WOMAN MEETS CREDITORS

Press, Volume XCVIII, Issue 29051, 13 November 1959, Page 6

WOMAN MEETS CREDITORS

1 Failure Of Business Venture n In a statement to a meeting of her creditors yesterday, Mit Una Merle Whitelaw, a houss. wife, showed the amount owing to unsecured creditors as £499 15s 6d, and to secured creditors £2OOO, the estimated value of the security being £2500. Her assets, including furniture, were valued at £5O. There wu a n apparent surplus of £59 4s Bd.’ The Acting-Official Assignee, Mr K. F. Walker, said the total of unsecured debts now proved wae £716 15s 2d. Mrs Whitelaw *u adjudged bankrupt on October 30 1959. Mr Walker said that, in a written statement on the reasons for her bankruptcy, Mrs Whitelaw said she took over a grocery business on June 1, 1956, in an endeavour to maintain herself and her children. It was not long before she realised that lack of business and of experience had placed her in a very poor position She had taken a mortgage of £2OOO. The business had been run down and was in an old area, and the trade was not there. She was in it only two months when £45 was taken from the till. A monthly account had been paid that day. Her takings would average no more than £lO to £IS a week. She had no experience and kept no books or other records and she had no beak balance. After 12 mbnths some of her creditors pressed her for payment. On creditor repossess* ed all the goods and chattels under security to the creditor and she had to cease business Since that date she had takeh part-time work in an endeavour to pay her debts, but sogie had got to the stage where committai warrants had been taken out against her, and she was unable to pay them in full. She did not waht to go to gaol so she had filed in bankruptcy. Mrs Whitelaw. answering questions by Mr Walker, said she was married and had four children. She bought the property but had no money to put into the business. It would be correct that the mortgage was £l9OO. She thought she would have an equity in the property. Mr Walker said the only asset was the house property. The meeting authorised ths Official Assignee to sell the property by private, treaty or auction, whichever would be to tht best advantage