale resulted. He attributed his failure to insufficient capital at the outset, the fact that the turnover of the business was insufficient to pay expenses, increased prices for manufacturing sweets and the falling off of business generally, particur Jarly since w_ar was declared, .