Creditors’ Meeting

Press, Volume CVII, Issue 31449, 16 August 1967, Page 9

Creditors’ Meeting

He was unemployed, would be on a sickness benefit for an indefinite period, and was unable to offer anything to creditors at the present time. John Laird Taylor, single of 56 Worcester street, told a meeting of his creditors at the office of the Official Assignee, Mr T. A F. Withers. Taylor’s statement of accounts showed that debts owing to unsecured creditors totalled $3086.62 and his assets were $l2OO, leaving a deficiency of $1886.62. The bankrupt was in business as Warehouse Clearance Sales, 186 Manchester street, between April and July, and said that his inexperience, lack of supervision of staff, and a decline in trading due to the economic situation, the winter months and the decimal currency change were the reasons behind his bankruptcy. Taylor said that he would make an effort to pay his creditors when he was employed. ' The meeting passed a motion giving the Official Assignee power to dispose of articles in the stock from the shop, to the suppliers at the price they were purchased by the bankrupt, less seven and a half per cent. If the goods were not sold they would be auctioned, Mr Withers said.